AMERICA RUST:

8.31.10 – India's economy races 8.8%…Russian economy grows 4.0%… German unemployment rate 7.6%…

India’s economy grew at its fastest rate for more than two years in the last quarter, according to official data.

In the three months to June, GDP was up 8.8% compared with the same period last year.

Although only the 11th biggest economy in the world, India is the second fastest-growing, behind China.

Strong industrial and mining output helped boost the growth rate, India’s statistics agency said.

Industrial output rose more than 12%, while mining and quarrying jumped nearly 9%.

Services including hotels and banking also did well, with output up nearly 10%.

Services account for 55% of India’s economy, while industry makes up around 25% of output.

In July, the Reserve Bank of India said it expected annual growth for the current financial year to come in at about 8.5%.

http://www.bbc.co.uk/news/business-11135197

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Tuesday

August 31st, 2010

Jimmy Kilpatrick

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