Aprill 14, 20122

Sutapa Roy
E-mail:: s-roy@miccrosec.in

-1-

Globaal Macro View

Co untry

G DP Y o Y %

Federa l B ud
d get % GDP

Current A c c o unt % GD
DP

Jo b less Ra te

1.60%

-9.60%

-3.1 0%

8
8.20%

G7 & E urro Zo ne
U .S.
E uro Reg
gio n

0.70%

-4.10%

0.1 0%

10
0.80%

-0.60%

-10.30%

2.5 0%

4
4.50%

y
Germ a ny

2.00%

-1.70%

5.0 0%

6
6.70%

Fra nc e

1.30%

-5.90%

-2.7 0%

9
9.40%

I ta ly

0.40%

-4.00%

-3.5 0%

8
8.80%

U .K .

0.50%

-8.50%

-2.7 0%

8
8.40%

Ca na da

1.70%

-4.30%

-3.3 0%

7
7.20%

Austria

1.20%

-3.50%

2.8 0%

5
5.20%

B elgium

1.00%

-3.50%

0.6 0%

7
7.20%

B ulga ria

0.30%

-2.50%

1.6 0%

11
1.50%

Cro a tia

Ja p a n

E uro p e

-0.40%

-5.70%

-1.8 0%

20
0.10%

ep .
Cz ec h Re

0.30%

-3.70%

-3.3 0%

8
8.90%

Denm a rk
k

0.40%

-3.00%

6.4 0%

4
4.20%

E sto nia

4.50%

-0.10%

2.4 0%

7
7.50%

Finla nd

1.40%

-1.00%

2.5 0%

7
7.70%

Greec e

-5.50%

-8.00%

-8.4 0%

20
0.70%

Hunga ry

1.40%

2.00%

2.0 0%

11
1.60%

I c ela nd

2.70%

-4.10%

1.9 0%

6
6.00%

I rela nd

0.70%

-10.30%

1.8 0%

14
4.30%

La tv ia

5.70%

-4.50%

1.0 0%

11
1.70%

a
Lithua nia

4.40%

-5.60%

-1.9 0%

13
3.90%

Luxem b o urg

0.80%

-0.70%

9.8 0%

6
6.20%

N etherla nd
n s

6
6.00%

-0.20%

-3.80%

7.5 0%

N o rwa y

1.50%

12.00%

14.0 0%

2
2.60%

P o la nd

4.30%

-5.50%

-4.8 0%

13
3.50%

P o rtuga l

-2.80%

-5.90%

-8.6 0%

14
4.00%

Ro m a nia

1.90%

-4.40%

-4.5 0%

5
5.10%

Russia

4.80%

-1.10%

5.5 0%

6
6.50%

ep .
Slo v a k Re

3.10%

-4.90%

-1.3 0%

13
3.80%

Slo v enia

-2.80%

-6.20%

-1.7 0%

12
2.50%

Sp a in

0.30%

-6.10%

-3.8 0%

22
2.90%

Swed en

1.10%

0.80%

5.8 0%

7
7.80%

a nd
Switz erla

1.30%

0.80%

12.5 0%

3
3.20%

U k ra ine

4.70%

-2.80%

-3.9 0%

2
2.00%

Austra lia

2.30%

-3.90%

-2.2 0%

5
5.20%

China

8.10%

-1.60%

5.2 0%

4
4.10%

Ho ng K o ng

3.00%

2.70%

5.4 0%

3
3.40%

I nd ia

6.10%

-7.70%

-2.2 0%

n/a

a
I nd o nesia

6.50%

-1.80%

0.2 0%

6
6.60%

M a la y sia

5.20%

-5.10%

11.3 0%

3
3.00%

N ew Zea la nd

1.80%

-5.90%

-3.9 0%

6
6.30%

nes
P hilip p in

3.70%

-2.90%

1.7 0%

7
7.20%

Singa p o re
e

1.60%

3.20%

19.8 0%

2
2.00%

S. K o rea

3.30%

2.10%

1.5 0%

3
3.40%

T a iwa n

1.90%

-4.30%

11.0 0%

4
4.30%

-9.00%

-2.60%

4.8 0%

0
0.80%

Asia

T ha ila nd

-2-

Global Inflation Watch

Country

CPI YoY%
%

CPI Last M onth

o
YoY%

CP I Last Year YoY

CPI 2 Years A go BPS Ch V/S Last

L Year Latestt Date

G7 & Euro Zone

Z
U.S.

