Growth is expected to moderate in 2018-19 but firm up in 2019-20. Consumer price inflation is expected to remain below 4.0 per cent till Q2:2019-20, but firm up to 4.2 per cent in Q4:2019-20. The Reserve Bank has been conducting the Survey of Professional Forecasters (SPF) since September 2007. Twenty-five panellists participated in the 57th round of the survey conducted during March 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 7.0 per cent in 2018-19 and is expected to improve by 30 basis points (bps) in 2019-20 (Table 1). -
Real private final consumption expenditure (PFCE) growth is expected at 8.3 per cent and 8.1 per cent during 2018-19 and 2019-20, respectively. -
Real investment growth, proxied by the growth of real gross fixed capital formation (GFCF), is likely to improve to 10.0 per cent in 2018-19 but moderate to 9.4 per cent in 2019-20. -
Forecasters have assigned the maximum probability to GDP growth being in the range of 7.0-7.4 per cent in both 2018-19 and 2019-20 (Chart 1). -
Real gross value added (GVA) is expected to grow by 6.8 per cent in 2018-19 and by 7.1 per cent in 2019-20, supported by activity in the industrial and services sectors. | Table 1: Median Forecast of Growth in GDP, GVA and Components | | (in per cent) | | | 2018-19 | 2019-20 | | Real GDP growth rate | 7.0
(-0.2) | 7.3
(0.0) | | Real PFCE growth rate | 8.3 | 8.1 | | Real GFCF growth rate | 10.0 | 9.4 | Private Final Consumption Expenditure (nominal)
(growth rate in per cent) | 12.2
(+0.8) | 11.8
(-0.1) | Gross Fixed Capital Formation Rate
(per cent of GDP) | 29.0
(-0.1) | 29.4
(0.0) | | Real GVA Growth | 6.8
(-0.2) | 7.1
(-0.1) | | a. Agriculture and Allied Activities | 3.0
(-0.8) | 3.5
(-0.1) | | b. Industry | 7.3
(-0.2) | 7.3
(0.0) | | c. Services | 7.4
(-0.1) | 7.8
(-0.2) | Gross Saving Rate
[per cent of gross national deposable income] (GNDI)] | 29.9
(+0.4) | 30.2
(+0.5) | | 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) | | | Q4:18-19 | Q1:19-20 | Q2:19-20 | Q3:19-20 | Q4:19-20 | | CPI Headline | 2.4
(-0.7) | 2.9
(-0.6) | 3.3
(-0.7) | 4.0
(-0.4) | 4.2 | | CPI excluding food and beverages, pan, tobacco and intoxicants and fuel and light | 5.3
(-0.3) | 4.8
(-0.4) | 4.8
(-0.4) | 4.8
(-0.2) | 4.9 | | WPI All Commodities | 2.9
(-0.8) | 2.7
(-0.5) | 2.1
(-0.6) | 2.3
(-0.7) | 3.6 | | WPI Non-food Manufactured Products | 2.7
(-0.9) | 2.4
(-1.1) | 2.0
(-1.5) | 2.0
(-2.1) | 3.0 | Note: Tails of the distribution are not presented in the chart. Detailed probability distributions are given in Annex 7. 3. External Sector -
Forecasts of growth in merchandise exports and merchandise imports during 2018-19 are expected at 8.0 per cent and 10.5 per cent, respectively, and deceleration is expected in 2019-20 (Table 3). -
