Update on Indian Economy is a Monthly Report that provides a snapshot of the economy and an overview of the capital markets, corporate updates, sectoral analysis as also important policy pronouncements and their likely impact on the Indian business scenario. An additional feature includes a comparative analysis of the macro economic variables in select industrialized countries and the emerging markets.
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Vol.XVI No.11
Update on Indian Economy
November 2013
Economic Snapshot
Contents
Item
Units
October
2013
[1]
179.7
6.5
‐Editorial
‐Capital Market
‐Other Markets
‐Important Policy
Pronouncements
September
2013
[2]
177.5
6.1
October
(%) Change
2012
[1]/[2] [1]/[3]
[3]
[4]
[5]
1.2
6.5
168.8
7.8
(Sep. 2012)
164.7
(3.5)
0.6
(Aug 2012)
14.1
53.90 (1.76)
1.6
13.4
7911.88
WPI ‐Index*
2004‐05=100
WPI ‐Inflation**
Per cent
(Sep. 2013)
(Aug. 2013)
IIP (2004‐05=100) 2 months lag
165.7
171.7
(Aug 2013)
(July 2013)
61.50
62.60
INR / US$
Month End
8974.87
8835.67
M3
Rs. '000 Cr.
7814.58
7671.22
[i] Agg. Deposits
Rs. '000 Cr.
6875.38
1160.29
1164.45
[ii] Currency
Rs. '000 Cr.
1054.50
(04.10.2013) (06.09.2013) (05.10.2012)
(Outstanding as on)
8.91
10.38
8.04
Call Money
Weighted Average %
(18.10.2013) (13.09.2013) (12.10.2012)
(Lending)
Week ended
Source: RBI Weekly Statistical Supplement October 25, 2013 *All Commodities. **Over the year.
1.9
(0.4)
Editorial
A) Domestic
The Indian economy has been slowing down and has extended to 2013‐14 with GDP growth falling
to 4.4% in Q1 which is seventeen month low. The growth slowdown was broad‐based reflecting
moderation in the services and agriculture sectors, and contraction in the industrial sector. The
aggregate demand of the economy remained weak during Q1 of 2013‐14 despite government final
consumption expenditure increasing sharply. Private consumption decelerated, while fixed
investment contracted. Various external agencies have reduced India’s growth projections. The
external agencies’ growth projections range between 4.3 to 5.9% for 2013‐14.
In the first advance estimates for Kharif crop output 2013‐14, Agriculture ministry projected the
foodgrain output at 129.32 MT, marginally higher by 0.9% compared to 2012‐13 season, but
significantly higher than the average of 116.78 MT for the past five years.
The index of industrial production (IIP) growth during the month of August 2013 has shown a
miniscule growth of 0.6% due to declines in mining and manufacturing output. Nevertheless, growth
of electricity generation has been positive and much higher at 7.2%. The eight core industries which
have a combined weight of 37.90% in the IIP, stands at 156.2 in September 2013, at 8.0% higher
compared September, 2012.
13.7
10.0
2.
Total non‐debt receipts including revenue receipts saw an upward movement of 13% year‐on‐year,
whereas total expenditure rose to 17% to Rs 6, 62,936 crore during April‐August 2013. This resulted
in the fiscal deficit accounting for 74.6% of the Budget Estimates (BE).
The current account deficit (CAD) widened again in Q1 of 2013‐14, is likely to moderate in Q2,
broadly in line with the narrower trade deficit. The trade balance has responded to the policy
measures taken, especially as gold imports declined and exports picked up. While external risks have
lowered somewhat, it is important to build on the recent CAD improvement through further
structural adjustments. Focus will also be needed to encourage stable long‐term capital inflows and
to exercise caution with regard to private external debt that has been rising in recent years. The
trade deficit fell to a 30 month low in September 2013. Gold and silver imports fell on account of a
slew of measures taken by the government to curb inbound shipments of the precious metal. Total
merchandise imports have also declined by 18% over the year; on the other hand, exports grew
11.15% year‐on‐year in September.
The confidence channel has played an important role in the current growth slowdown. However,
business confidence shows little improvement and continues to remain weak. This is indicated by
moderation on a y‐o‐y and q‐o‐q basis in key indices of various surveys. According to FICCI, weak
demand, cost and availability of credit continue to be concerns. While the Dun and Bradstreet
Business Confidence Index showed moderate improvement over the previous quarter, it remained
below the level registered in Q4 of 2012‐13.
