{"id":373309,"date":"2024-03-07T12:05:37","date_gmt":"2024-03-07T06:35:37","guid":{"rendered":"https:\/\/zerodha.com\/z-connect\/?p=373309"},"modified":"2024-03-07T12:08:46","modified_gmt":"2024-03-07T06:38:46","slug":"a-tale-of-two-growth-rates","status":"publish","type":"post","link":"https:\/\/zerodha.com\/z-connect\/subtext\/a-tale-of-two-growth-rates","title":{"rendered":"\u00adIt\u2019s the economy, stupid: A tale of two growth rates, and other tales"},"content":{"rendered":"<p><span style=\"color: #000000\"><em>We love India Data Hub\u2019s weekly newsletter, \u2018<a href=\"https:\/\/indiadatahub.substack.com\/\">This Week in Data<\/a>\u2019, which neatly wraps up all major macroeconomic data stories for the week. We love it so much, in fact, that we\u2019ve taken it upon ourselves to create a simple, digestible version of their newsletter for those of you that don\u2019t like econ-speak. Think of us as a cover band, reproducing their ideas in our own style. Attribute all insights, here, to India Data Hub. All mistakes, of course, are our own.<\/em><\/span><\/p>\n<hr \/>\n<p><span style=\"color: #000000\">Sigh. Another round of this, huh?<\/span><\/p>\n<p><strong><span style=\"color: #000000\">Yep! Last week, you said there\u2019ll be new GDP data around!<\/span><\/strong><\/p>\n<p><span style=\"color: #000000\">Yes, yes. I did, didn\u2019t I?<\/span><\/p>\n<p><strong><span style=\"color: #000000\">You did! <em>And\u2026?<\/em><\/span><\/strong><\/p>\n<p><span style=\"color: #000000\">Hey. We talk about the economy all the time. How about something fun! Like cricket! That Jaiswal kid really is <em>something<\/em>, isn\u2019t-<\/span><\/p>\n<p><strong><span style=\"color: #000000\">Usually, I\u2019d love to. But this looks like it\u2019s making you hella uncomfortable and I love it. How did we do?<\/span><\/strong><\/p>\n<p><span style=\"color: #000000\">You see, that\u2019s a matter of perspective.<\/span><\/p>\n<p><strong><span style=\"color: #000000\">Come again?!<\/span><\/strong><\/p>\n<p><span style=\"color: #000000\">Yeah. You can choose. A six quarter-high or a three quarter-low. 8.4% or 6.5%. Whatever you like.<\/span><\/p>\n<p><strong><span style=\"color: #000000\">Uhh, <em>8.4<\/em>? I want to feel good. But what the hell?<\/span><\/strong><\/p>\n<p><span style=\"color: #000000\">See, this quarter, there\u2019s a big difference between our GDP and our GVA.<\/span><\/p>\n<p><strong><span style=\"color: #000000\">Between the GDP and <em>what<\/em>?<\/span><\/strong><\/p>\n<p><span style=\"color: #000000\">Well, a country\u2019s <strong>Gross Domestic Product<\/strong> (<strong>GDP<\/strong>) is the total value of all goods made and services given in an economy. And its <strong>Gross Value Added<\/strong> (<strong>GVA<\/strong>) is\u2026 well, the value added in all goods made and services given in the economy.<\/span><\/p>\n<p><strong><span style=\"color: #000000\">Listen. We\u2019re friends, right?<\/span><\/strong><\/p>\n<p><span style=\"color: #000000\">I guess..?<\/span><\/p>\n<p><strong><span style=\"color: #000000\">If you\u2019re getting high, it\u2019s good manners to share. That\u2019s all I\u2019m saying.<\/span><\/strong><\/p>\n<p><span style=\"color: #000000\">Dear, oh dear. Let\u2019s do this the hard way. Buckle in, this will be quite a ride.<\/span><\/p>\n<p><span style=\"color: #000000\">How do you calculate a country\u2019s GDP? How do you check what an entire economy has been up to? In theory, you look at the value of every single thing made or service delivered in the economy, add it up, and this gives you a sense of what the economy has done as a whole.<\/span><\/p>\n<p><span style=\"color: #000000\">There\u2019s a catch, though. You\u2019ve probably made something, or done someone a service. Did you see a government <em>babu<\/em> in a safari suit taking down all your economic activity in a notepad? Unless someone is pulling an elaborate prank on you, you probably didn\u2019t. And that\u2019s the problem: nobody can actually know a country\u2019s GDP. The best we can do is take a really good guess.<\/span><\/p>\n<p><span style=\"color: #000000\">So how do we make these guesses? We have two ways (there are three, actually, but we\u2019ll keep things simple). Before we get to them, though, let\u2019s take a step back.