The current account deficit (CAD) is expected at 2.4 per cent of GDP in 2018-19 and 2.3 per cent of GDP in 2019-20. -
The Indian rupee is likely to remain around ₹ 70 per US Dollar till Q4:2019-20 (Annex 3). | Table 3: Median Forecast of Select External Sector Variables | | | 2018-19 | 2019-20 | Merchandise Exports – in US $ terms
(annual growth in per cent) | 8.0
(-1.7) | 5.6
(-2.0) | Merchandise Imports– in US $ terms
(annual growth in per cent) | 10.5
(-1.7) | 6.0
(-1.5) | Current Account Deficit
(Ratio to GDP at current market price, in per cent) | 2.4
(-0.1) | 2.3
(0.0) |
The Reserve Bank thanks the following institutions for their participation in this round of the Survey of Professional Forecasters (SPF): Debopam Chaudhuri (Piramal Enterprises Limited); Devendra Kumar Pant (India Ratings & Research Private Limited); Dr S P Sharma, Ms Megha Kaul, Ms Kritika Bhasin (PHD Research Bureau); Dr Arun Singh (Dun & Bradstreet India); Gaurav Kapur (IndusInd Bank Limited); ICICI Securities Primary Dealership; Indranil Pan (IDFC FIRST Bank); Nikhil Gupta (Motilal Oswal Securities Ltd.); Sameer Narang (Bank of Baroda); Shailesh Kejariwal (B&K Securities India PVT LTD); Siddharth Kothari (Sunidhi Securities & Finance Ltd); and Upasna Bhardwaj (Kotak Mahindra Bank). The Bank also acknowledges the contribution of thirteen others SPF panellists, who prefer to remain anonymous. |
| Annex 1: Annual Forecasts for 2018-19 | | | Key Macroeconomic Indicators | Annual Forecasts for 2018-19 | | Mean | Median | Max | Min | 1st quartile | 3rd quartile | | 1 | GDP at constant (2011-12) prices: Annual Growth (per cent) | 7.0 | 7.0 | 7.3 | 6.9 | 7.0 | 7.1 | | a | Private Final Consumption Expenditure (PFCE) at constant (2011-12) prices: Annual Growth (per cent) | 8.1 | 8.3 | 8.3 | 7.2 | 7.9 | 8.3 | | b | Gross Fixed Capital Formation (GFCF) at constant (2011-12) prices: Annual Growth (per cent) | 10.0 | 10.0 | 12.0 | 8.9 | 9.9 | 10.2 | | 2 | Private Final Consumption Expenditure (PFCE) at current prices: Annual Growth (per cent) | 12.0 | 12.2 | 13.5 | 10.3 | 12.0 | 12.4 | | 3 | Gross Fixed Capital Formation (GFCF) Rate (per cent of GDP at current market prices) | 29.1 | 29.0 | 29.5 | 28.7 | 28.9 | 29.2 | | 4 | GVA at constant (2011-12) prices: Annual Growth (per cent) | 6.8 | 6.8 | 7.1 | 6.6 | 6.8 | 6.9 | | a | Agriculture & Allied Activities at constant (2011-12) prices: Annual Growth (per cent) | 3.2 | 3.0 | 5.5 | 2.7 | 2.7 | 3.7 | | b | Industry at constant (2011-12) prices: Annual Growth (per cent) | 7.3 | 7.3 | 8.0 | 6.0 | 7.0 | 7.7 | | c | Services at constant (2011-12) prices: Annual Growth (per cent) | 7.5 | 7.4 | 7.7 | 7.0 | 7.4 | 7.5 | | 5 | Gross Saving Rate (per cent of Gross National Disposable Income) - at current prices | 29.8 | 29.9 | 30.8 | 28.8 | 29.2 | 30.2 | | 6 | Fiscal Deficit of Central Govt. (per cent of GDP at current market prices) | 3.4 | 3.4 | 3.6 | 3.4 | 3.4 | 3.5 | | 7 | Combined Gross Fiscal Deficit (per cent to GDP at current market prices) | 6.4 | 6.4 | 6.7 | 6.0 | 6.2 | 6.5 | | 8 | Bank Credit of Scheduled commercial banks: Annual Growth (per cent) | 13.4 | 13.8 | 14.8 | 11.8 | 12.4 | 14.4 | | 9 | Yield on 10-Year G-Sec of Central Govt. (end-period) | 7.4 | 7.4 | 7.7 | 7.2 | 7.3 | 7.5 | | 10 | Yield on 91-day T-Bill of Central Govt. (end-period) | 6.2 | 6.3 | 6.7 | 5.1 | 6.3 | 6.4 | | 11 | Merchandise Exports (BoP basis in US$ terms): Annual Growth (per cent) | 8.0 | 8.0 | 11.1 | 5.0 | 6.8 | 9.6 | | 12 | Merchandise Imports (BoP basis in US$ terms): Annual Growth (per cent) | 10.6 | 10.5 | 14.1 | 6.4 | 9.0 | 12.0 | | 13 | Current Account Balance in US$ bn. | -63.9 | -64.0 | -56.0 | -71.0 | -67.0 | -60.9 | | 14 | Current Account Balance (per cent to GDP at current market prices) | -2.4 | -2.4 | -2.1 | -2.6 | -2.5 | -2.3 | | 15 | Overall BoP in US$ bn. | -12.7 | -13.6 | 4.1 | -25.0 | -18.0 | -8.9 | | 16 | Inflation based on CPI Combined: Headline | 3.5 | 3.4 | 4.0 | 3.4 | 3.4 | 3.5 | | 17 | Inflation based on CPI Combined: excluding Food and Beverages, Pan, Tobacco and Intoxicants and Fuel and Light | 5.7 | 5.8 | 6.0 | 4.8 | 5.8 | 5.8 | | 18 | Inflation based on WPI: All Commodities | 4.3 | 4.3 | 4.6 | 4.1 | 4.2 | 4.3 | | 19 | Inflation based on WPI: Non-food Manufactured Products | 4.2 | 4.2 | 4.6 | 3.7 | 4.1 | 4.2 |
| Annex 2: 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) | 7.2 | 7.3 | 7.7 | 6.7 | 7.2 | 7.4 | | a | Private Final Consumption Expenditure (PFCE) at constant (2011-12) prices: Annual Growth (per cent) | 8.0 | 8.1 | 10.3 | 6.7 | 7.5 | 8.4 | | b | Gross Fixed Capital Formation (GFCF) at constant (2011-12) prices: Annual Growth (per cent) | 9.3 | 9.4 | 10.4 | 7.9 | 8.4 | 10.2 | | 2 | Private Final Consumption Expenditure (PFCE) at current prices: Annual Growth (per cent) | 11.8 | 11.8 | 13.4 | 10.8 | 11.3 | 12.0 | | 3 | Gross Fixed Capital Formation (GFCF) Rate (per cent of GDP at current market prices) | 29.4 | 29.4 | 30.5 | 28.9 | 29.1 | 29.6 | | 4 | GVA at constant (2011-12) prices: Annual Growth (per cent) | 7.1 | 7.1 | 7.4 | 6.4 | 6.9 | 7.3 | | a | Agriculture & Allied Activities at constant (2011-12) prices: Annual Growth (per cent) | 3.4 | 3.5 | 4.9 | 1.6 | 3.0 | 3.9 | | b | Industry at constant (2011-12) prices: Annual Growth (per cent) | 7.3 | 7.3 | 9.1 | 6.1 | 7.0 | 7.6 | | c | Services at constant (2011-12) prices: Annual Growth (per cent) | 7.9 | 7.8 | 9.0 | 6.9 | 7.5 | 8.1 | | 5 | Gross Saving Rate (per cent of Gross National Disposable Income) - at current prices | 30.1 | 30.2 | 31.0 | 28.3 | 29.7 | 30.8 | | 6 | Fiscal