Growth is expected to moderate in 2019-20 but improve in 2020-21. Consumer price inflation is expected at 4.7 per cent in Q3:2019-20, moderating thereafter. The Reserve Bank has been conducting the Survey of Professional Forecasters (SPF) since September 2007. Forty-one panellists participated in the 61st round of the survey conducted during November 20192. The survey results are summarised in terms of their median forecasts and consolidated in Annexes 1-7, along with quarterly paths for key variables. Highlights: 1. Output
-
Real gross domestic product (GDP) is likely to grow at 5.3 per cent in 2019-20 and by 6.4 per cent in 2020-21 (Table 1).
-
Real private final consumption expenditure (PFCE) growth is expected at 4.4 per cent during 2019-20, improving to 6.4 per cent during 2020-21.
-
The growth of real gross fixed capital formation (GFCF) is likely to moderate to 4.9 per cent in 2019-20, but improve to 6.5 per cent in 2020-21.
-
Forecasters have assigned the maximum probability to real GDP growth being in the range of 5.0-5.4 per cent in 2019-20 and 6.0-6.4 per cent in 2020-21 (Chart 1).
-
Real gross value added (GVA) is expected to grow by 5.3 per cent in 2019-20 and further by 6.3 per cent in 2020-21, supported by upticks in industrial and services sector activity.
| Table 1: Median Forecast of Growth in GDP, GVA and Components |
| (in per cent) |
| |
2019-20 |
2020-21 |
| Real GDP growth rate |
5.3
(-0.9) |
6.4
(-0.6) |
| a. Real PFCE growth rate |
4.4
(-1.1) |
6.4
(-0.6) |
| b. Real GFCF growth rate |
4.9
(-1.1) |
6.5
(-0.9) |
| Nominal PFCE growth rate |
8.2
(-0.9) |
10.1
(-0.1) |
| Real GVA Growth |
5.3
(-0.7) |
6.3
(-0.4) |
| a. Agriculture and Allied Activities |
2.8
(-0.2) |
3.2
(-0.2) |
| b. Industry |
2.9
(-1.5) |
5.5
(-0.7) |
| c. Services |
7.2
(-0.2) |
7.5
(-0.3) |
Gross Saving Rate
[per cent of gross national disposable income] (GNDI)] |
30.0
(-0.1) |
30.3
(-0.2) |
Gross Capital Formation (GCF) Rate
[per cent of GDP at current market prices] |
30.5
(-0.5) |
30.8
(-0.2) |
| Note: In all the tables, the figures in parentheses indicate the extent of revision in median forecasts (percentage points) relative to the previous SPF round. |
Note: Tails of the distribution are not presented in the chart. Detailed probability distributions are given in Annex 6. 2. Inflation
| Table 2: Median Forecast of Quarterly Inflation |
| (in per cent) |
| |
Q3:19-20 |
Q4:19-20 |
Q1:20-21 |
Q2:20-21 |
| CPI - Combined |
4.7
(+1.0) |
4.5
(+0.6) |
4.1
(+0.2) |
4.0
(0.0) |
| CPI excluding food and beverages, pan, tobacco and intoxicants and fuel and light |
3.5
(-0.4) |
3.7
(-0.5) |
4.0
(-0.4) |
4.0
(-0.3) |
| WPI All Commodities |
0.7
(-0.3) |
1.7
(-0.5) |
1.6
(-0.6) |
2.6
(-0.2) |
| WPI Non-food Manufactured Products |
-1.4
(-1.2) |
-0.6
(-1.2) |
-0.1
(-1.2) |
1.0
(-1.0) |
- Forecasters have assigned the highest probability to CPI inflation being in the range of 4.5-4.9 per cent during Q3:2019-20 to Q4:2019-20 and 4.0-4.4 per cent during Q1:2020-21 to Q2:2020-21 (Chart 2).
