| The Reserve Bank has been conducting the survey of professional forecasters (SPF) since September 2007. The responses for 83rd round of the survey were received during July 12-31, 2023, wherein forty panellists participated. The survey results are summarised in terms of their median forecasts (Annexes 1-7), along with quarterly paths for key variables. Highlights: 1. Output
-
Real gross domestic product (GDP) growth forecast for 2023-24 has been revised up by 10 basis points (bps) to 6.1 per cent; it is expected to grow by 6.5 per cent in 2024-25 (Table 1).
-
SPF panellists placed GDP growth forecasts in the range of 5.5-7.0 per cent for 2023-24 and in the range of 5.9-7.6 per cent for 2024-25; the range for 2023-24 forecast broadly remained unchanged from the last round (Annexes 1 and 2).
-
Forecasters have assigned highest probability to real GDP growth in the range 6.0-6.4 per cent for both 2023-24 and 2024-25 (Chart 1).
Note: Tail parts of the distributions are not presented in this chart but are included in Annex 6.
- Annual growth rates in real private final consumption expenditure (PFCE) and real gross fixed capital formation (GFCF) for 2023-24 are expected at 6.1 per cent and 7.1 per cent, respectively.
- Real gross value added (GVA) growth projection for 2023-24 has been revised up by 10 bps to 5.9 per cent.
| Table 1: Median Forecast of Growth in GDP, GVA and components |
| (in per cent) |
| |
2023-24 |
2024-25 |
| Real GDP |
6.1
(+0.1) |
6.5
(+0.1) |
| a. Real PFCE |
6.1
(+0.1) |
6.4
(-0.1) |
| b. Real GFCF |
7.1
(+0.3) |
7.4
(0.0) |
| Nominal PFCE |
11.5
(-0.4) |
11.1
(-0.8) |
| Real GVA |
5.9
(+0.1) |
6.3
(+0.1) |
| a. Agriculture and Allied Activities |
3.3
(+0.2) |
3.5
(+0.5) |
| b. Industry |
5.2
(+0.1) |
5.9
(0.0) |
| c. Services |
7.0
(+0.2) |
7.1
(-0.2) |
Gross Saving Rate
[per cent of gross national disposable income] |
29.8
(+0.3) |
29.9
(+0.4) |
Gross Capital Formation Rate
[per cent of GDP at current market prices] |
31.1
(+0.2) |
31.5
(+0.5) |
| Note: The figures in parentheses indicate the extent of revision in median forecasts (in percentage points) relative to the previous SPF round (applicable for all Tables). |
- In terms of quarterly path, real GDP is expected to grow (y-o-y) by 7.5 per cent in Q1:2023-24 and thereafter moderate to 6.2 per cent in Q2:2023-24, 5.9 per cent in Q3:2023-24 and further to 5.5 per cent in Q4:2023-24 (Table 2).
| Table 2: Median Growth Forecast of Quarterly GDP, GVA and components |
| (in per cent) |
| |
Q1:2023-24 |
Q2:2023-24 |
Q3:2023-24 |
Q4:2023-24 |
Q1:2024-25 |
| Real GDP |
7.5
(+0.6) |
6.2
(+0.3) |
5.9
(+0.2) |
5.5
(0.0) |
6.0 |
| a. Real PFCE |
6.1
(+0.1) |
5.1
(-0.6) |
5.5
(-0.5) |
5.5
(-0.3) |
5.8 |
| b. Real GFCF |
8.3
(+1.4) |
7.5
(+0.5) |
7.6
(+0.9) |
6.0
(-0.2) |
7.3 |
| Real GVA |
7.1
(+0.5) |
6.1
(+0.1) |
5.7
(+0.1) |
5.3
(0.0) |
6.1 |
2. Inflation
-
Annual headline inflation, based on consumer price index (CPI), is expected at 5.2 per cent for 2023-24 and 4.7 per cent during 2024-25 (Annexes 1 and 2).
-
Headline CPI inflation (y-o-y) is expected at 5.6 per cent in Q2:2023-24 and is likely to remain in the range of 5.2-5.5 per cent during the next three quarters (Table 3). Headline inflation forecast path has been revised up by 70 bps for Q2:2023-24 and by 20 bps for the second half of 2023-24.