The Reserve Bank’s 63rd round of the Industrial Outlook Survey conducted during August‐September
2013 showed that in terms of assessment, the Business Expectation Index (BEI) dropped significantly
for Q2 of 2013‐14, falling below the threshold level of 100, separating contraction from expansion,
and touching the lowest point since Q1 of 2009‐10. For Q3 of 2013‐14, expectations remained well
above the threshold level.
The Reserve Bank’s 14th round of the Consumer Confidence Survey, conducted during September
2013 shows a decline in consumer confidence as indicated by the Current Situation Index (CSI) and
Future Expectations Index (FEI) on account of decrease in positive perceptions of household
circumstances, income, spending and employment.
Foreign exchange reserves rose to a 100‐day high as the RBI raised more than $12 billion through
special deposit and swap schemes unveiled by RBI’sa governor. The reserves rose over $8 billion
after governor took over on September 4. It stood at 282.951 billion at the end of October 25. In the
week to October 25, foreign currency assets reserves rose to $1.8 billion to $255 billion. Foreign
currency assets expressed in dollar terms include the effect of appreciation or depreciation of non‐
US currencies such as euro, pound and yen held in the reserves.
Foreign direct investment in India has increased by about 35.0% to USD 13.6 billion during the first
half of 2013 with merger and acquisitions accounting for the bulk of inflows. During January‐June
2012, the country had received USD 10.1 billion of foreign direct investment (FDI). FDI
through mergers and acquisitions has registered a growth of 65.7% during the first half of 2013 to
USD 1.8 billion as against USD 1.1 billion in January‐June 2012.
2
3.
B) International
IMF’s Global GDP Forecast
IMF in its latest World Economic Outlook, October 2013 has reduced the world GDP growth
forecasts to 2.9 per cent down from its July projection of 3.1 per cent. The advanced economies
have gained some speed, while emerging economies has been slowing, however, contributed the
most in overall global growth.
The impulse from growth is likely to mainly come from the US where activity will move into higher
gear as fiscal consolidation eases and monetary conditions stay supportive.
In Japan, activity is projected to slow in response to tightening fiscal policy in 2014. Thus far, the
data point to an impressive pickup in output in response to the Bank of Japan’s Quantitative and
Qualitative Monetary Easing and the government’s 1.4 % of GDP fiscal stimulus to end deflation and
raise growth.
In the euro area, business confidence indicators suggest that activity is close to stabilizing in the
periphery and already recovering in the core economies. The economic growth is expected to reach
only 1 % in 2014, after contracting by about ½ % in 2013.
In emerging market and developing economies, exports driven by stronger advanced economy
growth and solid consumption encouraged by low levels of unemployment are expected to support
activity. Fiscal policies are projected to be broadly neutral, and real interest rates are still low in
many economies, which should foster investment. However, external funding conditions have
tightened and there is increasing evidence for supply‐side constraints. Importantly, for many of
these economies the risks to growth are on the downside.
The forecast for real GDP growth for China has been reduced to about 7.5% for 2013–14. This
slowdown will reverberate across developing Asia, where growth is expected to remain between
6.25 and 6.50 % in 2013–14.
In central and eastern Europe, growth rates are projected to gradually increase, helped by
recovering demand in Europe and improving domestic financial conditions. With a few exceptions,
the effects of externally induced increases in interest rates will be limited and partly offset by
currency depreciations.
Spain has escaped from its two year recession in Q3 of this year with a positive growth of 0.1 as job
destruction eased. The positive growth was seen after nine straight quarters of contraction.
Euro Zone to grow at 1.1% in 2014 after a 0.4% contraction in 2013
The European Union forecasts that the economy of the 18 countries that will share the euro from
next year will expand 1.1% in 2014 after a 0.4% contraction this year. In 2015, the euro zone is to
accelerate to growth of 1.7%. In May, the Commission forecast that the euro zone would grow 1.2%
in 2014, but it then made more optimistic assumptions on private consumption and investments.