Note: Tails of the distribution are not presented in the chart. Detailed probability distributions are given in Annex 7. 3. External Sector
-
Merchandise exports and imports growth are expected to decline by 1.5 per cent and 4.3 per cent, respectively, during 2019-20; both are, however, expected to improve in the next year (Table 3).
-
The current account deficit is expected at 1.5 per cent of GDP at current market prices in 2019-20 and at 1.8 per cent in 2020-21.
-
The Indian rupee is likely to remain range bound within ₹71.40 - ₹72.60 per US Dollar till Q2:2020-21 (Annex 3).
| Table 3: Median Forecast of Select External Sector Variables |
| |
2019-20 |
2020-21 |
Merchandise Exports in US $ terms
(annual growth in per cent) |
-1.5
(-3.0) |
5.0
(-1.3) |
Merchandise Imports in US $ terms
(annual growth in per cent) |
-4.3
(-4.8) |
5.5
(-1.6) |
Current Account Deficit
(per cent of GDP at current market prices) |
1.5
(-0.4) |
1.8
(-0.2) |
The Reserve Bank thanks the following panellists for their participation in this round of the Survey of Professional Forecasters (SPF):
Abhishek Gupta (Bloomberg Economics); Aditi Nayar (ICRA Limited); Bank of Baroda; Barclays Bank PLC; Debopam Chaudhuri (Piramal Enterprises Limited); Devendra Pant (India Ratings and Research); Dr. Arun Singh (Dun & Bradstreet India); Dr. Rupa Rege Nitsure (L&T Finance Holdings); Dr. Tirthankar Patnaik (National Stock Exchange); Gaurav Kapur (IndusInd Bank Limited); ICICI Securities Primary Dealership; Indranil Pan (IDFC FIRST Bank Ltd); NCAER; PHD Chamber of Commerce and Industry; Pinaki M. Mukherjee (Maruti Suzuki); Rini Sen and Sanjay Mathur (ANZ Banking Group); Shailesh Kejariwal (B&K Securities India Pvt Ltd); Siddharth Kothari (Sunidhi Securities & Finance Ltd); TAC Economics; Upasna Bhardwaj (Kotak Mahindra Bank) and Yes Bank.
The Bank also acknowledges the contribution of twenty others SPF panellists, who prefer to remain anonymous. |
| Annex 1: Annual Forecasts for 2019-20 |
| |
Key Macroeconomic Indicators |
Annual Forecasts for 2019-20 |
| Mean |
Median |
Max |
Min |
1st quartile |
3rd quartile |
| 1 |
GDP at constant (2011-12) prices: Annual Growth (per cent) |
5.4 |
5.3 |
6.6 |
4.8 |
5.1 |
5.7 |
| a |
Private Final Consumption Expenditure (PFCE) at constant (2011-12) prices: Annual Growth (per cent) |
4.5 |
4.4 |
9.0 |
2.4 |
3.7 |
5.0 |
| b |
Gross Fixed Capital Formation (GFCF) at constant (2011-12) prices: Annual Growth (per cent) |
5.3 |
4.9 |
