Regional Heatmap

The CAA Regional Heatmap shows a regional overview and also for individual economies in the region. It provides an efficient and holistic summary of the trends in various economic indicators.

Regional HeatMap (Based on the data as on 31-Aug-2018)
  • Regional
  • China
  • India
  • Indonesia
  • Malaysia
  • Philippines
  • Thailand
  • Vietnam
  • Hong Kong
  • Korea
  • Singapore
  • Taiwan
CN IN ID MY PH TH VN HK KR SG TW
Real GDP6.87.75.34.56.04.67.13.42.93.93.3
 
Demand Conditions
Retail Sales8.8NA3.49.86.17.911.25.92.23.71.4
Consumer Confidence119.7NA124.8NA3.882.2NA82.199.2NA82.6
Motor Vehicle Sales14.52.125.941.0-21.925.7NA4.7-8.0-30.0-6.3
Visitor Arrivals7.73.515.2-8.85.92.822.85.724.46.02.4
Government disbursement (ytd)7.38.77.76.022.615.35.615.210.81.61.0
Foreign Direct Investment6.26.8-13.511.0-37.9-7.30.2-30.388.569.0373.1
Domestic Investment5.4NA32.197.552.32.710.7NA-10.4-5.2NA
Capital Goods Imports29.5-15.021.87.727.1-3.28.510.71.012.215.8
Exports11.316.119.37.52.86.75.56.36.211.85.0
 
Supply Conditions
Industrial Production6.27.01.03.018.02.311.21.0-6.05.13.1
Purchasing Manager (Index)51.850.350.4NANANANANA51.252.363.6
Business Confidence (Index)124.581.0112.8116.339.393.2NA6.093.65.0101.7
Electricity Production29.48.512.14.23.92.09.04.68.71.43.3
Cement ProductionNANA12.6NANA-2.5NANANA-8.2NA
Cargo Handled6.24.1-26.55.81.13.313.4-2.58.64.39.1
 
Domestic Stability
CPI Inflation2.15.73.20.95.71.54.02.41.50.61.9
Policy rate (%)6.006.254.753.251.504.252.251.501.631.375
Real Interbank rate (%)1.32.93.71.3-2.50.70.60.00.11.2-0.9
Broad Money (M2)9.09.95.96.611.74.915.43.96.82.63.7
Credit Growth13.29.510.75.317.57.0NA9.56.45.54.8
Non-performing Loans (%)1.77.63.01.71.62.9NA0.90.61.10.3
Unemployment Rate (%)3.8NA5.13.45.51.02.23.13.83.03.7
 
External Resilience
Current Account (% GDP)-0.4-1.9-2.13.3-0.69.88.64.14.519.812.7
Trade bal (3m rolling, USD bn)94.4-50.3-1.86.9-10.46.40.1-18.419.410.04.5
3m % chg in FX reserves-0.2-4.4-5.2-4.6-3.6-4.514.5-0.61.00.50.3
3m % chg in FX rate (vs. USD)-6.7-4.6-3.5-4.2-2.1-6.3-0.50.0-5.1-3.6-4.0
Import cover (no. of months)18.210.28.06.09.111.23.19.29.49.819.9
REER3.3-3.7-6.05.1-2.21.5NA0.21.0-0.6-0.5
t-10 t-9 t-8 t-7 t-6 t-5 t-4 t-3 t-2 t-1 t
Real GDP6.96.76.76.76.76.96.96.96.96.86.8
 
Demand Conditions
Retail Sales10.410.110.310.010.29.410.19.48.59.08.8
Consumer Confidence Index118.6123.9121.3122.6122.3124.0122.3122.9122.9118.2119.7
Motor Vehicle Sales-0.4-4.3-3.60.512.57.7-4.36.06.14.614.5
Visitor Arrivals-16.75.21.94.614.8-2.9-5.90.06.31.57.7
Government disbursement (ytd)11.710.38.38.2-7.216.911.110.38.17.87.3
FDI Utilized -1.21.51.4-3.1-5.1-4.5-6.43.014.52.16.2
FAI (ytd)7.46.96.85.97.87.87.47.06.06.05.4
Capital Goods Imports (Proxy)18.717.719.76.150.16.124.528.328.612.129.5
Exports7.46.212.310.79.742.9-3.611.111.410.211.3
 