There are increasing signs that the European economy has reached a turning point. The fiscal
consolidation and structural reforms undertaken in Europe have created the basis for recovery. The
Commission forecast the euro zone's aggregated budget deficit would shrink to 2.5% of GDP in 2014
3
4.
and 2.4% in 2015 from 3.1% this year, as consolidation now continues at a slower pace to help
growth. Public debt will peak at 95.9% of GDP next year, up from 95.5% this year and then fall to
95.4% in 2015. The Commission said that euro zone consumer price growth, which the ECB wants to
keep below, but close to 2% over a two year horizon, will be 1.5% this year and next and only 1.4%
in 2015 as unemployment stays at record high levels around 12%.
China’s Services Index rose to 56.3 in October 2013 & is expected to grow at 7.6% in 2013
A Chinese services‐industry index rose to the highest level this year, adding to evidence the
nation's economic rebound is sustaining momentum. The non‐manufacturing Purchasing Managers'
Index advanced to 56.3 in October from 55.4 in September. Stronger consumption and employment
suggested may bolster the government's confidence that the third‐quarter economic recovery is
holding up after two manufacturing indexes rose more than estimated. Though activity in
China's services sector expanded at the fastest pace, activities in some important areas including
new orders slowed. China's GDP is expected to increase to 7.6% this year lower than 7.7% in 2012
and further slide to 7.4% in 2014, according to the median estimate of 52 economists surveyed by
Bloomberg. China's annual consumer inflation crept up to a seven-month high of 3.1% in September from
2.6% in August
The Bank of Japan revised up growth for the 2014 fiscal year to 1.5%
The BoJ revised up growth for the 2014 fiscal year to 1.5% from the current 1.3%, reflecting the
expected boost to the economy from a 5 trillion yen ($51 billion) package planned by Abe to cushion
the impact of the tax hike. And it maintained its fiscal 2015 forecast for 1.5% growth. But a slump in
exports has cast doubt on the central bank's view that global growth will pick up in time to offset an
expected downturn in household spending when the tax rate rises. Wage earners' total cash
earnings rose just 0.1% in the year to September reflecting the slow progress in achieving big
increases in wages needed to end 15 years of deflation. However, Japan has reported that its factory
activity grew at the fastest pace in more than three years as the Markit/JMMA PMI rose to a
seasonally adjusted 54.2, adding to hopes that the world's third‐largest economy and home to big
brand names like Sony and Toyota is pulling out of two decades of stagnation. The BoJ stopped short
of officially forecasting it could raise inflation to 2.0% in two years after a review, but said it was on
track to reach its target and would maintain its massive stimulus as long as needed. Forecasts for
core consumer inflation in fiscal 2014 and 2015 are at 1.3% and 1.9% respectively.
World Prosperity Index
India has slipped to 106th spot, way below neighbouring Bangladesh, Nepal, Sri Lanka and China in
the World Prosperity Index, largely due to poor 'safety and security' environment. Besides, India has
fallen down the prosperity index rankings consistently over the last five years. The 2013 Legatum
Prosperity Index evaluates nations in eight categories, including education, health, economy, safety
and security. At the top of the index, Norway defended its position for the fifth year. Switzerland is
at second place, followed by Canada at third, Sweden at fourth and New Zealand at fifth. Besides, in
the 'Ease of Doing Business' report by World Bank and International Finance Corporation (IFC)
released, India was ranked at 134th place while neighbours like China, Pakistan, Nepal and
Bangladesh were placed at better positions.
4
5. Emerging output growth at 7‐month high in October: HSBC survey
Output growth across emerging markets picked up in October, posting the fastest rise in seven
months, while business expectations also rose from the previous month's near‐record lows, a survey
showed. The composite HSBC Emerging Markets index for services and manufacturing rose to 51.7
from 50.7 in September, driven by the strongest rally in Chinese goods exports for 11 months. HSBC
said 15 of the 18 emerging markets covered in its survey had enjoyed an expansion in output, with
robust increases in activity in China, Brazil and Russia.
The Bank of England has left interest rates unchanged at 0.5%
The decision came as no surprise as the Bank has said it will not consider a rate rise until the
unemployment rate falls below 7%. The interest rate is on hold at 0.5% since March 2009. The
economy grew by 0.8% in the third quarter of the year, and recent economic surveys have indicated
that growth remained strong in October.
Capital Market Review
October
Major Indices
BSE Sensex – Close
Monthly High
Monthly Low
S&P CNX Nifty –Close
P/E Ratio : BSE – 30
FII Investments (Equity+ Debt)
Inflows – Rs. Cr.
Outflows – Rs. Cr.
Net – Rs. Cr.