10.8 |
2.5 |
3.9 |
6.1 |
| 2 |
Private Final Consumption Expenditure (PFCE) at current prices: Annual Growth (per cent) |
8.3 |
8.2 |
12.0 |
5.8 |
7.2 |
9.6 |
| 3 |
Gross Capital Formation (GCF) Rate (per cent of GDP at current market prices) |
30.2 |
30.5 |
31.6 |
25.0 |
30.4 |
31.0 |
| 4 |
GVA at constant (2011-12) prices: Annual Growth (per cent) |
5.3 |
5.3 |
6.5 |
4.7 |
5.1 |
5.5 |
| a |
Agriculture & Allied Activities at constant (2011-12) prices: Annual Growth (per cent) |
2.8 |
2.8 |
3.9 |
1.0 |
2.5 |
3.2 |
| b |
Industry at constant (2011-12) prices: Annual Growth (per cent) |
3.0 |
2.9 |
6.0 |
1.0 |
1.9 |
4.1 |
| c |
Services at constant (2011-12) prices: Annual Growth (per cent) |
7.1 |
7.2 |
8.0 |
6.0 |
6.8 |
7.2 |
| 5 |
Gross Saving Rate (per cent of Gross National Disposable Income) - at current prices |
29.9 |
30.0 |
31.0 |
29.0 |
29.3 |
30.2 |
| 6 |
Fiscal Deficit of Central Govt. (per cent of GDP at current market prices) |
3.6 |
3.6 |
3.9 |
3.3 |
3.5 |
3.7 |
| 7 |
Combined Gross Fiscal Deficit (per cent to GDP at current market prices) |
6.5 |
6.5 |
7.0 |
5.8 |
6.4 |
6.8 |
| 8 |
Bank Credit of Scheduled commercial banks: Annual Growth (per cent) |
9.8 |
9.8 |
12.0 |
6.3 |
9.0 |
11.0 |
| 9 |
Yield on 10-Year G-Sec of Central Govt. (end-period) |
6.5 |
6.4 |
7.1 |
6.1 |
6.3 |
6.6 |
| 10 |
Yield on 91-day T-Bill of Central Govt. (end-period) |
5.3 |
5.0 |
7.2 |
4.8 |
5.0 |
5.4 |
| 11 |
Merchandise Exports (BoP basis in US$ terms): Annual Growth (per cent) |
-0.8 |
-1.5 |
6.0 |
-5.0 |
-2.6 |
1.5 |
| 12 |
Merchandise Imports (BoP basis in US$ terms): Annual Growth (per cent) |
-3.1 |
-4.3 |
5.0 |
-8.6 |
-6.0 |
-1.8 |
| 13 |
Current Account Balance in US$ bn. |
-45.4 |
-45.0 |
-22.3 |
-66.1 |
-50.0 |
-40.1 |
| 14 |
Current Account Balance (per cent to GDP at current market prices) |
-1.6 |
-1.5 |
-0.8 |
-2.4 |
-1.8 |
-1.4 |
| 15 |
Overall BoP in US$ bn. |
29.9 |
31.6 |
61.4 |
0.0 |
20.0 |
40.0 |
| 16 |
Inflation based on CPI Combined: Headline |
3.9 |
3.9 |
4.6 |
3.5 |
3.7 |
4.0 |
| 17 |
Inflation based on CPI Combined: excluding Food and Beverages, Pan, Tobacco and Intoxicants and Fuel and Light |
4.0 |
3.9 |
6.0 |
3.5 |
3.8 |
4.0 |
| 18 |
Inflation based on WPI: All Commodities |
1.7 |
1.6 |
4.0 |
0.8 |
1.4 |
1.9 |
| 19 |
Inflation based on WPI: Non-food Manufactured Products |
0.2 |
-0.2 |
4.0 |
-0.5 |
-0.4 |
0.4 |
| Annex 2: Annual Forecasts for 2020-21 |
| |
Key Macroeconomic Indicators |
Annual Forecasts for 2020-21 |