Supply Conditions
Industrial Production (IMF)6.15.75.66.25.95.94.96.86.06.06.2
Purchasing Manager (Index)51.351.651.851.251.251.751.451.752.451.651.8
Business Climate (Index)107.1107.8111.3113.5123.4123.1123.5123.4126.6124.5
Electricity Production30.421.1-5.2-10.35.816.95.0-4.15.316.429.4
Freight Carried11.28.07.9-2.013.9-3.86.37.48.56.36.2
 
Domestic Stability
CPI Inflation1.61.91.71.81.52.92.11.81.81.92.1
Policy rate (%)6.006.006.006.006.006.006.006.006.006.006.00
Real Interbank rate (%)2.72.83.23.43.33.12.72.22.52.31.3
Broad Money (M2)9.28.89.18.29.29.28.88.98.88.59.0
Credit Growth13.113.013.312.713.212.812.812.712.612.713.2
Non-performing Loans (%)1.76.22.41.61.11.01.01.01.11.71.7
Unemployment Rate (%)4.054.044.054.044.023.973.953.953.903.893.83
 
External Resilience
Current Account (% GDP)1.90.71.71.53.01.42.10.81.20.8-0.4
Trade bal (3m rolling, USD bn)117.2108.7107.0133.1115.2108.849.157.248.394.894.4
3m % chg in FX reserves1.70.90.91.01.70.50.1-1.2-0.8-1.0-0.2
3m % chg in FX rate (vs. USD)3.52.10.7-0.43.14.64.22.0-0.8-2.3-6.7
Import cover (no. of months)20.920.720.420.520.119.819.619.218.818.618.2
REER0.00.5-0.2-1.1-0.64.54.55.87.36.33.3
t-10 t-9 t-8 t-7 t-6 t-5 t-4 t-3 t-2 t-1 t
Real GDP8.27.39.38.17.66.86.15.66.37.07.7
 
Demand Conditions
Motor Vehicle Sales20.616.9-4.3-22.9-13.6-0.312.936.89.18.32.1
Visitor Arrivals18.818.114.415.28.410.113.44.45.12.73.5
Government disbursement (ytd)18.611.812.314.915.613.714.08.3-7.73.08.7
Foreign Direct Investment-14.5-3.341.334.10.565.827.731.4-1.694.96.8
Capital Goods Imports-6.6-8.4-2.2-3.4-14.5-1.6-20.4-22.2-3.9-26.0-15.0
Exports25.4-2.330.715.713.65.3-0.54.321.118.816.1
 
Supply Conditions
Industrial Production (IPI)4.84.11.88.57.37.56.95.34.83.97.0
Purchasing Manager (Index)50.450.752.552.551.650.947.951.251.251.350.3
Business Expectations (Index)85.981.183.280.165.463.772.176.791.085.081.0
IPI: Electricity8.33.43.23.94.47.64.55.92.14.28.5
Railway Traffic5.92.63.17.06.44.13.98.36.24.94.1
 
Domestic Stability
WPI Inflation1.22.13.73.93.83.83.43.75.56.55.7
Policy rate (%)6.006.006.006.006.006.006.006.006.006.256.25
Real Interbank rate (%)3.23.33.23.23.73.73.93.33.73.12.9
Broad Money (M3)5.66.18.410.010.49.99.210.210.49.89.9
Credit Growth8.910.99.39.412.17.05.48.06.510.79.5
Non-performing Loans (%)3.52.72.42.22.42.73.44.04.35.97.6
 
External Resilience
Current Account (% GDP)-1.1-1.1-1.1-0.8-0.5-0.5-0.6-1.2-1.3-1.5-1.9
Trade bal (3m rolling, USD bn)-34.0-36.8-39.2-44.0-44.6-41.3-40.8-39.4-42.5-46.3-50.3
3m % chg in FX reserves4.73.51.41.02.25.84.73.8-0.4-2.0-4.4
3m % chg in FX rate (vs. USD)0.0-0.9-1.40.42.10.6-1.2-3.2-4.8-4.2-4.6
Import cover (no. of months)11.211.111.010.910.911.110.911.010.810.510.2
REER3.12.33.63.12.6-0.7-3.1-4.9-4.9-3.5-3.7
t-10 t-9 t-8 t-7 t-6 t-5 t-4 t-3 t-2 t-1 t
Real GDP5.24.95.25.04.95.05.05.15.25.15.3
 