-
CPI inflation, excluding food and beverages, pan, tobacco and intoxicants, and fuel and light, is expected to remain in the narrow range of 4.8-5.0 per cent over the next four quarters.
| Table 3: Median Forecast of Quarterly Inflation |
| (in per cent) |
| |
Q2:2023-24 |
Q3:2023-24 |
Q4:2023-24 |
Q1:2024-25 |
| CPI Combined (General) |
5.6
(+0.7) |
5.5
(+0.2) |
5.2
(+0.2) |
5.2 |
| CPI Combined excluding food and beverages, pan, tobacco and intoxicants and fuel and light |
5.0
(-0.3) |
4.9
(-0.3) |
4.8
(-0.3) |
4.9 |
| WPI All Commodities |
-1.2
(-2.0) |
1.0
(-1.7) |
2.2
(-1.7) |
3.8 |
| WPI Non-food Manufactured Products |
-1.4
(-1.1) |
0.4
(-0.9) |
1.5
(-1.1) |
2.9 |
- Forecasters have assigned the highest probability to CPI inflation lying in the range of 5.5-5.9 per cent in Q2:2023-24 and Q3:2023-24; and in the range of 5.0-5.4 per cent in the subsequent two quarters (Chart 2).
Note: Tail parts of the distributions are not presented in this chart but are included in Annex 7. 3. External Sector
-
Merchandise exports and imports are projected to decline by (-)5.5 per cent and (-)5.0 per cent, respectively, in US dollar terms during 2023-24 and are expected to grow by 7.0 per cent and 7.8 per cent, respectively, during 2024-25 (Table 4).
-
SPF panellists expect current account deficit (CAD) at 1.4 per cent (of GDP at current market prices) in 2023-24 and at 1.5 per cent in 2024-25.
| Table 4: Median Forecast of Select External Sector Variables |
| |
2023-24 |
2024-25 |
Merchandise Exports in US $ terms
(annual growth in per cent) |
-5.5
(-2.6) |
7.0
(-1.3) |
Merchandise Imports in US $ terms
(annual growth in per cent) |
-5.0
(-1.0) |
7.8
(0.0) |
Current Account Balance
(per cent of GDP at current market prices) |
-1.4
(+0.1) |
-1.5
(+0.1) |
| 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 Ltd.), Anjali Verma (Phillip Capital India Ltd.), CRISIL Ltd, Debopam Chaudhuri (Piramal Enterprise Ltd.), Devendra Kumar Pant (India Ratings & Research), Dhiraj Nim (ANZ Banking Group), Gaura Sen Gupta (IDFC FIRST Bank), Gaurav Kapur (IndusInd Bank Ltd.), ICICI Securities PD, Indranil Pan (Yes Bank), Madan Sabnavis (Bank of Baroda), Madhavi Arora (Emkay Global Financial Services Ltd.), Manasi Swamy (Centre for Monitoring Indian Economy Pvt. Ltd.), Prithviraj Srinivas (Axis Capital), Radhika Piplani (DAM Capital Advisors Ltd.), Rahul Bajoria (Barclays Bank PLC), Shailesh Kejariwal (B&K Securities India Pvt. Ltd.), Shubhada Rao (QuantEco Research), Siddharth Kothari (Sunidhi Securities & Finance Ltd.), Soumya Kanti Ghosh (State Bank of India), Sujit Kumar (Union Bank of India), TAC Economics, Tanvee Gupta Jain (UBS Securities India Private Ltd.), Tirthankar Patnaik (National Stock Exchange) and Upasna Bhardwaj (Kotak Mahindra Bank).