| Mean |
Median |
Max |
Min |
1st quartile |
3rd quartile |
| 1 |
GDP at constant (2011-12) prices: Annual Growth (per cent) |
6.5 |
6.4 |
8.0 |
5.6 |
6.1 |
6.8 |
| a |
Private Final Consumption Expenditure (PFCE) at constant (2011-12) prices: Annual Growth (per cent) |
6.6 |
6.4 |
10.0 |
5.0 |
6.0 |
7.1 |
| b |
Gross Fixed Capital Formation (GFCF) at constant (2011-12) prices: Annual Growth (per cent) |
7.0 |
6.5 |
13.5 |
3.2 |
5.6 |
8.0 |
| 2 |
Private Final Consumption Expenditure (PFCE) at current prices: Annual Growth (per cent) |
10.6 |
10.1 |
16.0 |
8.5 |
9.0 |
11.1 |
| 3 |
Gross Capital Formation (GCF) Rate (per cent of GDP at current market prices) |
30.6 |
30.8 |
33.0 |
25.0 |
30.3 |
31.3 |
| 4 |
GVA at constant (2011-12) prices: Annual Growth (per cent) |
6.3 |
6.3 |
8.0 |
5.5 |
6.0 |
6.6 |
| a |
Agriculture & Allied Activities at constant (2011-12) prices: Annual Growth (per cent) |
3.3 |
3.2 |
5.3 |
2.2 |
3.0 |
3.5 |
| b |
Industry at constant (2011-12) prices: Annual Growth (per cent) |
5.3 |
5.5 |
8.4 |
3.2 |
4.1 |
6.4 |
| c |
Services at constant (2011-12) prices: Annual Growth (per cent) |
7.6 |
7.5 |
8.7 |
6.7 |
7.1 |
8.0 |
| 5 |
Gross Saving Rate (per cent of Gross National Disposable Income) - at current prices |
30.3 |
30.3 |
31.0 |
29.5 |
30.0 |
30.6 |
| 6 |
Fiscal Deficit of Central Govt. (per cent of GDP at current market prices) |
3.4 |
3.5 |
3.6 |
3.2 |
3.3 |
3.5 |
| 7 |
Combined Gross Fiscal Deficit (per cent to GDP at current market prices) |
6.3 |
6.3 |
6.8 |
5.7 |
6.1 |
6.5 |
| 8 |
Bank Credit of Scheduled commercial banks: Annual Growth (per cent) |
11.6 |
11.5 |
15.0 |
8.1 |
10.5 |
12.1 |
| 9 |
Yield on 10-Year G-Sec of Central Govt. (end-period) |
6.6 |
6.7 |
7.6 |
5.9 |
6.1 |
7.0 |
| 10 |
Yield on 91-day T-Bill of Central Govt. (end-period) |
5.4 |
5.2 |
7.0 |
4.9 |
5.0 |
5.6 |
| 11 |
Merchandise Exports (BoP basis in US$ terms): Annual Growth (per cent) |
5.4 |
5.0 |
12.0 |
1.5 |
4.2 |
6.2 |
| 12 |
Merchandise Imports (BoP basis in US$ terms): Annual Growth (per cent) |
6.4 |
5.5 |
14.0 |
1.4 |
4.8 |
7.5 |
| 13 |
Current Account Balance in US$ bn. |
-55.5 |
-55.0 |
-42.0 |
-71.0 |
-62.0 |
-50.1 |
| 14 |
Current Account Balance (per cent to GDP at current market prices) |
-1.8 |
-1.8 |
-1.4 |
-2.5 |
-2.0 |
-1.6 |
| 15 |
Overall BoP in US$ bn. |
22.1 |
20.2 |
50.0 |
0.0 |
10.3 |
31.5 |
| 16 |
Inflation based on CPI Combined: Headline |
4.0 |
4.0 |
4.8 |
3.3 |
3.8 |
4.1 |
| 17 |
