Asia Regional Integration Center
Tracking Asian Integration
GDP declined to 3.3% in FY2019 from 5.5% in FY2018, largely due to fiscal consolidation and monetary tightening measures agreed with the International Monetary Fund for a July 2019 approved Extended Fund Facility. The contribution of consumption to GDP growth fell to 4.1% in FY2019 from 6.1% in FY2018 as incomes fell. Despite the lower growth, inflation rose to 6.8% (from 4.7% in FY2018) on poor harvests, tariff increases, and the rupee’s sharp depreciation against the US dollar. Economic growth is expected to slow further to 2.6% in FY2020 as stabilization efforts continue amid the impact of the COVID-19 pandemic. Growth is expected to accelerate to 3.2% in FY2021, driven by a rebound in investment as the rupee stabilizes and macroeconomic imbalances are corrected.
Latest | Month-Ago | Year-Ago | |
---|---|---|---|
Composite Stock Price Index 1 | 45.0 (Jan21) | 42.0 | 42.0 |
Broad Money Growth 2 | 16.9 (Nov20) | 16.9 | 18.3 |
Headline Inflation Rate 3 | 5.7 (Jan21) | 8.0 | 14.6 |
Industrial/ Manufacturing Production Growth Rate 3 | 8.0 (Sep20) | 0.8 | -4.8 |
Merchandise Export Growth 3 | 19.0 (Dec20) | 19.0 | 8.2 |
Exchange Rate Index 4 | 268.0 (Jan21) | 267.8 | 258.6 |
1 Monthly average, local index. 2 %. 3 y-o-y, %. 4 Monthly average, January 2006 = 100, $/local currency. | |||
Source: Bloomberg LP; CEIC database; Federal Bureau of Statistics. |
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