The Bank also acknowledges the contribution of fourteen other SPF panellists, who prefer to remain anonymous. |
| Annex 1: Annual Forecasts for 2023-24 |
| |
Key Macroeconomic Indicators |
Annual Forecasts for 2023-24 |
| Mean |
Median |
Max |
Min |
1st quartile |
3rd quartile |
| 1 |
GDP at constant (2011-12) prices: Annual Growth (per cent) |
6.2 |
6.1 |
7.0 |
5.5 |
6.0 |
6.3 |
| a |
Private Final Consumption Expenditure (PFCE) at constant (2011-12) prices: Annual Growth (per cent) |
5.7 |
6.1 |
7.1 |
2.0 |
5.3 |
6.6 |
| b |
Gross Fixed Capital Formation (GFCF) at constant (2011-12) prices: Annual Growth (per cent) |
7.9 |
7.1 |
13.4 |
5.3 |
6.5 |
9.0 |
| 2 |
Private Final Consumption Expenditure (PFCE) at current prices: Annual Growth (per cent) |
11.7 |
11.5 |
19.2 |
6.7 |
10.0 |
12.6 |
| 3 |
Gross Capital Formation Rate (per cent of GDP at current market prices) |
31.0 |
31.1 |
32.4 |
29.5 |
30.2 |
31.9 |
| 4 |
GVA at constant (2011-12) prices: Annual Growth (per cent) |
6.0 |
5.9 |
6.8 |
5.4 |
5.8 |
6.1 |
| a |
Agriculture & Allied Activities at constant (2011-12) prices: Annual Growth (per cent) |
3.4 |
3.3 |
5.8 |
2.0 |
3.0 |
3.5 |
| b |
Industry at constant (2011-12) prices: Annual Growth (per cent) |
5.1 |
5.2 |
7.0 |
0.1 |
4.8 |
5.9 |
| c |
Services at constant (2011-12) prices: Annual Growth (per cent) |
7.1 |
7.0 |
9.6 |
6.4 |
6.7 |
7.3 |
| 5 |
Gross Saving Rate (per cent of Gross National Disposable Income) -at current prices |
29.6 |
29.8 |
31.5 |
27.5 |
28.6 |
30.3 |
| 6 |
Fiscal Deficit of Central Govt. (per cent of GDP at current market prices) |
5.9 |
5.9 |
6.6 |
5.8 |
5.9 |
5.9 |
| 7 |
Combined Gross Fiscal Deficit (per cent to GDP at current market prices) |
8.8 |
8.7 |
10.1 |
8.2 |
8.5 |
8.9 |
| 8 |
Bank Credit of Scheduled commercial banks: Annual Growth (per cent) |
12.7 |
13.0 |
16.1 |
7.7 |
12.0 |
14.0 |
| 9 |
Yield on 10-Year G-Sec of Central Govt. (end-period) |
6.9 |
7.0 |
7.3 |
6.5 |
6.9 |
7.0 |
| 10 |
Yield on 91-day T-Bill of Central Govt. (end-period) |
6.6 |
6.6 |
7.0 |
6.0 |
6.5 |
6.8 |
| 11 |
Merchandise Exports (BoP basis in US$ terms): Annual Growth (per cent) |
-6.0 |
-5.5 |
7.0 |
-18.0 |
-8.1 |
-3.0 |
| 12 |
Merchandise Imports (BoP basis in US$ terms): Annual Growth (per cent) |
-5.9 |
-5.0 |
-0.2 |
-15.0 |
-7.5 |
-3.5 |
| 13 |
Current Account Balance in US$ bn. |
-54.2 |
-52.6 |
-36.8 |
-88.7 |
-57.8 |
-47.3 |
| a |
Current Account Balance (per cent to GDP at current market prices) |
-1.5 |
-1.4 |
-1.0 |
-2.8 |
-1.6 |
-1.3 |
| 14 |
Overall BoP in US$ bn. |
21.3 |
24.1 |
45.0 |
-30.0 |
12.2 |
30.0 |
| 15 |
Inflation based on CPI Combined: Headline |
5.2 |
5.2 |
5.5 |
4.8 |
5.1 |
5.3 |
| 16 |
Inflation based on CPI Combined: excluding Food and Beverages, Pan, Tobacco and Intoxicants and Fuel and Light |