<\/span><\/p>\n<p><span style=\"color: #000000\">Imagine: Arushi runs a large organic farm in the outskirts of Bengaluru, selling her produce to premium grocery stores. Bhavya runs one such store: B-Mart. She orders some staples from Arushi &#8211; fruits, flour, milk, cream, butter, eggs, sugar &#8211; for a total of \u20b91,000. One morning, Chinmayi drops by B-Mart, shelling out \u20b91,250 to buy this all for her bakery. She gets home and whips it all into a rich, moist cake, layered with fresh fruits and cream, which she sells to Disha for \u20b92,500. Disha cuts the cake into slices, arranges them in pretty boxes, and stocks them at her upscale caf\u00e9. The next day, Ekta walks in, looking for something to serve at a tea party she\u2019s hosting that evening. She loves the bright, colourful pastries on display, so she buys them all for \u20b93,500.<\/span><\/p>\n<p><span style=\"color: #000000\">How much total value did they create, in total? There are two ways we can do the math:<\/span><\/p>\n<ul>\n<li><span style=\"color: #000000\">One, you could add all the business that took place, and then cut out the raw material costs they paid. This should give you the amount of new value created at every step. Here, there was a total of \u20b98,250 of business, of which \u20b94,750 (\u20b91,000 by Bhavya, \u20b91,250 by Chinmayi, \u20b92,500 by Disha) was spent on inputs. The total value they created, then, was \u20b93,500.<\/span><\/li>\n<li><span style=\"color: #000000\">Alternatively, we could just look at what Ekta spent at the end of this chain. Again, that\u2019s \u20b93,500.<\/span><\/li>\n<\/ul>\n<p><span style=\"color: #000000\">That is just for some pastries. Scale this up for everything happening in an economy, and you have the two ways you can use to estimate GDP:<\/span><\/p>\n<ul>\n<li><span style=\"color: #000000\">There\u2019s the <strong>Production Method<\/strong>. You look at the data to guess the total amount of business taking place across the economy, and then subtract all input costs to get to the GVA. You then make a few modifications (which we\u2019ll come to in a jiffy) to get to the GDP.<\/span><\/li>\n<li><span style=\"color: #000000\">Then there\u2019s the <strong>Expenditure Method<\/strong>. Through some fancy data-work, you try to estimate the money spent only on \u2018final products\u2019 in the economy by all sorts of people &#8211; regular consumers, the government and businesses. Taken together, this gives you the GDP.<\/span><\/li>\n<\/ul>\n<p><span style=\"color: #000000\">We publish both every quarter. (If you\u2019re fine with butting your head against tablesful of numbers, see page 9 of this press release.)<\/span><\/p>\n<p><strong><span style=\"color: #000000\">Yeah? Which is better?<\/span><\/strong><\/p>\n<p><span style=\"color: #000000\">Neither! Both should, in theory, get you to the same figure.<\/span><\/p>\n<p><span style=\"color: #000000\">There are reasons you might prefer one over the other, though. For instance, before you can get to calculating the GDP by the \u2018expenditure method\u2019, first, you calculate how much consumers spent and how much businesses invested over the year. These are useful data points in themselves. So, many countries &#8211; developed ones in particular &#8211; prefer this way of doing things.<\/span><\/p>\n<p><span style=\"color: #000000\">On the other hand, for a country like India (and, frankly, for most developing countries), our data is far better in giving us a number for the GVA. So we have usually taken the \u2018production method\u2019 to get to our GDP. And sometimes, the GVA can tell us something that GDP numbers don\u2019t &#8211; as, we\u2019ll soon see, is the case right now.<\/span><\/p>\n<p><strong><span style=\"color: #000000\">All caught up. I think. Maybe. I mean, that was a <em>lot<\/em>. Anyway, what happened?<\/span><\/strong><\/p>\n<p><span style=\"color: #000000\">Our GDP between October and December last year was 8.4% higher than it was in the same three months last year. That\u2019s a massive spike; the highest we\u2019ve seen in 6 quarters. We\u2019ve also bumped up our estimates for the two quarters that came before.<\/span><\/p>\n<p><span style=\"color: #000000\">We saw some heavy distortion in our yearly GDP growth during the pandemic. In its first year, the economy stopped still in its tracks. Compared to this unfortunate period, next year, the economy looked like it saw incredible yearly growth &#8211; simply because things were moving again. If you ignore this oddity, however, this is the fastest we\u2019ve grown in almost six years.<\/span><\/p>\n<p><span style=\"color: #000000\">Alas, that\u2019s not true of our GVA. The value our economy added between October and December &#8211; at 6.5% &#8211; grew at its slowest pace in three quarters.