Demand Conditions
Retail Sales1.82.22.50.7-1.81.52.54.18.32.33.4
Consumer Confidence123.8120.7122.1126.4126.1122.5121.6122.2125.1128.1124.8
Motor Vehicle Sales-5.22.5-4.6-2.111.2-0.8-0.514.17.2-11.425.9
Visitor Arrivals36.120.611.36.03.06.617.428.611.08.215.2
Government disbursement (ytd)5.35.66.97.74.010.34.88.37.85.67.7
Investment Realisation: Foreign17.05.4-3.0-0.2-5.55.415.412.711.411.5-13.5
Investment Realisation: Dom10.618.421.616.225.836.616.916.816.411.032.1
Capital Goods Imports12.810.527.620.530.232.221.941.443.115.221.8
Exports15.719.613.57.58.612.06.29.613.111.319.3
 
Supply Conditions
Industrial Production4.87.76.45.04.08.55.52.16.55.51.0
Purchasing Manager (Index)50.449.350.551.250.649.548.650.750.450.150.4
Business Tendancy (Index)105.299.5110.2107.9106.7103.4111.6112.4111.0106.3112.8
Electricity Sales17.210.96.65.51.00.11.911.015.420.112.1
Cement Consumption12.812.512.16.410.15.93.56.03.3-11.112.6
Port Cargo Handled-3.111.10.12.25.5-6.8-6.1-11.17.85.0-26.5
 
Domestic Stability
CPI Inflation3.73.63.33.63.33.23.43.43.23.13.2
Policy rate (%)4.754.504.254.254.254.254.254.254.254.254.75
Real Interbank rate (%)1.41.41.51.71.51.61.62.03.43.63.7
Broad Money (M2)10.010.910.69.38.38.48.37.57.56.05.9
Credit Growth8.07.78.17.48.27.58.28.58.910.210.7
Non-performing Loans (%)1.72.12.42.92.62.11.81.72.12.43.0
Unemployment Rate (%)5.96.35.75.95.86.25.55.65.35.55.1
 
External Resilience
Current Account (% GDP)-3.5-3.2-3.1-3.1-2.9-3.1-3.0-2.4-2.1-2.0-2.1
Trade bal (3m rolling, USD bn)3.24.53.01.0-0.8-1.00.3-0.6-2.0-1.4-1.8
3m % chg in FX reserves5.1-0.9-2.20.64.31.7-3.2-5.4-4.0-4.9-5.2
3m % chg in FX rate (vs. USD)-1.4-1.4-1.91.1-0.5-1.5-3.2-3.5-2.1-4.4-3.5
Import cover (no. of months)10.410.09.810.09.99.49.28.98.68.38.0
REER0.1-2.4-2.7-4.8-5.5-7.3-7.9-7.5-7.2-5.8-6.0
t-10 t-9 t-8 t-7 t-6 t-5 t-4 t-3 t-2 t-1 t
Real GDP4.74.14.04.34.55.65.86.25.95.44.5
 
Demand Conditions
Retail Sales7.47.98.79.09.110.113.512.210.49.29.8
Motor Vehicle Sales-14.8-1.80.2-15.6-0.2-4.4-6.910.2-15.028.341.0
Visitor Arrivals0.6-1.4-6.7-1.2-11.1-2.2-8.0-3.10.4-2.0-8.8
Government disbursement (ytd)-1.23.52.10.4-3.10.31.5-0.53.6-4.66.0
Foreign Direct Investment-6.542.6-11.825.423.55.2-0.736.5-14.9-3.011.0
Manuf Investment Approved7.04.0-73.6-60.4-39.9-21.7-28.6-13.4-14.18.997.5
Capital Goods Imports27.321.724.121.04.49.30.1-12.73.1-3.57.7
Exports21.614.718.913.94.618.0-2.02.214.23.47.5
 
