Indian economic growth surpassed expectations for the fourth quarter of 2016, despite the confusion caused by the surprise withdrawal of high-denomination banknotes from circulation.

The economy in India grew at 7 percent in the December quarter, slower than the 7.4 percent rate achieved in the previous quarter but well above analysts’ expectations of 6.4 percent.

India’s Central Statistics Office (CSO) confirmed its projection that the economy will grow at a rate of 7.1 percent in 2016-17, slowing from 7.6 percent the previous financial year.

The figure came as a surprise, after analysts expected a larger fallout from the government’s withdrawal all old 500-rupee and 1,000-rupee banknotes last November. The noted made up 86 percent of the currency in circulation by value, and were withdrawn as part of Prime Minister Modi’s fight against illegal money.

Aneesh Srivastava, chief investment officer at IDBI Federal Life Insurance, told the BBC:

“I am totally surprised and stunned to see this number… I believe that, with a lag, we will see an impact on GDP numbers.”

“Perhaps this data is not capturing the impact of demonetisation,” he added.