2.70%

2.90%

Euro Regionn

2.70%

2.70%

Japan

0.30%

0.10%

Germany

2.10%

2.30%

France

2.30%

Italy

3.30%

U.K.
Canada

%
2.70%

2.330%

3//31/2012

2.40%
%

0.990%

30

2/229/2012

-0.50%
%

-1.110%

80

2//29/2012

2.10%
%

1.110%

3//31/2012

2.30%

2.00%
%

1.660%

30

3//31/2012

3.30%

2.50%
%

1.440%

80

3//31/2012

3.40%

3.60%

4.40%
%

3.000%

-100

2//29/2012

2.60%

2.50%

2.20%
%

1.660%

40

2//29/2012

Austria

2.60%

2.80%

3.00%
%

1.000%

-40

2//29/2012

Belgium

3.40%

3.70%

3.50%
%

1.770%

-15

3//31/2012

Bulgaria

1.70%

2.00%

5.60%
%

1.330%

-390

3//31/2012

Denmark

2.70%

2.80%

2.70%
%

2.220%

3//31/2012

Estonia

4.40%

4.20%

5.20%
%

1.770%

-80

3//31/2012

Finland

2.90%

3.10%

3.30%
%

0.770%

-40

3//31/2012

Greece

1.70%

2.10%

4.50%
%

3.990%

-283

3/331/2012

Hungary

5.50%

5.90%

4.50%
%

5.990%

100

3//31/2012

Ireland

2.20%

2.10%

3.00%
%

-3.110%

-80

3//31/2012

Netherlands

2.50%

2.50%

2.00%
%

1.000%

50

3//31/2012

Norway

0.80%

1.20%

1.00%
%

3.440%

-20

3//31/2012

Poland

3.90%

4.30%

4.30%
%

2.660%

-40

3//31/2012

Portugal

3.10%

3.60%

4.00%
%

0.550%

-90

3//31/2012

Romania

2.40%

2.60%

8.00%
%

4.220%

-561

3//31/2012

Russia

3.70%

3.70%

9.50%
%

6.550%

-580

3//31/2012

Spain

1.90%

2.00%

3.60%
%

1.440%

-170

3//31/2012

Europe

Sweden

1.50%

1.90%

2.90%
%

0.880%

-140

3//31/2012

Switzerland

-1.00%

-0.90%

1.00%
%

1.440%

-200

3//31/2012

Ukraine

1.90%

3.00%

7.70%
%

11.000%

-580

3/331/2012

Australia

3.10%

3.50%

2.70%
%

2.110%

40

12//31/2011

China

3.60%

3.20%

5.40%
%

2.440%

-180

3//31/2012

Hong Kong

4.70%

6.10%

3.60%
%

2.880%

110

2//29/2012

India

7.00%

6.60%

9.50%
%

9.770%

-259

2//29/2012

Indonesia

4.00%

3.60%

6.70%
%

3.440%

-268

3//31/2012

M alaysia

2.20%

2.70%

2.90%
%

1.220%

-70

2//29/2012

New Zealandd

1.80%

4.60%

4.00%
%

2.000%

-220

12//31/2011

Philippines

2.60%

2.70%

4.80%
%

4.000%

-220

3/331/2012

Singapore

4.60%

4.80%

5.00%
%

1.000%

-40

2/229/2012

S. Korea

2.60%

3.10%

4.10%
%

2.550%

-150

3/331/2012

Sri Lanka

5.50%

2.70%

8.60%
%

6.330%

-310

3/331/2012

Taiwan

1.20%

0.20%

1.40%
%

1.330%

-19

3//31/2012

Taiwan

1.20%

0.20%

1.40%
%

1.330%

-19

3//31/2012

ASIA

-3-

Worlldwide In
nternatio
onal Reseerve Assetts View (ex
( - Gold
d)