5.0 |
5.0 |
5.4 |
4.8 |
4.9 |
5.2 |
| 17 |
Inflation based on WPI: All Commodities |
0.1 |
0.0 |
3.5 |
-3.5 |
-1.0 |
1.0 |
| 18 |
Inflation based on WPI: Non-food Manufactured Products |
0.0 |
-0.3 |
2.0 |
-1.2 |
-0.7 |
0.7 |
| Annex 2: Annual Forecasts for 2024-25 |
| |
Key Macroeconomic Indicators |
Annual Forecasts for 2024-25 |
| Mean |
Median |
Max |
Min |
1st quartile |
3rd quartile |
| 1 |
GDP at constant (2011-12) prices: Annual Growth (per cent) |
6.4 |
6.5 |
7.6 |
5.9 |
6.1 |
6.5 |
| a |
Private Final Consumption Expenditure (PFCE) at constant (2011-12) prices: Annual Growth (per cent) |
6.2 |
6.4 |
7.0 |
4.5 |
5.9 |
6.6 |
| b |
Gross Fixed Capital Formation (GFCF) at constant (2011-12) prices: Annual Growth (per cent) |
7.4 |
7.4 |
10.0 |
5.9 |
6.7 |
8.0 |
| 2 |
Private Final Consumption Expenditure (PFCE) at current prices: Annual Growth (per cent) |
11.4 |
11.1 |
15.0 |
8.7 |
10.7 |
11.5 |
| 3 |
Gross Capital Formation Rate (per cent of GDP at current market prices) |
31.4 |
31.5 |
33.0 |
28.9 |
30.7 |
32.2 |
| 4 |
GVA at constant (2011-12) prices: Annual Growth (per cent) |
6.3 |
6.3 |
7.4 |
5.6 |
6.0 |
6.4 |
| a |
Agriculture & Allied Activities at constant (2011-12) prices: Annual Growth (per cent) |
3.6 |
3.5 |
5.5 |
2.9 |
3.0 |
4.1 |
| b |
Industry at constant (2011-12) prices: Annual Growth (per cent) |
5.8 |
5.9 |
7.5 |
3.2 |
5.2 |
6.2 |
| c |
Services at constant (2011-12) prices: Annual Growth (per cent) |
7.3 |
7.1 |
9.0 |
6.1 |
6.7 |
7.6 |
| 5 |
Gross Saving Rate (per cent of Gross National Disposable Income) -at current prices |
30.0 |
29.9 |
31.8 |
28.0 |
29.1 |
31.1 |
| 6 |
Fiscal Deficit of Central Govt. (per cent of GDP at current market prices) |
5.5 |
5.4 |
6.7 |
5.1 |
5.3 |
5.5 |
| 7 |
Combined Gross Fiscal Deficit (per cent to GDP at current market prices) |
8.2 |
8.2 |
10.3 |
7.5 |
8.0 |
8.4 |
| 8 |
Bank Credit of Scheduled commercial banks: Annual Growth (per cent) |
12.5 |
13.0 |
14.5 |
10.0 |
11.6 |
13.2 |
| 9 |
Yield on 10-Year G-Sec of Central Govt. (end-period) |
6.7 |
6.6 |
7.1 |
6.5 |
6.5 |
6.7 |
| 10 |
Yield on 91-day T-Bill of Central Govt. (end-period) |
6.1 |
6.1 |
6.5 |
5.8 |
6.0 |
6.2 |
| 11 |
Merchandise Exports (BoP basis in US$ terms): Annual Growth (per cent) |
7.3 |
7.0 |
12.1 |
1.6 |
5.6 |
9.3 |
| 12 |
Merchandise Imports (BoP basis in US$ terms): Annual Growth (per cent) |
8.5 |
7.8 |
27.0 |
1.2 |
6.0 |
9.8 |
| 13 |
Current Account Balance in US$ bn. |
-59.2 |
-61.7 |
-30.0 |
-87.0 |
-67.6 |
-48.8 |
| a |
Current Account Balance (per cent to GDP at current market prices) |
-1.5 |
-1.5 |
-0.6 |
-3.0 |
-1.8 |
-1.2 |
| 14 |
Overall BoP in US$ bn. |
15.4 |
16.0 |
50.0 |
-28.0 |
3.0 |
