Viewed by quarter, the second quarter’s growth rate slid further to -6.6 per cent from -3.9 per cent in the first quarter. GDP statistics for the third quarter have not been compiled yet, but indicators related to production, consumption and investment remained subdued.
That is why we are remaining watchful for signs of potential inflationary imbalances, even as the economy continues to perform more impressively than it has in a very long time. BIS Review 53/1998