Inflation based on CPI Combined: excluding Food and Beverages, Pan, Tobacco and Intoxicants and Fuel and Light |
4.3 |
4.2 |
6.5 |
3.6 |
4.0 |
4.5 |
| 18 |
Inflation based on WPI: All Commodities |
2.7 |
2.7 |
4.2 |
1.1 |
2.1 |
3.4 |
| 19 |
Inflation based on WPI: Non-food Manufactured Products |
1.6 |
1.4 |
4.3 |
0.1 |
0.8 |
1.8 |
| Annex 3: Quarterly Forecasts from Q3:2019-20 to Q2:2020-21 |
| |
Key Macroeconomic Indicators |
Quarterly Forecasts |
| Q3: 2019-20 |
Q4: 2019-20 |
| Mean |
Median |
Max |
Min |
Mean |
Median |
Max |
Min |
| 1 |
GDP at constant (2011-12) prices: Annual Growth (per cent) |
5.6 |
5.5 |
6.9 |
4.7 |
6.1 |
6.1 |
7.5 |
5.1 |
| a |
PFCE at constant (2011-12) prices: Y-o-Y Growth (per cent) |
4.5 |
4.5 |
6.9 |
2.0 |
5.1 |
5.5 |
7.3 |
3.0 |
| b |
GFCF at constant (2011-12) prices: Y-o-Y Growth (per cent) |
4.0 |
3.8 |
7.0 |
-0.7 |
6.3 |
5.6 |
13.7 |
0.5 |
| 2 |
PFCE at current prices: Y-on-Y Growth (per cent) |
8.4 |
7.8 |
11.9 |
5.5 |
9.2 |
8.9 |
12.4 |
6.1 |
| 3 |
GFCF Rate (per cent of GDP at current market prices) |
29.5 |
29.2 |
32.0 |
27.6 |
28.9 |
28.2 |
32.0 |
27.3 |
| 4 |
GVA at constant (2011-12) prices: Annual Growth (per cent) |
5.5 |
5.5 |
6.9 |
4.6 |
6.1 |
6.2 |
7.5 |
5.0 |
| a |
Agriculture & Allied Activities (growth rate in per cent) |
3.0 |
3.0 |
4.5 |
1.4 |
3.9 |
4.0 |
6.3 |
2.0 |
| b |
Industry (growth rate in per cent) |
3.1 |
2.7 |
7.0 |
-0.3 |
4.4 |
4.7 |
7.1 |
1.9 |
| c |
Services (growth rate in per cent) |
7.3 |
7.4 |
9.0 |
6.2 |
7.4 |
7.3 |
10.0 |
6.3 |
| 5 |
IIP (2011-12=100): Quarterly Average Growth (per cent) |
0.5 |
1.0 |
4.5 |
-3.0 |
2.2 |
2.5 |
5.0 |
-1.4 |
| 6 |
Merchandise Exports - BoP basis (in US$ bn.) |
83.3 |
81.9 |
92.0 |
78.9 |
86.2 |
86.7 |
92.7 |
79.5 |
| 7 |
Merchandise Imports - BoP basis (in US$ bn.) |
122.1 |
119.8 |
144.0 |
110.9 |
123.5 |
121.6 |
142.0 |
115.0 |
| 8 |
Rupee – US Dollar Exchange rate (RBI reference rate) (end-period) |
71.3 |
71.4 |
72.5 |
67.7 |
71.2 |
71.5 |
73.3 |
68.3 |
| 9 |
Crude Oil (Indian basket) price (US $ per barrel) (end-period) |
63.5 |
63.0 |
71.0 |
60.3 |
63.5 |
64.0 |
72.5 |
52.8 |
| 10 |
Repo Rate (end-period) |
4.96 |
4.90 |
5.15 |
4.90 |
4.85 |
4.90 |
5.15 |
4.50 |
| |
Key Macroeconomic Indicators |
Quarterly Forecasts |
| Q1: 2020-21 |
Q2: 2020-21 |
| Mean |
Median |
Max |
Min |
Mean |
Median |
Max |
Min |
| 1 |
GDP at constant (2011-12) prices: Annual Growth (per cent) |
6.4 |
6.2 |
7.7 |
5.3 |
6.8 |
6.6 |
8.8 |
5.5 |
| a |