26.4 |
| 15 |
Inflation based on CPI Combined: Headline |
4.8 |
4.7 |
5.2 |
4.2 |
4.6 |
5.0 |
| 16 |
Inflation based on CPI Combined: excluding Food and Beverages, Pan, Tobacco and Intoxicants and Fuel and Light |
4.9 |
4.9 |
5.9 |
4.2 |
4.7 |
5.1 |
| 17 |
Inflation based on WPI: All Commodities |
4.0 |
4.0 |
5.9 |
2.1 |
3.2 |
4.6 |
| 18 |
Inflation based on WPI: Non-food Manufactured Products |
3.2 |
3.0 |
5.9 |
0.6 |
2.7 |
3.8 |
| Annex 3: Quarterly Forecasts from Q1:2023-24 to Q1:2024-25 |
| |
Key Macroeconomic Indicators |
Quarterly Forecasts |
| Q1: 2023-24 |
Q2: 2023-24 |
Q3: 2023-24 |
| Mean |
Median |
Max |
Min |
Mean |
Median |
Max |
Min |
Mean |
Median |
Max |
Min |
| 1 |
GDP at constant (2011-12) prices: Annual Growth (per cent) |
7.5 |
7.5 |
10.5 |
5.0 |
6.2 |
6.2 |
7.5 |
5.2 |
5.8 |
5.9 |
7.6 |
4.5 |
| a |
Private Final Consumption Expenditure (PFCE) at constant (2011-12) prices: Annual Growth (per cent) |
5.6 |
6.1 |
8.1 |
1.0 |
5.0 |
5.1 |
7.5 |
1.0 |
5.2 |
5.5 |
9.8 |
1.9 |
| b |
Gross Fixed Capital Formation (GFCF) at constant (2011-12) prices: Annual Growth (per cent) |
8.7 |
8.3 |
15.8 |
4.6 |
8.0 |
7.5 |
14.6 |
4.9 |
7.8 |
7.6 |
13.0 |
5.0 |
| 2 |
Private Final Consumption Expenditure (PFCE) at current prices: Annual Growth (per cent) |
9.4 |
9.5 |
13.5 |
5.5 |
10.0 |
10.1 |
14.0 |
6.8 |
9.6 |
10.2 |
12.6 |
6.2 |
| 3 |
Gross Fixed Capital Formation (GFCF) Rate (per cent of GDP at current market prices) |
29.8 |
30.1 |
32.0 |
26.8 |
29.8 |
29.8 |
32.0 |
25.7 |
28.2 |
27.8 |
31.2 |
26.4 |
| 4 |
GVA at constant (2011-12) prices: Annual Growth (per cent) |
7.1 |
7.1 |
10.0 |
4.6 |
6.1 |
6.1 |
7.5 |
4.2 |
5.6 |
5.7 |
7.0 |
4.3 |
| a |
Agriculture & Allied Activities at constant (2011-12) prices: Annual Growth (per cent) |
4.4 |
4.0 |
6.3 |
3.0 |
3.7 |
3.4 |
7.3 |
1.0 |
3.2 |
3.0 |
7.2 |
1.3 |
| b |
Industry at constant (2011-12) prices: Annual Growth (per cent) |
5.1 |
5.7 |
9.5 |
-0.4 |
5.7 |
5.8 |
8.8 |
0.7 |
5.2 |
5.1 |
8.5 |
2.5 |
| c |
Services at constant (2011-12) prices: Annual Growth (per cent) |
8.2 |
8.3 |
13.0 |
0.2 |
6.8 |
6.7 |
8.1 |
5.8 |
6.5 |
6.7 |
7.6 |
4.5 |
| 5 |
IIP (2011-12=100): Quarterly Average Growth (per cent) |
4.3 |
4.3 |
6.0 |
1.9 |
4.8 |
4.7 |
7.1 |
2.4 |
4.6 |
5.0 |
6.5 |
2.0 |
| 6 |
Merchandise Exports -BoP basis (in US$ bn.) |
103.7 |
103.0 |
112.0 |
101.4 |
105.6 |
105.8 |
119.9 |
96.0 |
106.5 |
107.4 |
115.5 |
89.0 |
| 7 |
Merchandise Imports -BoP basis (in US$ bn.) |
161.6 |
160.3 |
178.3 |
154.3 |
165.3 |
170.1 |
204.6 |
75.8 |
174.1 |
176.1 |
182.2 |
150.0 |
| 8 |
Rupee per US $ Exchange rate (end-period) |
- |
- |
- |
- |
81.9 |
82.0 |
83.0 |
80.0 |
81.5 |
81.3 |
83.5 |
79.3 |
| 9 |
Crude Oil (Indian basket) price (US $ per barrel) (end-period) |