<\/span><\/p>\n<p><span style=\"color: #000000\">That\u2019s the weird thing: a large, sudden gap has appeared between the two. See this chart:<\/span><\/p>\n<p><a href=\"https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/03\/1.png\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-373310 aligncenter\" src=\"https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/03\/1.png\" alt=\"\" width=\"1010\" height=\"667\" srcset=\"https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/03\/1.png 1456w, https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/03\/1-300x198.png 300w, https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/03\/1-1024x677.png 1024w, https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/03\/1-768x507.png 768w\" sizes=\"auto, (max-width: 1010px) 100vw, 1010px\" \/><\/a><strong><span style=\"color: #000000\">Oh wow. That\u2019s certainly quite a gap. You did mention the GVA\u2019s modified a bit to get to the GDP, though. Is that it?<\/span><\/strong><\/p>\n<p><span style=\"color: #000000\">Yeah. Hence the gap.<\/span><\/p>\n<p><span style=\"color: #000000\">Think about it: does a seller get <em>every single rupee<\/em> you pay for something? Isn\u2019t there someone else in the background, taking a cut?<\/span><\/p>\n<p><strong><span style=\"color: #000000\">Uhh.. The government?<\/span><\/strong><\/p>\n<p><span style=\"color: #000000\">Precisely!<\/span><\/p>\n<p><span style=\"color: #000000\">When you look at someone\u2019s expenditure, you\u2019re also looking at the (indirect) taxes they pay. Equally, sometimes, you don\u2019t pay the full price for something &#8211; because the government subsidises your costs. This creates a small mismatch between the value that businesses create, and what one finally spends.<\/span><\/p>\n<p><span style=\"color: #000000\">It\u2019s the latter that we take as the GDP figure. If you have the year\u2019s GVA, add all indirect taxes, remove all subsidies, and you\u2019ll get to the GDP.<\/span><\/p>\n<p><span style=\"color: #000000\">This chart tells you how much the growth rates of the two have historically diverged. The quarter gone by is the furthest our GDP has outstripped our GVA in a decade.<\/span><\/p>\n<p><a href=\"https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/03\/2.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-373311 aligncenter\" src=\"https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/03\/2.jpg\" alt=\"\" width=\"1001\" height=\"665\" srcset=\"https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/03\/2.jpg 1456w, https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/03\/2-300x199.jpg 300w, https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/03\/2-1024x680.jpg 1024w, https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/03\/2-768x510.jpg 768w\" sizes=\"auto, (max-width: 1001px) 100vw, 1001px\" \/><\/a><\/p>\n<p><strong><span style=\"color: #000000\">I\u2019m confused. So we use the GDP to track how the economy is doing, but\u2026 there\u2019s another metric that does this more directly?<\/span><\/strong><\/p>\n<p><span style=\"color: #000000\">The world doesn\u2019t always make sense, huh? How about that.<\/span><\/p>\n<p><strong><span style=\"color: #000000\">Abey. That\u2019s a cop out. Aren\u2019t you, like, the <em>econ guy<\/em>?<\/span><\/strong><\/p>\n<p><span style=\"color: #000000\">Hey, I\u2019m just your garden-variety nerd! Not the friggin\u2019 <em>IMF<\/em>.<\/span><\/p>\n<p><span style=\"color: #000000\">But look. The thing is, it doesn\u2019t usually matter. There isn\u2019t generally a big difference in how they grow.<\/span><\/p>\n<p><strong><span style=\"color: #000000\">But it <em>did<\/em> matter!<\/span><\/strong><\/p>\n<p><span style=\"color: #000000\">Sigh. Yeah. The government\u2019s indirect tax collections <a href=\"https:\/\/indianexpress.com\/article\/explained\/explained-economics\/why-have-gdp-and-gva-growth-rates-diverged-in-q3-9191086\/\">spiked<\/a>, and it also paid out far less in subsidies &#8211; <a href=\"https:\/\/www.livemint.com\/economy\/q3-gdp-gva-divergence-tied-to-reduced-fertiliser-subsidy-govt-official-11709300271411.html\">fertiliser subsidies<\/a> in particular. Together, these opened up a big gap between our GVA and our GDP.<\/span><\/p>\n<p><span style=\"color: #000000\">It\u2019s like this: Back when I was in school, there was this measuring tape they\u2019d plastered on the wall of the PT room to record all our heights. Once every year, the PT Sir would parade us all to the PT room, stick us against the measuring tape, and then press a notebook against our heads to see precisely where we reached on the tape. It was rough, but it worked. One year, though, this kid had slathered his hair with gel until he had spikes that seemed like they were made of concrete. His hair refused to give way to the notebook the PT Sir was mushing against his head. So the PT Sir eventually gave up, and simply declared that he was an inch taller than he actually was.