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India overtakes Britain in GDP in Q1 for the first time in history

India overtakes Britain in GDP in Q1 for the first time in history

Posted September. 05, 2022 07:53,   

Updated September. 05, 2022 07:53


India has surpassed its past time ruler Britain for the first time in terms of quarterly GDP growth. Based on GDP figures produced by the International Monetary Fund (IMF) and quarterly exchange rate data collected by Bloomberg, India’s nominal gross domestic product of 854.7 billion dollars in the first quarter of this year turned out to exceed that of Britain, making India become the fifth largest economy in the world, according to the news agency on Saturday (local time). It is the first time for India to outdo Britain not only in annual GDP but also quarterly GDP. As of 2021, Britain’s GDP amounted to 3.1084 trillion dollars, ahead of India with a GDP of 2.9461 trillion dollars. While Britain only grew 0.8 percent in the first quarter of this year, India turned the tables by growing 4.1 percent during the same period.

According to Bloomberg’s analysis of economic indices and prospects collected as of now, India will also smash Britain in total GDP this year. Recording a growth rate of 13.5 percent in the second quarter, it is projected to grow by an average of 7 percent or above throughout this year.

By contrast, Britain showed a negative growth rate of 0.1 percent in the second quarter amid the combination of the worst inflation in 40 years and the depreciation of the British Pound. Bloomberg predicted that the two nations will see a growing gap in GDP by 2027.