- |
- |
- |
- |
79.6 |
80.0 |
88.0 |
75.0 |
80.8 |
80.0 |
93.0 |
74.0 |
| 10 |
Policy Repo Rate (end-period) |
- |
- |
- |
- |
6.50 |
6.50 |
6.50 |
6.50 |
6.45 |
6.50 |
6.50 |
6.00 |
| |
Key Macroeconomic Indicators |
Quarterly Forecasts |
| Q4: 2023-24 |
Q1: 2024-25 |
| Mean |
Median |
Max |
Min |
Mean |
Median |
Max |
Min |
| 1 |
GDP at constant (2011-12) prices: Annual Growth (per cent) |
5.4 |
5.5 |
7.5 |
2.5 |
6.0 |
6.0 |
7.1 |
4.5 |
| a |
Private Final Consumption Expenditure (PFCE) at constant (2011-12) prices: Annual Growth (per cent) |
5.7 |
5.5 |
9.6 |
2.6 |
5.6 |
5.8 |
8.8 |
3.3 |
| b |
Gross Fixed Capital Formation (GFCF) at constant (2011-12) prices: Annual Growth (per cent) |
6.3 |
6.0 |
10.2 |
3.8 |
7.1 |
7.3 |
11.8 |
4.0 |
| 2 |
Private Final Consumption Expenditure (PFCE) at current prices: Annual Growth (per cent) |
10.9 |
10.5 |
14.8 |
6.5 |
10.7 |
10.6 |
13.8 |
7.8 |
| 3 |
Gross Fixed Capital Formation (GFCF) Rate (per cent of GDP at current market prices) |
31.1 |
31.3 |
32.7 |
29.0 |
30.4 |
30.5 |
31.7 |
28.4 |
| 4 |
GVA at constant (2011-12) prices: Annual Growth (per cent) |
4.9 |
5.3 |
6.0 |
0.7 |
5.8 |
6.1 |
6.9 |
4.2 |
| a |
Agriculture & Allied Activities at constant (2011-12) prices: Annual Growth (per cent) |
3.1 |
3.0 |
5.2 |
0.2 |
3.5 |
3.2 |
6.0 |
2.9 |
| b |
Industry at constant (2011-12) prices: Annual Growth (per cent) |
3.6 |
4.3 |
5.8 |
-5.8 |
5.3 |
5.5 |
6.5 |
2.9 |
| c |
Services at constant (2011-12) prices: Annual Growth (per cent) |
6.0 |
6.5 |
7.8 |
1.5 |
6.8 |
7.0 |
8.4 |
3.9 |
| 5 |
IIP (2011-12=100): Quarterly Average Growth (per cent) |
3.0 |
3.3 |
4.8 |
-2.8 |
4.0 |
3.8 |
5.8 |
2.7 |
| 6 |
Merchandise Exports -BoP basis (in US$ bn.) |
113.3 |
112.4 |
132.2 |
87.0 |
108.5 |
109.0 |
119.2 |
87.0 |
| 7 |
Merchandise Imports -BoP basis (in US$ bn.) |
174.0 |
175.8 |
186.0 |
151.0 |
172.9 |
180.6 |
185.4 |
150.0 |
| 8 |
Rupee per US $ Exchange rate (end-period) |
80.9 |
81.0 |
83.5 |
77.8 |
81.1 |
81.1 |
83.5 |
76.4 |
| 9 |
Crude Oil (Indian basket) price (US $ per barrel) (end-period) |
80.4 |
80.0 |
92.0 |
70.0 |
80.0 |
80.0 |
100.0 |
70.0 |
| 10 |
Policy Repo Rate (end-period) |
6.36 |
6.50 |
6.50 |
5.75 |
6.12 |
6.00 |
6.50 |
5.50 |
| 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 |
| Q2:2023-24 |
5.5 |
5.6 |
6.3 |
4.1 |
5.1 |
5.0 |
6.2 |
4.9 |
| Q3:2023-24 |
5.4 |
5.5 |
6.1 |
3.8 |
5.0 |
4.9 |
5.7 |
4.5 |
| Q4:2023-24 |
5.1 |
5.2 |
6.1 |
4.2 |
4.8 |
4.8 |
5.3 |
4.4 |
| Q1:2024-25 |
5.2 |
5.2 |
6.4 |
4.4 |
5.0 |
4.9 |
5.8 |
4.4 |
| Annex 5: Forecasts of WPI Inflation |
| (per cent) |
| |
WPI All Commodities |
WPI Non-food Manufactured Products |
| Mean |
Median |
Max |
Min |
Mean |
Median |
Max |
Min |
| Q2:2023-24 |
-1.0 |