<\/span><\/p>\n<p><span style=\"color: #000000\">It\u2019s sort of the same with the GVA and the GDP. It\u2019s rough, but it usually works &#8211; until you have a quarter like this one.<\/span><\/p>\n<hr \/>\n<p><span style=\"color: #000000\">In other news, the government\u2019s raking in some serious tax revenue.<\/span><\/p>\n<p><strong><span style=\"color: #000000\">NO! There\u2019s <em>even more<\/em> news?! Why?!<\/span><\/strong><\/p>\n<p><span style=\"color: #000000\">A few quick pointers, I promise:<\/span><\/p>\n<ul>\n<li><span style=\"color: #000000\">The Central Government\u2019s total tax revenue grew by more than 15% this January, when compared to the last. And really, it\u2019s been growing this fast for a while. See the chart below for more.<\/span><\/li>\n<li><span style=\"color: #000000\">GST collections saw double-digit growth.<\/span><\/li>\n<li><span style=\"color: #000000\">Direct taxes have grown by more than 20%, compared to last January.<\/span><\/li>\n<\/ul>\n<p><a href=\"https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/03\/3.png\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-373312 aligncenter\" src=\"https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/03\/3.png\" alt=\"\" width=\"1050\" height=\"688\" srcset=\"https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/03\/3.png 1456w, https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/03\/3-300x197.png 300w, https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/03\/3-1024x671.png 1024w, https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/03\/3-768x503.png 768w\" sizes=\"auto, (max-width: 1050px) 100vw, 1050px\" \/><\/a><\/p>\n<p><strong><span style=\"color: #000000\">That\u2019s quite a war-chest. What\u2019s the plan, spend it all before the elections?<\/span><\/strong><\/p>\n<p><span style=\"color: #000000\">I don\u2019t know. Maybe. Funny thing, though: in January, at least, the government spent less than it did last year. Its capital expenditure (which we <a href=\"https:\/\/zerodha.com\/z-connect\/subtext\/this-week-in-data-for-dummies-reviewing-the-interim-budget\">talked about<\/a> a few weeks ago, if you need a primer), in particular, dropped by a whole 40%.<\/span><\/p>\n<p><span style=\"color: #000000\">Now, before you panic, our capex has still increased this year. This isn\u2019t a trend &#8211; not yet, anyway. Looking between April and January, this year, our capex has been 26% higher than last year.<\/span><\/p>\n<p><span style=\"color: #000000\">Even so. If you were to just see the month of January, our government has earned a lot more money while spending a lot less.<\/span><\/p>\n<hr \/>\n<p><span style=\"color: #000000\">There\u2019s something more interesting, though.<\/span><\/p>\n<p><strong><span style=\"color: #000000\">More interesting than <em>tax collections<\/em>? No way. My heart might explode with excitement.<\/span><\/strong><\/p>\n<p><span style=\"color: #000000\">Ha-ha.<\/span><\/p>\n<p><span style=\"color: #000000\">Anyway, small savings schemes are receiving a lot of money. To the tune of \u20b92.8 lakh crore between April and January &#8211; 45% more than last year. That\u2019s 15% of India\u2019s total bank deposits over the year. Or 70% of all the money that\u2019s gone into mutual funds.<\/span><\/p>\n<p><span style=\"color: #000000\">See this chart for more:<\/span><\/p>\n<p><a href=\"https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/03\/4.png\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-373314 aligncenter\" src=\"https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/03\/4.png\" alt=\"\" width=\"1149\" height=\"755\" srcset=\"https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/03\/4.png 1456w, https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/03\/4-300x197.png 300w, https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/03\/4-1024x673.png 1024w, https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/03\/4-768x505.png 768w\" sizes=\"auto, (max-width: 1149px) 100vw, 1149px\" \/><\/a><\/p>\n<p><strong><span style=\"color: #000000\">Could you tell me what the word \u201cinteresting\u201d means?<\/span><\/strong><\/p>\n<p><span style=\"color: #000000\">Yeah, sure! Something interesting is something that holds\u2026 wait, you\u2019re still messing with me.<\/span><\/p>\n<p><strong><span style=\"color: #000000\">Of course. Remind me, why should I care about something so insignificant that it\u2019s got \u201csmall\u201d in its very name?<\/span><\/strong><\/p>\n<p><span style=\"color: #000000\">Well, we are talking about lakhs of crores of Rupees. But that isn\u2019t the only reason this data is important.