Cum. Net Inv–US$ Mn. (Month End)
September
October
September
(%) Change
2013
2013
2012
2012
[1]/[2] [1]/[3]
[1]
[2]
[3]
[4]
[5]
[6]
21,164.52
19379.77
18,505.38 18,762.74
9.21 14.37
(31.10.2013) (30.09.2013) (31.10.2012) (28.09.2012)
21,164.52
20,646.64
19,058.15 18,762.74
2.51 11.05
(31.10.2013) (19.09.2013) (04.10.2012) (28.09.2012)
19,517.15
18,234.66
18,430.85 17,313.34
7.03
5.89
(01.10.2013) (03.09.2013) (30.10.2012) (05.09.2012)
6299.15
5735.30
5619.70
5703.30
9.83 12.09
18.27
16.79
16.80
17.40
8.81
8.75
71822.20
93575.40
75736.50 82969.40 (23.25)
‐5.17
69693.50
86196.40
56520.80 63085.70 (19.15) 23.31
2128.20
7379.50
19215.90 19884.00 (71.16) (88.92)
167186.41
166829.91 152148.31 148501.91
0.21
9.88
[2]/[4]
[7]
3.29
10.04
5.32
0.56
(3.51)
12.78
36.63
(62.89)
12.34
The decision by US Fed in September 2013 to maintain its pace of bond purchases appears to have
considerably calmed markets. During the financial year 2013‐14 (till October 25, 2013), the stock
markets have gained 9.8% (Sensex) and 8.1% (Nifty). Confidence also returned, with FIIs investing
US$ 1.0 billion in equity and debt segments during September‐ October (up to October 24, 2013).
On the other hand, cut in MSF rate also cheered the market. The BSE index closed at 21164.52
points in October 2013 representing an increase of 9.21% against September 2013. The sensex hit a
high of 21164.52 in October and a low of 19517.15, S&P CNX Nifty also increased to 9.83%
compared to a month before. The cumulative investment by FIIs stood at US$ 167186 million in
October 2013, and this reflected an increase of 0.21% over the previous month. The Fed has decided
to wait for more convincing evidence prior to initiating a graduated withdrawal of its bond buying
programme. This has provided markets with much‐needed breathing space.
5
6. Other Markets
Debt Market
During the month of September 2013 there were 9 corporate debt issues for a total amount of
Rs.3,354.10 crore. The majority of the Corporate bond spreads over G‐Secs in the month of
September 2013 settled lower than those in August 2013, across various maturities considered here.
Some of these issues are recorded below:
Sr.
no
1.
2.
3.
4.
5.
6.
7.
8.
9.
Name of the Issuer
Duration (yrs)
Rating
Housing & Urban Development Corporation Ltd.
Kotak Mahindra Prime Ltd.
Patel KNR Heavy Infrastructures Ltd.
Tata Capital Financial Services Ltd.
India Infrastructure Finance Co. Ltd.
Sundaram BNP Paribus Home Finance Ltd.
LIC Housing Finance Ltd.
IDFC
National Housing Bank
15
3
2.5,4.5, 6.5, 9.5, 12, 13.5
3,3,3,3,2.9, 3.4
10, 15
2.1, 2.9, 3.3, 2.9
3
1
3
AA+
AA+
AAA
AA+
AAA
AA+
AAA
AAA
AAA
Amount
(Rs. Crore)
190.8
8.6
400
106.2
853
30.5
765
250
750
Type of
Instrument
Bonds/NCD
Bonds/NCD
Bonds/NCD
Bonds/NCD
Bonds/NCD
Bonds/NCD
Bonds/NCD
Bonds/NCD
Bonds/NCD
(Sources: Credit Analysis & Research Ltd. October 2013)
The sharpest decline of 22 bps between spreads in September 2013 and August 2013 was observed
for short term paper with maturity of 1 year and 18 bps for long term paper of 10 years. While the
spreads for medium term and other long term maturity papers of 5 years (13 bps), 6 years (14 bps)
and 7 years (15 bps) registered an increase.
Latest data on trade in corporate bonds suggests that Rs.110,682.52 crore of corporate bond trades
were settled in the month of July 2013 through 7,370 transactions, registering an increase of 26.18%
in corporate bond trades when compared with June 2013.
Call Money Market
The situation in the money market was comfortable during the first half of July 2013. However, the
exceptional measures taken by the RBI during July and August 2013 impacted the money market.