-1.2 |
3.3 |
-2.4 |
-0.9 |
-1.4 |
3.0 |
-2.0 |
| Q3:2023-24 |
1.2 |
1.0 |
4.2 |
-0.7 |
0.9 |
0.4 |
4.3 |
-0.7 |
| Q4:2023-24 |
2.4 |
2.2 |
6.0 |
0.1 |
1.7 |
1.5 |
4.7 |
0.0 |
| Q1:2024-25 |
4.2 |
3.8 |
7.0 |
2.4 |
3.1 |
2.9 |
6.0 |
0.6 |
| Annex 6: Mean probabilities attached to possible outcomes of Real GDP growth |
| Growth Range |
Forecasts for 2023-24 |
Forecasts for 2024-25 |
| 12.0 per cent or more |
0.00 |
0.00 |
| 11.5 to 11.9 per cent |
0.00 |
0.00 |
| 11.0 to 11.4 per cent |
0.00 |
0.00 |
| 10.5 to 10.9 per cent |
0.00 |
0.00 |
| 10.0 to 10.4 per cent |
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 |
0.00 |
| 7.5 to 7.9 per cent |
0.00 |
0.03 |
| 7.0 to 7.4 per cent |
0.02 |
0.08 |
| 6.5 to 6.9 per cent |
0.19 |
0.32 |
| 6.0 to 6.4 per cent |
0.50 |
0.36 |
| 5.5 to 5.9 per cent |
0.23 |
0.16 |
| 5.0 to 5.4 per cent |
0.05 |
0.03 |
| 4.5 to 4.9 per cent |
0.01 |
0.00 |
| 4.0 to 4.4 per cent |
0.00 |
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 |
| 1.5 to 1.9 per cent |
0.00 |
0.00 |
| 1.0 to 1.4 per cent |
0.00 |
0.00 |
| 0.5 to 0.9 per cent |
0.00 |
0.00 |
| 0.0 to 0.4 per cent |
0.00 |
0.00 |
| below 0.0 per cent |
0.00 |
0.00 |
| Note: The sum of the probabilities may not add up to one due to rounding off. |
| Annex 7: Mean probabilities attached to possible outcomes of CPI (Combined) inflation |
| Inflation Range |
Forecasts for Q2:2023-24 |
Forecasts for Q3:2023-24 |
Forecasts for Q4:2023-24 |
Forecasts for Q1:2024-25 |
| 9.0 per cent or above |
0.00 |
0.00 |
0.00 |
0.00 |
| 8.5 to 9.0 per cent |
0.00 |
0.00 |
0.00 |
0.00 |
| 8.0 to 8.4 per cent |
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 |
0.03 |
0.01 |
0.00 |
0.00 |
| 6.0 to 6.4 per cent |
0.18 |
0.10 |
0.03 |
0.02 |
| 5.5 to 5.9 per cent |
0.42 |
0.46 |
0.19 |
0.20 |
| 5.0 to 5.4 per cent |
0.22 |
0.25 |
0.54 |
0.42 |
| 4.5 to 4.9 per cent |
0.11 |
0.13 |
0.18 |
0.29 |
| 4.0 to 4.4 per cent |
0.03 |
0.05 |
0.04 |
0.04 |
| 3.5 to 3.9 per cent |
0.01 |
0.01 |
0.01 |
0.02 |
| 3.0 to 3.4 per cent |
0.00 |
0.01 |
0.01 |
0.01 |
| 2.5 to 2.9 per cent |
0.00 |
0.00 |
0.00 |
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 |
| 0.0 to 0.4 per cent |
0.00 |
0.00 |
0.00 |
0.00 |
| -0.5 to -0.1 per cent |
0.00 |
0.00 |
0.00 |
0.00 |
| -1.0 to -0.6 per cent |
0.00 |
0.00 |
0.00 |
0.00 |
| Below -1.0 per cent |
0.00 |
0.00 |
0.00 |
0.00 |
| Note: The sum of the probabilities may not add up to one due to rounding off. |
Note: CPI: Consumer Price Index; GDP: Gross Domestic Products; GFCF: Gross Fixed Capital Formation; GVA: Gross Value Added; IIP: Index of Industrial Production; PFCE: Private Final Consumption Expenditure; WPI: Wholesale Price Index.
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