Private Final Consumption Expenditure (PFCE) at constant (2011-12) prices: Annual Growth (per cent) |
6.2 |
6.0 |
9.0 |
4.0 |
6.4 |
6.2 |
9.7 |
4.5 |
| b |
Gross Fixed Capital Formation (GFCF) at constant (2011-12) prices: Annual Growth (per cent) |
6.2 |
5.9 |
11.7 |
1.8 |
6.7 |
7.0 |
10.1 |
2.8 |
| 2 |
Private Final Consumption Expenditure (PFCE) at current prices: Annual Growth (per cent) |
9.8 |
9.1 |
14.0 |
7.9 |
9.9 |
9.6 |
12.8 |
8.0 |
| 3 |
Gross Fixed Capital Formation (GFCF) Rate (per cent of GDP at current market prices) |
29.8 |
29.7 |
32.0 |
28.9 |
29.4 |
29.0 |
33.2 |
27.7 |
| 4 |
GVA at constant (2011-12) prices: Annual Growth (per cent) |
6.3 |
6.1 |
7.4 |
5.2 |
6.6 |
6.5 |
8.3 |
5.4 |
| a |
Agriculture & Allied Activities at constant (2011-12) prices: Annual Growth (per cent) |
3.3 |
3.2 |
5.3 |
2.0 |
3.5 |
3.4 |
5.9 |
1.8 |
| b |
Industry at constant (2011-12) prices: Annual Growth (per cent) |
5.1 |
4.7 |
7.3 |
2.1 |
5.8 |
6.0 |
9.8 |
2.5 |
| c |
Services at constant (2011-12) prices: Annual Growth (per cent) |
7.5 |
7.2 |
10.0 |
6.5 |
7.6 |
7.4 |
10.0 |
6.6 |
| 5 |
IIP (2011-12=100): Quarterly Average Growth (per cent) |
2.8 |
2.7 |
5.0 |
-1.1 |
4.4 |
4.4 |
7.0 |
2.0 |
| 6 |
Merchandise Exports - BoP basis (in US$ bn.) |
86.9 |
86.7 |
92.5 |
82.5 |
86.2 |
86.6 |
90.1 |
81.5 |
| 7 |
Merchandise Imports - BoP basis (in US$ bn.) |
132.2 |
130.7 |
150.0 |
120.0 |
132.4 |
132.0 |
155.0 |
119.0 |
| 8 |
Rupee – US Dollar Exchange rate (RBI reference rate) (end-period) |
72.1 |
72.4 |
73.7 |
70.0 |
72.5 |
72.6 |
76.6 |
69.0 |
| 9 |
Crude Oil (Indian basket) price (US $ per barrel) (end-period) |
64.0 |
64.0 |
70.0 |
56.3 |
63.9 |
64.0 |
72.4 |
49.5 |
| 10 |
Repo Rate (end-period) |
4.82 |
4.90 |
5.15 |
4.50 |
4.82 |
4.75 |
5.15 |
4.50 |
| Annex 4: Forecasts of CPI-Combined Inflation |
| (per cent) |
| |
CPI Combined (General) |
CPI Combined excluding Food and Beverages, Pan, Tobacco and Intoxicants and Fuel and Light |
| Mean |
Median |
Max |
Min |
Mean |
Median |
Max |
Min |
| Q3:2019-20 |
4.6 |
4.7 |
5.1 |
3.5 |
3.7 |
3.5 |
4.6 |
3.3 |
| Q4:2019-20 |
4.5 |
4.5 |
6.6 |
3.6 |
3.8 |
3.7 |
4.7 |
3.2 |
| Q1:2020-21 |
4.2 |
4.1 |
6.1 |
3.4 |
4.0 |
4.0 |
4.9 |
3.4 |
| Q2:2020-21 |
4.1 |
4.0 |
5.1 |
3.3 |
4.0 |
4.0 |
4.8 |
3.3 |
| Annex 5: Forecasts of WPI Inflation |
| (per cent) |
| |
WPI All Commodities |
WPI Non-food Manufactured Products |
| Mean |
Median |
Max |
Min |
Mean |
Median |
Max |
Min |
| Q3:2019-20 |
0.8 |