Supply Conditions
Industrial Production4.53.94.93.65.76.74.73.25.02.83.0
Business Conditions (Index)87.192.9106.483.981.2112.7114.1103.1101.598.6116.3
Electricity Production1.61.94.43.53.73.92.36.15.72.44.2
Cargo Handled5.4-4.61.96.84.48.46.34.13.18.45.8
 
Domestic Stability
CPI Inflation4.23.73.43.52.71.41.31.41.80.80.9
Policy rate (%)3.003.003.003.003.253.253.253.253.253.253.25
Real Interbank rate (%)0.1-0.1-0.2-0.4-0.10.20.50.70.91.11.3
Broad Money (M2)5.15.35.34.84.74.96.06.35.55.76.6
Credit Growth5.24.63.94.14.24.54.44.84.95.05.3
Non-performing Loans (%)1.61.61.71.73.42.72.01.81.61.61.7
Unemployment Rate (%)3.43.43.43.33.33.43.33.33.33.33.4
 
External Resilience
Current Account (% GDP)3.02.62.12.32.42.22.63.03.03.73.3
Trade bal (3m rolling, USD bn)6.56.36.96.96.66.66.58.59.49.26.9
3m % chg in FX reserves2.32.01.31.22.11.85.25.74.6-2.9-4.6
3m % chg in FX rate (vs. USD)1.61.42.63.16.56.24.31.7-1.2-2.5-4.2
Import cover (no. of months)6.56.56.46.36.36.26.26.46.46.36.0
REER-0.9-0.12.95.66.45.96.17.05.24.05.1
t-10 t-9 t-8 t-7 t-6 t-5 t-4 t-3 t-2 t-1 t
Real GDP6.76.77.07.16.76.56.67.26.56.66.0
 
Demand Conditions
Domestic Trade-37.4-8.640.239.365.045.6-28.58.83.3-2.96.1
Consumer Exp (Current)-8.1-5.7-6.42.59.28.713.110.29.51.73.8
Motor Vehicle Sales8.79.517.323.833.44.0-3.2-22.8-11.9-13.7-21.9
Visitor Arrivals13.418.210.56.416.016.312.04.60.911.35.9
Government disbursement (ytd)8.310.010.110.815.522.825.429.425.020.522.6
Foreign Direct Investment165.045.620.311.5-45.0-9.3-12.8-55.061.2-82.8-37.9
Investment Approved5.443.73.397.5-20.4-17.321.829.7105.12.852.3
Capital Goods Imports24.1-3.910.015.919.623.615.6-8.321.26.827.1
Exports18.711.617.414.28.4-4.0-5.5-6.8-4.9-1.82.8
 
Supply Indicators
Industrial Production (Volume)0.3-5.7-6.6-10.1-6.116.822.116.829.121.018.0
Business Outlook (Index)51.341.948.745.439.839.443.037.943.339.539.3
Electricity Production5.02.01.89.42.15.43.22.76.710.23.9
Port Cargo Handled5.711.18.711.18.97.14.84.81.06.81.1
 
Supply Conditions
CPI Inflation3.13.43.53.33.34.04.54.85.15.25.7
Real Interbank rate (%)-2.0-1.3-1.8-1.5-1.7-2.1-2.1-2.1-2.4-2.6-2.5
Broad Money (M3)15.814.815.114.311.912.813.514.414.214.311.7
Credit Growth18.421.017.016.717.318.316.918.419.417.317.5
Non-performing Loans (%)3.53.42.62.22.42.01.91.71.6
Unemployment Rate (%)5.65.76.15.44.76.65.75.65.05.35.5
 
External Resilience
Current Account (% GDP)3.32.52.10.60.3-0.4-0.9-0.60.1-0.8-0.6
Trade bal (3m rolling, USD bn)-5.6-5.8-7.1-7.6-9.8-10.4-10.0-8.6-8.9-9.7-10.4
3m % chg in FX reserves-0.4-0.8-1.70.81.00.2-1.3-2.0-1.5-3.7-3.6
3m % chg in FX rate (vs. USD)-1.4-0.31.21.6-1.5-3.3-3.1-0.8-1.9-2.6-2.1
Import cover (no. of months)10.810.610.410.210.210.19.99.99.69.59.1
REER-5.2-4.4-4.2-4.8-5.9-7.5-7.0-6.3-4.9-4.8-2.2
t-10 t-9 t-8 t-7 t-6 t-5 t-4 t-3 t-2 t-1 t
Real GDP2.93.43.63.13.03.43.94.34.04.94.6
 