<\/span><\/p>\n<p><span style=\"color: #000000\">See, most people &#8211; especially in India &#8211; don\u2019t have too much money. They eke out whatever minor savings they can, whenever they can. This money is really not meant for risk and speculation. When you don\u2019t have much in the first place, a loss of capital really could ruin your life, or worse, the lives of your entire family. It has to be absolutely secure.<\/span><\/p>\n<p><span style=\"color: #000000\">These are the people that small savings schemes cater to. They offer clean, fixed, risk-free returns. Nothing that\u2019ll beat the market, but enough that you\u2019ll make a tidy sum while keeping your money safe.<\/span><\/p>\n<p><span style=\"color: #000000\">Now, because this cohort &#8211; less affluent people, usually from smaller towns and cities &#8211; invests in small savings schemes, any story about movements in small savings schemes, really, is a story about all their lives. When there\u2019s a spike in inflows into small savings schemes, that\u2019s just detail. The actual tale is that millions of less affluent Indians are now finding money to save.<\/span><\/p>\n<p><span style=\"color: #000000\">Isn\u2019t that something worth caring about?<\/span><\/p>\n<hr \/>\n<p><span style=\"color: #000000\">Finally-<\/span><\/p>\n<p><strong><span style=\"color: #000000\">God, that word sounds so sweet!<\/span><\/strong><\/p>\n<p><span style=\"color: #000000\">Hey, <em>let me finish<\/em>! Finally, we turn to Europe.<\/span><\/p>\n<p><span style=\"color: #000000\">After a long, long time when prices seemed untamable, Europe\u2019s finally bringing inflation under control. Some pointers:<\/span><\/p>\n<ul>\n<li><span style=\"color: #000000\">Prices were 2.6% higher this February, compared to February last year. That\u2019s a smidge lower than inflation in January &#8211; which was at 2.8%. For some perspective, last February, inflation was somewhere around 8.5%.<\/span><\/li>\n<li><span style=\"color: #000000\">Energy was actually cheaper this February than last &#8211; declining by 3.7%. Food was 4% more expensive.<\/span><\/li>\n<li><span style=\"color: #000000\">Major individual European economies have also brought inflation under control. Germany saw inflation come down to 2.7%, from 3.1% in January. France\u2019s inflation, too, dropped from 3.4% to 3.1%.<\/span><\/li>\n<\/ul>\n<p><a href=\"https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/03\/5.png\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-373313 aligncenter\" src=\"https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/03\/5.png\" alt=\"\" width=\"1168\" height=\"771\" srcset=\"https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/03\/5.png 1456w, https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/03\/5-300x198.png 300w, https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/03\/5-1024x676.png 1024w, https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/03\/5-768x507.png 768w\" sizes=\"auto, (max-width: 1168px) 100vw, 1168px\" \/><\/a><\/p>\n<p><strong><span style=\"color: #000000\">Good news from Europe? That\u2019s a rarity these days.<\/span><\/strong><\/p>\n<p><span style=\"color: #000000\">That\u2019s fair, they\u2019ve definitely seen some problems.<\/span><\/p>\n<p><span style=\"color: #000000\">Those problems aren\u2019t over just yet, though. They\u2019ve also seen a lot of unemployment of late. And it isn\u2019t going away. Their unemployment rate has hung around 6.5% for a couple of years now, almost, with little to indicate that it\u2019ll come back down.<\/span><\/p>\n<hr \/>\n<p><span style=\"color: #000000\">That\u2019s it for the week, folks. Thanks for reading!<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>How fast did we grow last quarter? Could be 8.4% or 6.5%, depending on who you ask. Meanwhile, tax collections rise, less affluent Indians save more, and Europe finally reigns in inflation. And more.<\/p>\n","protected":false},"author":242542,"featured_media":372268,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[532],"tags":[544,597,594,595,596],"class_list":["post-373309","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-subtext","tag-economy","tag-europe","tag-gdp","tag-gva","tag-inflation"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.5 (Yoast SEO v26.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>\u00adIt\u2019s the economy, stupid: A tale of two growth rates, and other tales &#8211; Z-Connect by Zerodha<\/title>\n<meta name=\"description\" content=\"How fast did we grow last quarter? 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