0.7 |
2.9 |
-0.2 |
-0.8 |
-1.4 |
1.9 |
-1.8 |
| Q4:2019-20 |
1.8 |
1.7 |
3.7 |
-0.3 |
0.0 |
-0.6 |
3.0 |
-1.3 |
| Q1:2020-21 |
1.8 |
1.6 |
3.9 |
0.1 |
0.4 |
-0.1 |
3.2 |
-0.9 |
| Q2:2020-21 |
2.7 |
2.6 |
4.2 |
0.8 |
1.3 |
1.0 |
3.0 |
-0.2 |
| Annex 6: Mean probabilities attached to possible outcomes of Real GDP growth |
| Growth Range |
Forecasts for 2019-20 |
Forecasts for 2020-21 |
| 10.0 per cent or more |
0.00 |
0.00 |
| 9.5 to 9.9 per cent |
0.00 |
0.00 |
| 9.0 to 9.4 per cent |
0.00 |
0.00 |
| 8.5 to 8.9 per cent |
0.00 |
0.00 |
| 8.0 to 8.4 per cent |
0.00 |
0.01 |
| 7.5 to 7.9 per cent |
0.00 |
0.02 |
| 7.0 to 7.4 per cent |
0.00 |
0.11 |
| 6.5 to 6.9 per cent |
0.04 |
0.21 |
| 6.0 to 6.4 per cent |
0.07 |
0.36 |
| 5.5 to 5.9 per cent |
0.30 |
0.24 |
| 5.0 to 5.4 per cent |
0.39 |
0.04 |
| 4.5 to 4.9 per cent |
0.17 |
0.00 |
| 4.0 to 4.4 per cent |
0.02 |
0.00 |
| 3.5 to 3.9 per cent |
0.00 |
0.00 |
| 3.0 to 3.4 per cent |
0.00 |
0.00 |
| 2.5 to 2.9 per cent |
0.00 |
0.00 |
| 2.0 to 2.4 per cent |
0.00 |
0.00 |
| Below 2.0 per cent |
0.00 |
0.00 |
| Annex 7: Mean probabilities attached to possible outcomes of CPI (Combined) inflation |
| Inflation Range |
Forecasts for Q3:2019-20 |
Forecasts for Q4:2019-20 |
Forecasts for Q1:2020-21 |
Forecasts for Q2:2020-21 |
| 8.0 per cent or above |
0.00 |
0.00 |
0.00 |
0.00 |
| 7.5 to 7.9 per cent |
0.00 |
0.00 |
0.00 |
0.00 |
| 7.0 to 7.4 per cent |
0.00 |
0.00 |
0.00 |
0.00 |
| 6.5 to 6.9 per cent |
0.00 |
0.03 |
0.00 |
0.00 |
| 6.0 to 6.4 per cent |
0.00 |
0.01 |
0.03 |
0.00 |
| 5.5 to 5.9 per cent |
0.02 |
0.01 |
0.01 |
0.01 |
| 5.0 to 5.4 per cent |
0.17 |
0.13 |
0.04 |
0.07 |
| 4.5 to 4.9 per cent |
0.43 |
0.35 |
0.18 |
0.16 |
| 4.0 to 4.4 per cent |
0.23 |
0.30 |
0.43 |
0.37 |
| 3.5 to 3.9 per cent |
0.13 |
0.14 |
0.24 |
0.27 |
| 3.0 to 3.4 per cent |
0.02 |
0.03 |
0.06 |
0.11 |
| 2.5 to 2.9 per cent |
0.00 |
0.00 |
0.01 |
0.01 |
| 2.0 to 2.4 per cent |
0.00 |
0.00 |
0.00 |
0.00 |
| 1.5 to 1.9 per cent |
0.00 |
0.00 |
0.00 |
0.00 |
| 1.0 to 1.4 per cent |
0.00 |
0.00 |
0.00 |
0.00 |
| 0.5 to 0.9 per cent |
0.00 |
0.00 |
0.00 |
0.00 |
| 0 to 0.4 per cent |
0.00 |
0.00 |
0.00 |
0.00 |
| Below 0 per cent |
0.00 |
0.00 |
0.00 |
0.00 |
| Note: CPI: Consumer Price Index; GDP: Gross Domestic Products; GNDI: Gross National Disposable Income; GVA: Gross Value Added; IIP: Index of Industrial Production; WPI: Wholesale Price Index. |
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