Demand Conditions
Retail Sales9.69.65.87.24.29.87.93.77.66.07.9
Consumer Confidence75.076.778.079.280.079.379.980.980.181.382.2
Motor Vehicle Sales21.913.120.620.116.210.312.125.227.925.925.7
Visitor Arrivals5.720.923.215.510.919.316.39.46.411.62.8
Government disbursement (ytd)0.1-1.5-0.9-0.619.21.439.429.824.717.415.3
FDI Approved ytd-68.4-47.1-50.28.0-31.6-24.4-31.7-27.538.9-27.2-7.3
Private Investment Index2.94.71.90.43.23.10.77.53.55.02.7
Capital Goods Imports7.50.94.8-0.922.2-5.5-8.4-4.70.00.6-3.2
Exports8.37.64.8-0.65.3-3.0-5.33.85.05.06.7
 
Supply Conditions
VAPI-1.10.0-1.81.6-0.33.44.24.6-0.34.12.3
Thai Industry Sentiment (Index)86.785.987.089.191.089.990.789.190.291.793.2
Electricity Production2.55.30.2-0.4-0.13.20.90.6-1.00.32.0
Cement Consumption-4.9-10.6-3.8-3.62.72.8-5.41.1-4.7-3.4-2.5
Port Cargo Handled8.71.80.45.93.82.70.78.21.02.33.3
 
Domestic Stability
CPI Inflation0.90.91.00.80.70.40.81.11.51.41.5
Policy rate (%)1.501.501.501.501.501.501.501.501.501.501.50
Real Interbank rate (%)1.00.90.90.91.01.11.11.00.90.80.7
Broad Money4.84.24.65.05.15.06.25.45.35.14.9
Credit Growth5.95.86.66.28.17.08.510.58.38.77.0
Non-performing Loans (%)2.32.72.92.93.92.92.42.32.32.72.9
Unemployment Rate (%)1.21.31.11.01.31.31.21.11.01.11.0
 
External Resilience
Current Account (% GDP)8.09.810.912.011.711.210.911.211.210.69.8
Trade bal (3m rolling, USD bn)10.611.111.07.06.45.26.65.55.95.86.4
3m % chg in FX reserves7.45.33.11.67.14.86.40.2-0.1-4.1-4.5
3m % chg in FX rate (vs. USD)2.51.51.11.64.14.34.21.8-1.5-3.9-6.3
Import cover (no. of months)12.312.212.312.112.612.312.412.111.811.411.2
REER3.94.94.43.23.03.13.84.14.43.41.5
t-10 t-9 t-8 t-7 t-6 t-5 t-4 t-3 t-2 t-1 t
Real GDP (ytd)6.75.55.56.06.25.15.76.46.87.47.1
 
Demand Conditions
Retail Sales (ytd)10.710.710.99.510.19.99.910.110.711.111.2
Visitor Arrivals (ytd)29.727.829.142.029.730.929.527.627.225.422.8
Government disbursement (ytd)9.36.76.05.67.211.29.28.88.35.85.6
Foreign Direct Investment (ytd)32.952.040.1-64.4-31.4-27.3-27.2-16.8-0.32.20.2
State Investment (ytd)7.47.88.116.08.69.78.58.18.79.510.7
Capital Goods Imports (Proxy)4.45.6-3.830.1-17.8-11.9-25.5-6.1-10.67.18.5
Exports32.324.419.240.28.622.34.511.311.314.85.5
 
Supply Conditions
Industrial Production (IPI)16.35.97.47.58.98.18.413.217.017.211.2
IPI: Electricity16.411.37.26.911.912.29.610.412.013.09.0
Freight Carried13.513.313.19.911.211.812.212.612.913.213.4
 