Co untry
ASE AN -44
BRI CS

Currrent ($ Billio n)
n % o f To tal

as a % o f G DP

M o M % CH

YoY % CH

Last U pdate
p

467.9 5

4.50%
%

32.000%

-00.20%

7
7.60%

n/a

4382.770

42.10%
%

39.110%

2
2.90%

7
7.30%

n/a

157.1 4

1.50%
%

1.330%

0
0.10%

-00.20%

n/a

G-7

1484.1 1

14.30%
%

4.770%

-00.80%

122.80%

n/a

OP E C*

1131.662

10.90%
%

44.660%

1
1.90%

177.10%

n/a

N I CS

1248.1 6

12.00%
%

69.220%

-00.30%

4
4.20%

n/a

China

3305.000

31.80%
%

55.880%

3
3.90%

8
8.50%

3/311/2012

Japan

E uro Areaa

1210.448

11.60%
%

22.220%

-00.90%

166.20%

3/311/2012

Saudi Araabia

561.007

5.40%
%

129.110%

2
2.30%

255.00%

2
2/29/12

Russia

465.666

4.50%
%

31.550%

0
0.40%

0
0.00%

4/6/12

Taiwan

393.887

3.80%
%

110.880%

-00.10%

0
0.30%

3/311/2012

Brazil

351.9 7

3.40%
%

16.990%

0
0.00%

188.20%

1
1/31/12

Ko rea

315.9 5

3.00%
%

31.110%

0
0.00%

5
5.80%

3/311/2012

Ho ng Ko ng
n

294.770

2.80%
%

131.330%

0
0.00%

8
8.10%

3
3/31/12

I ndia

260.007

2.50%
%

15.110%

-00.40%

-55.40%

3
3/30/12

Switzerlan
nd

253.772

2.40%
%

48.110%

1
1.40%

133.30%

2
2/29/12

Singapo ree

243.664

2.30%
%

116.770%

-11.40%

4
4.00%

3
3/31/12

E uro systeem

210.1 8

2.00%
%

n/a

-00.20%

-11.20%

2
2/29/12

Algeria

178.3 0

1.70%
%

111.880%

1
1.40%

199.10%

8
8/31/11

Thailand

168.777

1.60%
%

53.000%

-00.60%

-33.20%

4/6/12

M exico

150.881

1.40%
%

14.660%

1
1.30%

222.50%

4/6/12

M alaysia

122.000

1.20%
%

51.330%

0
0.80%

222.70%

3
3/30/12

I ndo nesiaa

110.449

1.10%
%

15.660%

-11.50%

4
4.50%

3
3/31/12

Libya

97.1 3

0.90%
%

155.880%

2
2.20%

0
0.30%

122/31/11

P o land

86.1 7

0.80%
%

18.440%

-11.30%

-33.20%

3
3/31/12

Denm ark

79.447

0.80%
%

25.660%

1
1.70%

9
9.70%

1/311/2012

Turkey

79.1 5

0.80%
%

10.880%

-00.10%

-99.00%

4/6/12

I srael

77.000

0.70%
%

35.440%

-00.10%

3
3.40%

3
3/31/12

Canada

68.9 4

0.70%
%

4.440%

-11.10%

133.10%

4/88/2012

P hilippinees

66.669

0.60%
%

33.440%

1
1.50%

200.20%

1
1/31/12

U nited Kiingdo m

58.9 4

0.60%
%

2.660%

2
2.00%

9
9.60%

2
2/29/12

E CB

53.2 2

0.50%
%

n/a

-00.90%

-33.80%

n/a

U .A.E .