Deficit of Central Govt. (per cent of GDP at current market prices) | 3.4 | 3.4 | 3.6 | 3.2 | 3.4 | 3.4 | | 7 | Combined Gross Fiscal Deficit (per cent to GDP at current market prices) | 6.3 | 6.3 | 6.6 | 5.9 | 6.2 | 6.5 | | 8 | Bank Credit of Scheduled commercial banks: Annual Growth (per cent) | 13.4 | 13.3 | 16.8 | 10.0 | 12.0 | 15.0 | | 9 | Yield on 10-Year G-Sec of Central Govt. (end-period) | 7.3 | 7.3 | 7.8 | 6.9 | 7.1 | 7.5 | | 10 | Yield on 91-day T-Bill of Central Govt. (end-period) | 6.0 | 6.1 | 6.6 | 5.0 | 6.0 | 6.2 | | 11 | Merchandise Exports (BoP basis in US$ terms): Annual Growth (per cent) | 6.0 | 5.6 | 12.5 | 1.4 | 4.1 | 8.2 | | 12 | Merchandise Imports (BoP basis in US$ terms): Annual Growth (per cent) | 6.3 | 6.0 | 14.0 | 0.7 | 3.2 | 8.7 | | 13 | Current Account Balance in US$ bn. | -66.0 | -66.7 | -38.0 | -83.8 | -73.3 | -61.5 | | 14 | Current Account Balance (per cent to GDP at current market prices) | -2.2 | -2.3 | -1.3 | -2.9 | -2.4 | -2.1 | | 15 | Overall BoP in US$ bn. | 11.0 | 11.4 | 30.0 | -6.8 | 6.7 | 13.6 | | 16 | Inflation based on CPI Combined: Headline | 3.6 | 3.7 | 4.5 | 2.8 | 3.4 | 3.9 | | 17 | Inflation based on CPI Combined: excluding Food and Beverages, Pan, Tobacco and Intoxicants and Fuel and Light | 4.8 | 4.9 | 5.5 | 4.2 | 4.6 | 5.0 | | 18 | Inflation based on WPI: All Commodities | 2.9 | 2.5 | 4.4 | 1.8 | 2.2 | 3.4 | | 19 | Inflation based on WPI: Non-food Manufactured Products | 2.8 | 2.5 | 4.5 | 1.1 | 1.8 | 4.1 |
| Annex 3: Quarterly Forecasts from Q4:2018-19 to Q4:2019-20 | | | Key Macroeconomic Indicators | Quarterly Forecasts | | Q4: 2018-19 | Q1: 2019-20 | Q2: 2019-20 | | Mean | Median | Max | Min | Mean | Median | Max | Min | Mean | Median | Max | Min | | 1 | GDP at constant (2011-12) prices: Annual Growth (per cent) | 6.6 | 6.5 | 7.3 | 6.0 | 6.8 | 6.8 | 7.4 | 6.2 | 7.3 | 7.3 | 8.0 | 6.7 | | a | Private Final Consumption Expenditure (PFCE) at constant (2011-12) prices: Annual Growth (per cent) | 7.8 | 8.0 | 9.3 | 6.4 | 8.2 | 8.3 | 11.3 | 6.0 | 8.1 | 8.2 | 10.1 | 6.5 | | b | Gross Fixed Capital Formation (GFCF) at constant (2011-12) prices: Annual Growth (per cent) | 8.5 | 7.9 | 11.6 | 6.0 | 8.4 | 8.9 | 10.9 | 4.5 | 9.2 | 9.6 | 11.5 | 7.3 | | 2 | Private Final Consumption Expenditure (PFCE) at current prices: Annual Growth (per cent) | 10.9 | 10.9 | 11.8 | 9.5 | 11.8 | 11.4 | 14.5 | 10.2 | 11.5 | 11.6 | 13.1 | 9.0 | | 3 | Gross Fixed Capital Formation (GFCF) Rate (per cent of GDP at current market prices) | 28.5 | 29.0 | 31.0 | 23.0 | 29.1 | 29.2 | 29.9 | 27.0 | 29.0 | 29.0 | 29.8 | 28.5 | | 4 | GVA at constant (2011-12) prices: Annual Growth (per cent) | 6.3 | 6.3 | 7.0 | 5.7 | 6.7 | 6.7 | 7.2 | 6.2 | 7.1 | 7.2 | 7.7 | 6.4 | | a | Agriculture & Allied Activities at constant (2011-12) prices: Annual Growth (per cent) | 1.7 | 1.5 | 4.0 | -0.1 | 3.0 | 3.2 | 4.0 | -0.1 | 3.4 | 3.5 | 4.3 | 2.3 | | b | Industry at constant (2011-12) prices: Annual Growth (per cent) | 6.3 | 6.5 | 7.2 | 5.0 | 6.6 | 6.7 | 7.9 | 5.5 | 7.2 | 7.1 | 8.9 | 6.0 | | c | Services at constant (2011-12) prices: Annual Growth (per cent) | 7.6 | 7.7 | 8.2 | 7.0 | 7.5 | 7.6 | 8.2 | 6.6 | 7.8 | 7.8 | 9.7 | 6.8 | | 5 | IIP (2011-12=100): Quarterly Average Growth (per cent) | 2.9 | 2.6 | 4.7 | 1.9 | 4.7 | 4.5 | 8.0 | 3.5 | 4.7 | 4.4 | 9.9 | 3.2 | | 6 | Merchandise Exports - BoP basis (in US$ bn.) | 83.0 | 82.5 | 90.4 | 79.3 | 85.5 | 84.5 | 93.0 | 81.5 | 87.1 | 87.5 | 93.0 | 80.5 | | 7 | Merchandise Imports - BoP basis (in US$ bn.) | 124.6 | 125.5 | 138.0 | 113.9 | 130.1 | 132.0 | 146.0 | 112.0 | 134.1 | 135.3 | 151.0 | 115.5 | | 8 | Rupee – US Dollar Exchange rate (RBI reference rate) (end-period) | - | - | - | - | 70.3 | 70.0 | 74.0 | 67.6 | 70.5 | 70.5 | 74.5 | 68.3 | | 9 | Crude Oil (Indian basket) price (US $ per barrel) (end-period) | - | - | - | - | 66.8 | 65.5 | 73.4 | 63.2 | 67.0 | 66.5 | 76.0 | 58.3 | | 10 | Repo Rate (end-period) | - | - | - | - | 5.97 | 6.00 | 6.25 | 5.75 | 5.89 | 6.00 | 6.00 | 5.50 |
| | 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) | 7.4 | 7.5 | 7.8 | 6.4 | 7.5 | 7.5 | 8.3 | 6.9 | | a | Private Final Consumption Expenditure (PFCE) at constant (2011-12) prices: Annual Growth (per cent) | 8.0 | 7.9 | 10.3 | 6.9 | 8.1 | 7.7 | 10.4 | 7.1 | | b | Gross Fixed Capital Formation (GFCF) at constant (2011-12) prices: Annual Growth (per cent) | 9.2 | 9.3 | 13.7 | 5.4 | 9.7 | 9.6 | 12.9 | 8.0 | | 2 | Private Final Consumption Expenditure (PFCE) at current prices: Annual Growth (per cent) | 11.9 | 11.9 | 13.5 | 9.7 | 12.4 | 12.5 | 14.2 | 10.3 | | 3 | Gross Fixed Capital Formation (GFCF) Rate (per cent of GDP at current market prices) | 29.6 | 29.7 | 30.1 | 28.8 | 29.7 | 29.6 | 32.0 | 28.6 | | 4 | GVA at constant (2011-12) prices: Annual Growth (per cent) | 7.1 | 7.3 | 7.6 | 6.1 | 7.3 | 7.4 | 8.0 | 6.3 | | a | Agriculture & Allied Activities at constant (2011-12) prices: Annual Growth (per cent) | 3.5 | 3.6 | 5.5 | 1.6 | 3.9 | 4.0 | 6.1 | 2.0 | | b | Industry at constant (2011-12) prices: Annual Growth (per cent) | 7.5 | 7.4 | 10.3 | 6.2 | 7.5 | 7.3 | 10.2 | 6.2 | | c | Services at constant (2011-12) prices: Annual Growth (per cent) | 8.1 | 8.1 | 9.6 | 6.7 | 8.2 | 8.1 | 9.8 | 7.0 | | 5 | IIP (2011-12=100): Quarterly Average Growth (per cent) | 5.2 | 4.8 | 9.5 | 3.2 | 5.3 | 5.6 | 8.0 | 3.2 | | 6 | Merchandise Exports - BoP basis (in US$ bn.) | 88.0 | 87.5 | 96.0 | 80.5 | 89.9 | 89.5 | 102.0 | 82.5 | | 7 | Merchandise Imports - BoP basis (in US$ bn.) | 136.1 | 133.6 | 155.0 | 118.9 | 135.4 | 135.8 | 158.0 | 112.5 | | 8 | Rupee – US Dollar Exchange rate (RBI reference rate) (end-period) | 70.4 | 70.0 | 75.0 | 65.6 | 70.3 | 70.5 | 75.3 | 65.9 | | 9 | Crude Oil (Indian basket) price (US $ per barrel) (end-period) | 68.0 | 67.0 | 77.4 | 62.2 | 68.5 | 67.0 | 81.0 | 64.5 | | 10 | Repo Rate (end-period) | 5.89 | 6.00 | 6.00 | 5.50 | 5.89 | 6.00 | 6.00 | 5.50 |