The weighted average call rate increased to 9.97% in September 2013. In continuation of its move
towards calibrated withdrawal of the exceptional measures, the Reserve Bank on October 7, 2013
lowered the MSF rate by 50 bps to 9.0% and announced additional liquidity measures in the form of
term repos of 7‐day and 14‐day tenor for the amount equivalent to 0.25% of banking system NDTL
through variable rate auctions every Friday beginning October 11, 2013. As a result, the money
market rates softened with the average call rate stood at 8.92% and 8.97%, respectively on October
25, 2013. The average daily turnover in the call money market was Rs. 18140 crore for the week
ending October 25, 2013.
Foreign Exchange Market
The foreign currency assets were US$ 282950.7 million on week ending October 18, 2013 and
inclusive of gold and SDRs and the reserve position in the Fund, the foreign exchange reserves
aggregated to US$ 281122.6 million. Subsequent to the Fed’s ‘announcement effect’, downward
pressure on the local currencies along with considerable volatility was discernible across major
emerging developing economies. The volatility was particularly high in the case of South Africa, India
and Brazil. After touching a historical low of 68.36 per dollar on August 28, 2013, the spate of policy
initiatives enabled the Rupee to recover (as on October 24, 2013) by almost 10.0%.
6
7.
Important Policy Pronouncements
Reserve Bank of India’s Second Quarter Monetary Policy Review: 2013‐14
Snapshot of Monetary Policy:
Taking into account an assessment of the evolving macroeconomic situation, the RBI has decided to:
• reduce the marginal standing facility (MSF) rate by 25 basis points from 9.0 per cent to 8.75 per
cent with immediate effect;
• increase the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from
7.5 per cent to 7.75 per cent with immediate effect
• keep cash reserve ratio (CRR) unchanged at 4.0 per cent of net demand and time liability (NDTL);
and
• increase the liquidity provided through term repos of 7‐day and 14‐day tenor from 0.25 per cent
of NDTL of the banking system to 0.5 per cent with immediate effect.
• Consequently, the reverse repo rate under the LAF stands adjusted to 6.75 per cent and the
Bank Rate stands reduced to 8.75 per cent with immediate effect. With these changes, the MSF
rate and the Bank Rate are recalibrated to 100 basis points above the repo rate.
Macroeconomic Assessment
• Strengthening export growth and signs of revival in some services, along with the expected pick‐
up in agriculture, could support an increase in growth in the second half of 2013‐14 relative to
the first half, raising real GDP growth from 4.4% in Q1 to a central estimate of 5.0% for the year
as a whole.
• Overall WPI inflation is expected to remain higher than current levels through most of the
remaining part of the year. Retail inflation is likely to remain around or even above 9.0% in the
months ahead.
Policy Stance and Rationale
• Keeping in view the need to infuse liquidity into the system to normalise liquidity conditions,
term repos will now be conducted for a total notified amount equivalent to 0.5 per cent of NDTL
of the banking system. In addition, the MSF rate will be reduced by 25 basis points.
• With the more recent upturn of inflation, and with inflation expectations remaining elevated
anticipating the pass‐through of exchange rate depreciation and ongoing adjustment in
administered fuel prices, it is important to break the spiral of rising price pressures in order to
curb the erosion of financial saving and strengthen the foundations of growth. It is in this
context that the LAF repo rate has been increased by 25 basis points.
• With the reduction of the MSF rate and the increase in the repo rate in this review, the process
of re‐aligning the interest rate corridor to normal monetary policy operations is now complete.
7
8. •
The policy stance and measures in this review are intended to curb mounting inflationary
pressures and manage inflation expectations in a situation of weak growth. These will help
strengthen the environment for growth by fostering macroeconomic and financial stability. The
Reserve Bank will closely monitor inflation risk while being mindful of the evolving growth
dynamics.
Broad Money (M3) & WPI Inflation
M3 (Rs.
