文档介绍：INDIA India Economics
Key data releases (Dec-17 vs Nov-17) Macro data round-up – Growth recovery
gathering pace
In this monthly publication we endeavour to provide a one-stop shop for all key
macro data releases in the month, along with a chart pack of key macro
indicators to track.
Growth indicators: Cyclical recovery in domestic demand
. Domestic demand indicators: High frequency domestic demand indicators
have shown a sustained improvement in Nov / Dec suggesting that growth
recovery is gaining momentum post the GST related disruption.
Source: CEIC, GoI, Macquarie Research, January 2018
*IP current month is Nov-17 and previous is Oct-17 IP growth for Nov came in at a two-year high, led by a pickup in
^Rabi sowing current is for week of Jan 12th, previous is manufacturing.
week of Jan 5th
#CAD current is for QE Sep-17, previous is QE Jun-17 PMI (manufacturing) for Dec rose to a 5-year high
Auto sales remained robust - two wheelers rose to the highest since Oct-
2010, MHCV sales rose to the highest since Jun-2010
Cement production rose to the highest since Nov-2010.
. External demand remains healthy: Export growth normalised to %YoY
in Dec from %YoY in Nov. Export growth in the last few months has been
bumpy mainly due to the GST-related operational disruptions. On a full-year
basis exports grew by % in 2017 vs. a decline of % in 2016.
Macro stability: Widening at the margin, but in a
manageable range
. CPI: Dec CPI accelerated to a 17-month high of % in Dec (largely in line
with expectations) with both food and core segments increasing.
. WPI: December WPI inflation decelerated to % from % in November,
lower than expectations. The deceleration in inflation was led by lower food
inflation, while non-food inflation remained steady.
. Trade deficit: The trade deficit rose in Dec to US$ (9% of GDP
annualised) compared to US$ (% of GDP annualised