| Annex 4: Forecasts of CPI-Combined Inflation | | (per cent) | | | CPI Combined Headline | Core CPI Combined (excluding Food and Beverages, Pan, Tobacco and Intoxicants and Fuel and Light) | | Mean | Median | Max | Min | Mean | Median | Max | Min | | Q4:2018-19 | 2.5 | 2.4 | 3.0 | 2.3 | 5.4 | 5.3 | 5.9 | 5.2 | | Q1:2019-20 | 3.0 | 2.9 | 4.1 | 2.3 | 4.9 | 4.8 | 6.0 | 4.4 | | Q2:2019-20 | 3.3 | 3.3 | 4.1 | 1.9 | 4.9 | 4.8 | 6.2 | 4.5 | | Q3:2019-20 | 3.9 | 4.0 | 4.7 | 2.7 | 4.7 | 4.8 | 6.5 | 4.1 | | Q4:2019-20 | 4.2 | 4.2 | 4.9 | 3.4 | 4.9 | 4.9 | 6.3 | 4.2 |
| Annex 5: Forecasts of WPI Inflation | | (per cent) | | | WPI Headline | WPI Non-food Manufactured Products | | Mean | Median | Max | Min | Mean | Median | Max | Min | | Q4:2018-19 | 3.1 | 2.9 | 5.0 | 2.1 | 3.1 | 2.7 | 4.9 | 2.4 | | Q1:2019-20 | 2.6 | 2.7 | 3.5 | 0.9 | 2.7 | 2.4 | 5.1 | 1.8 | | Q2:2019-20 | 2.3 | 2.1 | 3.9 | 1.1 | 2.4 | 2.0 | 5.3 | 0.9 | | Q3:2019-20 | 2.5 | 2.3 | 4.2 | 1.3 | 2.5 | 2.0 | 5.3 | 0.5 | | Q4:2019-20 | 3.7 | 3.6 | 5.5 | 1.8 | 3.3 | 3.0 | 5.4 | 1.3 |
| Annex 6: Mean probabilities attached to possible outcomes of Real GDP growth | | Growth Range | Forecasts for 2018-19 | Forecasts for 2019-20 | | 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 | 0.05 | 0.19 | | 7.0 to 7.4 per cent | 0.65 | 0.53 | | 6.5 to 6.9 per cent | 0.27 | 0.24 | | 6.0 to 6.4 per cent | 0.02 | 0.02 | | 5.5 to 5.9 per cent | 0.00 | 0.00 | | 5.0 to 5.4 per cent | 0.00 | 0.00 | | 4.5 to 4.9 per cent | 0.00 | 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 | | 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 Q4:2018-19 | Forecasts for Q1:2019-20 | Forecasts for Q2:2019-20 | Forecasts for Q3:2019-20 | | 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 | 0.00 | 0.00 | 0.00 | | 6.0 to 6.4 per cent | 0.00 | 0.00 | 0.00 | 0.00 | | 5.5 to 5.9 per cent | 0.00 | 0.00 | 0.00 | 0.00 | | 5.0 to 5.4 per cent | 0.00 | 0.00 | 0.00 | 0.01 | | 4.5 to 4.9 per cent | 0.00 | 0.00 | 0.01 | 0.13 | | 4.0 to 4.4 per cent | 0.00 | 0.06 | 0.13 | 0.36 | | 3.5 to 3.9 per cent | 0.07 | 0.10 | 0.34 | 0.26 | | 3.0 to 3.4 per cent | 0.13 | 0.28 | 0.27 | 0.17 | | 2.5 to 2.9 per cent | 0.40 | 0.48 | 0.20 | 0.07 | | 2.0 to 2.4 per cent | 0.38 | 0.08 | 0.05 | 0.02 | | 1.5 to 1.9 per cent | 0.03 | 0.01 | 0.00 | 0.00 | | 1.0 to 1.4 per cent | 0.01 | 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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