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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