Craig Botham, emerging markets economist at Schroders, comments on Brazil and India's GDP figures
"Brazil’s GDP growth for the second quarter rose to 3.3% year-on-year, against growth of 1.9% year-on-year last quarter and was much stronger than consensus expectations of 2.5%. Manufacturing, construction, retail and transportation were all key drivers in the rise in activity. Services as a whole grew 2.4% on the year, while industrial output expanded by 2.8% after contracting last quarter.
"In contrast, Indian second quarter GDP was weaker than expected, growing by 4.4% year-on-year, down from 4.8% in the first quarter and worse than consensus expectations of 4.7%. The slowdown was fairly broadly based, but particular weakness was seen in manufacturing, which contracted 1.2% year-on-year after expanding 2.6% year-on-year last quarter.