Domestic Stability
CPI Inflation3.02.62.62.73.22.72.83.94.74.54.0
Policy rate (%)4.254.254.254.254.254.254.254.254.254.254.25
Real Interbank rate (%)-0.5-0.61.11.30.70.0-0.1-0.3-0.3-0.60.6
Broad Money (M2)16.814.917.319.119.817.916.614.414.014.315.4
Unemployment Rate (%)2.32.32.32.32.32.32.32.32.22.22.2
 
External Resilience
Current Account (% GDP)-0.10.57.85.45.84.0-2.8-1.02.12.78.6
Trade bal (3m rolling, USD bn)4.63.62.20.30.12.73.72.61.1-0.70.1
3m % chg in FX reserves-17.7-7.811.910.67.5-3.03.63.65.518.514.5
3m % chg in FX rate (vs. USD)-0.10.00.00.20.1-0.1-0.3-0.6-0.6-0.7-0.5
Import cover (no. of months)2.42.42.52.52.52.82.93.13.13.13.1
t-10 t-9 t-8 t-7 t-6 t-5 t-4 t-3 t-2 t-1 t
Real GDP3.12.31.91.11.82.23.34.33.93.73.4
 
Demand Conditions
Retail Sales (Vol)5.53.56.94.42.428.310.010.911.49.95.9
Consumer Confidence76.477.975.374.673.269.274.777.782.480.682.1
Retail Sales (Motor Vehicle, Vol)10.9-0.72.3-0.522.414.7-4.315.31.78.54.7
Visitor Arrivals4.86.67.04.7-2.626.38.911.08.012.85.7
Government disbursement (ytd)1.8-1.5-0.30.51.02.01.99.85.915.915.2
Foreign Direct Investment-70.8-2.0-74.7-58.1253.837.065.846.2-79.16.2-30.3
Capital Goods Imports5.62.37.55.422.0-5.63.58.916.90.110.7
Domestic Exports6.53.21.20.15.2-16.2-0.613.912.84.96.3
 
Supply Conditions
Industrial Production-2.0-1.3-0.2-0.4-0.1-0.90.20.40.40.71.0
Business Situation (Index)-11.0-4.0-6.02.0-1.05.06.05.02.08.06.0
Electricity Production-7.2-10.8-0.3-1.9-0.46.0-2.8-14.35.4-1.34.6
Cargo Handled6.72.07.510.44.41.813.1-13.1-2.5-10.9-2.5
 
Domestic Stability
CPI Inflation1.41.51.61.71.73.12.61.92.12.42.4
Policy rate (%)1.501.501.501.751.751.752.002.002.002.252.25
Real Interbank rate (%)-0.6-0.4-0.2-0.2-0.3-0.7-0.7-0.4-0.20.10.0
Broad Money (M2)8.812.19.110.011.09.47.89.86.25.03.9
Credit Growth15.721.416.616.116.415.715.017.112.010.99.5
Non-performing Loans (%)0.90.91.21.60.80.70.60.50.50.70.9
Unemployment Rate (%)3.23.33.33.33.43.53.53.43.33.23.1
 
External Resilience
Current Account (% GDP)3.23.34.34.74.24.03.73.94.74.34.1
Trade bal (3m rolling, USD bn)-14.1-15.9-16.4-18.4-16.8-17.2-16.6-18.5-18.6-18.4-18.4
3m % chg in FX reserves2.81.42.02.95.35.12.0-1.6-2.5-1.9-0.6
3m % chg in FX rate (vs. USD)-0.20.00.20.0-0.2-0.2-0.4-0.4-0.3-0.10.0
Import cover (no. of months)9.09.19.29.19.29.19.19.39.39.49.2
REER-1.8-1.9-3.8-5.9-7.4-6.3-6.6-6.2-3.8-1.80.2
t-10 t-9 t-8 t-7 t-6 t-5 t-4 t-3 t-2 t-1 t
Real GDP3.23.03.52.72.62.92.83.82.82.82.9
 