% Growth
WPI All
Crore)
Commodities
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
7766667
7817842
7816592
7916508
7989513
8029967
8115626
8172767
8382024
8491161
8631684
8745411
8774220
8835670
8974870
13.96
14.09
13.63
13.34
13.59
11.20
12.96
12.68
13.81
12.74
13.65
12.75
12.20
12.60
13.20
%
Growth
165.8
167.3
168.8
168.5
168.8
168.8
170.3
170.9
170.1
171.3
171.4
173.2
175.4
177.5
179.7
7.52
8.01
8.07
7.32
7.24
7.31
7.31
7.28
5.65
4.77
4.58
5.16
5.85
6.10
6.46
Source: By Mega Ace Research Team
India's Foreign Trade
Exports Imports
(US$
(US$
million) million)
23819.44 42045.68
Apr-13
23969.02 44673.19
May-13
Jun-13
23785.64 36034.74
25834.46 38102.56
Jul-13
26135.94 37053.85
Aug-13
27679.33 34439.59
Sep-13
April‐September 2013
25203.97 38724.94
24106.74 39092.23
April‐September 2012
Trade
Deficit
‐18226.24
‐20704.17
‐12249.10
‐12268.10
‐10917.91
‐6760.17
‐13520.95
‐14985.49
8
10. Annexure 1 : Select International Economic Indicators for Developed Industrialised Countries And India
Interest rates, %
Country
10-year gov't
bonds latest
1
Euro-11
2.49
Britain
2.73
Japan
0.61
Sweden
2.38
Switzerland
1.10
India
2
1.77
U. S. A.
Consumer prices
Latest
1.1
Sep
1.5
Aug
2.7
Sep
0.9
Aug
0.1
Sep
-0.1
Sep
9.8
Sep
8.63
Currency unit per US $
As on
A Year
23.10.2013
ago
3
4
Union Budget
(+) / (-)
% of GDP 2013
5
Real Rate
(Long-term)
(1-2)
6
Currency
Current account Balance
unit per Euro
latest 12 months
23.10.2013
(US$ bn)
7
8
0.73
0.77
-3.1
0.67
1.00
1.00
1.00
-4.0
0.99
1.37
0.62
0.63
-7.2
0.03
0.85
97.30
79.80
-8.3
-0.29
133.29
6.38
6.66
-2.0
2.28
8.74
0.89
0.93
0.2
1.20
1.22
61.60
53.80
-5.2
-1.17
84.38
Col 8 as
Percentage
of GDP 2013
9
247.7
Aug
-412.9
Q2
-102.1
Q2
48.5
Aug
32.0
Q2
76.6
Q2
-92.7
Q2
2.2
-2.5
-3.2
1.1
6.3
12.2
-3.9
Source : The Economist London: October 26th-November 1st, 2013
Annexure 2 : Important Economic Indicators for Select Emerging Market Countries
Country
Interest rates, %
10-year gov't
bonds latest
1
China
2
3.96
Hongkong
Consumer prices
Latest
1.91
Indonesia
0.00
Malaysia
3.71
Singapore
2.11
South Korea
3.34
Taiwan
1.61
Thailand
3.76
Brazil
11.82
Venezuela
0.00
India
8.63
3.1
Sep
4.6
Sep
8.4
Sep
1.9
Aug
1.6
Sep
0.8
Sep
0.8
Sep
1.4
Sep
5.9
Sep
49.4
Sep
9.8
Sep
Currency unit per US $
As on
A Year
23.10.2013
ago
3
4
Union Budget
(+) / (-)
% of GDP 2013
5
Real Rate
(Long-term)
(1-2)
6
Currency
Current account Balance
unit per Euro
latest 12 months
23.10.2013
(US$ bn)
7
8
6.08
6.25
-2.1
0.86
8.33
7.75
7.75
1.9
-2.69
10.62
11,269.00
-3.2
-8.40
3.17
3.06
-4.3
1.81
4.34
1.24
1.23
0.7
0.51
1.70
0.5
2.54
1,056.00
9,608.00
1,103.00
15,436.99
1,446.58
29.40
29.30
-2.4
0.81
40.27
31.10
30.80
-2.9
2.36
42.60
2.18
2.03
-3.1
5.92
2.99
6.29
4.29
-9.7
-49.40
8.62
61.60
53.80
-5.2
-1.17
84.38
Col 8 as
Percentage
of GDP 2013
9
42.3
Q2
5.8
Q2
-28.8
Q2
14.2
Q2
49.9
Q2
63.0
Aug
52.8
Q2
-3.8
Q2
-80.6
Aug
5.0
Q2
-92.7
Q2
1.9
3.4
-3.3
5.3
18.2
4.1
11.7
-0.2
-3.5
0.9
-3.9
Source : The Economist London: October 26th-November 1st, 2013
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November 2013
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