Demand Conditions
Retail Sales (Real)0.51.22.61.41.13.60.98.4-0.26.52.2
Consumer Sentiment Index108.9112.0110.6109.9108.2108.1107.1107.9105.5101.099.2
Motor Vehicle Sales34.3-16.5-6.9-32.86.1-16.1-8.9-5.8-1.6-8.9-8.0
Visitor Arrivals-29.2-26.6-16.5-15.6-21.7-16.510.723.826.629.324.4
Government disbursement (ytd)8.66.86.06.87.211.611.85.710.611.910.8
Foreign Direct Investment82.519.218.82.1-18.2-9.1-9.1-11.249.828.188.5
Index of Equipment Investment25.0-3.96.72.521.59.50.11.6-3.5-14.7-10.4
Capital Goods Imports27.34.913.89.922.412.64.78.72.7-6.41.0
Exports34.96.79.78.822.33.25.5-1.912.9-0.36.2
 
Supply Conditions
Industrial Production (IPI)6.73.31.90.3-0.4-0.32.38.7-6.3-1.7-6.0
Purchasing Manager (Index)49.049.248.449.449.250.149.149.950.650.251.2
Business Conditions (Index)94.293.895.998.293.393.891.292.092.592.593.6
IPI: Electricity3.73.92.74.84.710.51.01.05.69.38.7
Cargo Handled5.17.42.4-5.13.91.9-5.60.4-8.11.18.6
 
Domestic Stability
CPI Inflation2.11.81.31.51.01.41.31.61.51.51.5
Policy rate (%)1.251.501.501.501.501.501.501.501.501.501.50
Real Interbank rate (%)-0.6-0.5-0.3-0.2-0.2-0.2-0.1-0.10.00.00.1
Broad Money (M2)4.35.54.64.95.16.45.96.05.66.56.8
Credit Growth4.74.84.94.95.65.85.96.36.26.46.4
Non-performing Loans (%)0.50.60.60.60.60.60.6
Unemployment Rate (%)3.73.63.73.73.63.64.03.84.03.73.8
 
External Resilience
Current Account (% GDP)7.67.78.08.07.47.06.35.55.65.14.5
Trade bal (3m rolling, USD bn)30.226.928.020.116.711.812.815.619.118.819.4
3m % chg in FX reserves1.10.20.61.22.91.91.90.71.10.91.0
3m % chg in FX rate (vs. USD)-0.10.12.74.35.81.91.2-0.20.2-2.3-5.1
Import cover (no. of months)9.99.89.89.89.89.69.69.69.59.49.4
REER-2.6-1.22.43.63.0-1.4-1.40.31.01.61.0
t-10 t-9 t-8 t-7 t-6 t-5 t-4 t-3 t-2 t-1 t
Real GDP1.31.91.91.23.72.52.85.53.64.53.9
 
Demand Conditions
Retail Sales (constant)-2.72.52.10.71.61.13.1-1.5-1.54.03.7
Motor Vehicle Registrations-25.6-8.32.549.2-26.0-15.3-18.82.6-11.926.8-30.0
Visitor Arrivals15.413.313.14.25.69.67.05.07.811.36.0
Government disbursement (ytd)11.633.929.621.819.2-7.5-3.9-2.2-1.88.41.6
Foreign Direct Investment-5.517.7-0.5-5.817.829.6-49.2-19.4-7.2-28.269.0
Net Invest Commit (Manuf)-75.5-10.6-53.3-40.337.3-44.6165.0-70.835.7-74.8-5.2
Capital Goods Imports (Proxy)9.411.912.72.4-1.22.23.913.17.54.312.2
NODX-1.120.59.13.112.9-6.0-3.111.815.50.811.8
 
Supply Conditions
Industrial Pdn (Excl. Biomed Mfg)15.825.914.36.320.510.29.510.311.66.85.1
Purchasing Manager (Index)52.052.652.952.853.152.753.052.952.752.552.3
Business Expectations (Index)-31.03.0-9.07.0-4.016.09.06.010.024.05.0
Electricity Production1.70.51.51.00.40.30.83.14.72.41.4
Cement Demand-1.7-14.2-3.8-26.3-13.4-14.9-17.2-2.2-9.4-6.2-8.2
Sea Cargo Handled10.48.36.03.54.21.31.3-1.8-1.01.54.3
 
Domestic Stability
CPI Inflation0.40.40.60.40.00.50.20.10.40.60.6
Policy rate (3m SIBOR, %)1.121.131.201.501.131.371.451.511.511.521.63
Real Interbank rate (%)0.70.60.60.90.60.91.01.11.11.11.2
Broad Money (M2)5.44.63.23.23.43.62.73.22.82.62.6
Credit Growth6.26.87.15.65.43.75.45.75.55.95.5
Non-performing Loans (%)0.91.11.12.01.41.11.00.90.80.91.1
Res Unemployment Rate (%)2.82.73.02.93.23.23.13.13.02.83.0
 
External Resilience
Current Account (% GDP)16.318.018.920.520.219.419.017.819.420.419.8
Trade bal (3m rolling, USD bn)12.511.510.59.810.810.912.012.413.212.210.0
3m % chg in FX reserves3.42.32.41.62.31.12.61.91.80.30.5
3m % chg in FX rate (vs. USD)2.50.80.40.22.82.62.30.4-1.5-2.5-3.6
Import cover (no. of months)10.410.310.310.210.210.210.310.110.09.99.8
REER-1.5-0.5-0.1-0.4-0.7-1.1-1.3-1.2-0.7-0.4-0.6
t-10 t-9 t-8 t-7 t-6 t-5 t-4 t-3 t-2 t-1 t
Real GDP-0.5-0.31.02.02.82.62.33.23.43.13.3
 
Demand Conditions
Retail Sales2.83.23.62.3-5.013.23.51.63.63.51.4
Consumer Confidence83.386.286.187.787.487.986.985.683.882.482.6
Motor Vehicle Sales5.3-4.714.6-5.2-6.8-19.5-2.4-19.55.3-4.4-6.3
Visitor Arrivals6.29.613.77.25.88.09.4-4.72.42.62.4
Government disbursement (ytd)1.62.92.40.80.3-26.3-4.5-1.90.42.81.0
Foreign Investment Approved-90.874.564.7247.3-0.4342.486.9-38.8-82.8-53.5373.1
Capital Goods Imports9.71.48.71.122.32.07.17.54.66.315.8
Exports22.0-1.08.57.87.3-7.010.75.612.68.65.0
 
Supply Conditions
Industrial Production0.83.31.93.15.02.71.41.410.7-2.23.1
Purchasing Manager (Index)58.757.659.058.858.757.757.258.059.050.463.6
Mfg Sentiment (Index)101.7100.699.998.8100.298.2100.098.3101.5100.4101.7
Electricity Consumption1.44.55.03.70.54.6-2.33.63.54.63.3
Cargo Handled3.1-11.4-5.2-5.20.3-5.4-2.60.45.12.39.1
 
Domestic Stability
CPI Inflation1.00.91.51.71.81.41.71.81.61.81.9
Policy rate (%)1.3751.3751.3751.3751.3751.3751.3751.3751.3751.3751.375
Real Interbank rate (%)-0.4-0.4-0.4-0.4-0.5-0.5-0.5-0.6-0.7-0.8-0.9
Broad Money (M2)3.63.84.03.63.23.63.53.54.03.83.7
Credit Growth4.94.95.04.44.24.55.04.75.25.74.8
Non-performing Loans (%)1.81.51.10.60.40.40.40.20.20.30.3
Unemployment Rate (%)3.703.703.703.703.683.703.673.693.693.683.69
 
External Resilience
Current Account (% GDP)14.215.414.313.613.713.212.913.614.513.012.7
Trade bal (3m rolling, USD bn)11.011.111.110.58.05.85.76.87.46.64.5
3m % chg in FX reserves1.20.80.91.01.81.41.30.30.10.00.3
3m % chg in FX rate (vs. USD)0.40.50.50.62.82.82.50.1-2.1-3.0-4.0
Import cover (no. of months)21.121.121.121.020.820.820.720.620.420.219.9
REER3.02.11.61.10.1-0.8-1.9-1.9-2.7-1.7-0.5

Source: Centennial Asia Advisors using CEIC Database and Markit PMI press release

Note1: Figures in % y/y unless otherwise stated

Note2: Bright green refers to positive conditions 2 s.d. above/below the 2 yr mean

Note3: Dark red refers to negative conditions 2 s.d. above/below the 2 yr mean

Note4: NPLs refer to annual data compiled by the World Bank, based on 10yr mean