49.669

0.50%
%

16.770%

-22.80%

388.00%

9/300/2011

U nited St ates

46.449

0.40%
%

0.330%

-11.30%

-11.00%

3
3/30/12

P eru

46.1 0

0.40%
%

29.440%

0
0.00%

100.70%

122/31/11

Hungary

45.773

0.40%
%

35.660%

-44.70%

0
0.80%

2
2/29/12

Ro m ania

45.5 2

0.40%
%

28.220%

3
3.90%

-44.00%

3
3/31/12

N o rway

43.1 8

0.40%
%

10.550%

0
0.80%

1
1.40%

3/311/2012

Czech Rep
public

43.000

0.40%
%

22.440%

-00.20%

1
1.40%

3
3/31/12

Argentinaa

40.003

0.40%
%

10.990%

0
0.20%

-144.30%

2/299/2012

Sweden

39.9 8

0.40%
%

8.770%

3
3.80%

4
4.40%

2/299/2012

So uth Afrrica

39.885

0.40%
%

11.000%

-00.30%

122.50%

122/31/11

Chile

39.5 5

0.40%
%

18.660%

0
0.60%

255.60%

3
3/31/12

Germ any

38.1 1

0.40%
%

1.220%

0
0.00%

2
2.00%

2
2/29/12

Australia

37.773

0.40%
%

4.110%

3
3.00%

511.30%

3
3/31/12

I taly

34.008

0.30%
%

1.770%

-11.60%

-77.20%

2
2/29/12

-4-

Globaal Benchmark Go
overnmen
nt Yields Watch: 10-Year
1

Country

10-Y
Year N ote 1-M
M onth Ago

3 -M onths Ago

6-M onths Ago

A

1-Year Chhange

1-Ye ar BP

G7 & Eurro Zone

U .S.

2.02%

2.13%

1.86%
%

2.118%

3.46%

-144

Euro Reggion

1.75%

1.82%

1.77%
%

2.111%

3.44%

-169

Japan

0.94%

0.97%

0.95%
%

1.002%

1.31%

-37

Germanyy

1.75%

1.82%

1.77%
%

2.111%

3.44%

-169

France

2.90%

2.90%

3.08%
%

2.996%

3.74%

-83

Italy

5.43%

4.90%

6.64%
%

5.882%

4.69%

74

U .K.

2.05%

2.17%

1.97%
%

2.556%

3.71%

-166

Canada

2.03%

2.07%

1.92%
%

2.229%

3.37%

-135

Austria

2.79%

2.80%

3.07%
%

2.996%

3.82%

-103

Belgium

3.37%

3.39%

4.16%
%

4.333%

4.24%

-88

Czech Reepub.

3.50%

3.46%

3.48%
%

3.227%

4.15%

-65

Denmarkk

1.72%

1.86%

1.66%
%

2.229%

3.68%

-196

Finland

2.12%

2.27%

2.15%
%

2.557%

3.71%

-159

Greece

21.10%

19.02%

34.36%
%

23.997%

12.92%

818

Hungary

8.91%

8.68%

9.29%
%

7.666%

7.05%

186

Ireland

8.21%

8.64%

13.20%
%

9.116%

6.45%

176

N etherlannds

2.24%

2.33%

2.09%
%

2.552%

3.71%

-146

N orway

2.38%

2.40%

2.80%
%

2.991%

3.86%

-148

Europe

5.56%

5.34%

5.82%
%

5.775%

6.18%

-62

12.55%

13.71%

12.46%
%

11.559%

8.74%

381

Russia

n/a

n/a

n/aa

n/a

n/a

n/a

Spain

5.89%

5.13%

5.22%
%

5.221%

5.23%

65

Sweden

1.79%

1.87%

1.59%
%

1.996%

3.36%

-157

Switzerlaand

0.76%

0.75%

0.78%
%

1.003%

2.11%

-135

Australia

3.83%

3.93%

3.84%
%

4.446%

5.63%

-179

Hong Ko ng

1.22%

1.30%

1.49%
%

1.336%

2.74%

-152

India

8.56%

8.33%

8.21%
%

8.772%

8.00%

57

M alaysia

3.53%

3.54%

3.60%
%

3.771%

4.08%

-55

N ew Zea land

4.20%

4.05%

3.87%
%

4.559%

5.78%

-158

Philippin es

5.79%

5.54%

5.34%
%

5.993%

7.01%

-121

Singaporee

1.63%

1.53%

1.60%
%

1.663%

2.43%

-80

S. Korea

3.90%

3.85%

3.79%
%

3.778%

4.50%

-60

Taiwan

1.28%

1.26%

1.28%
%

1.330%

1.35%

-7

Thailand

3.78%

3.51%

3.20%
%

3.445%

3.65%

13

Poland
Portugal

Asia

Source: Bloomberg.
Note: GDP
P and Consumerr Prices are calcculated as YoY change
c
for the most
m recent periiod available.
Fedeeral budget and current accoun
nt are expressed as an estimated
d percent of GDP
P for all of 20111 according to th
he IMF.
The federal budget as a percent of GDP
G
is the geneeral governmen
nt balance in perrcent of GDP as reported in thee World
Econ
nomic Outlook (Euro
(
Region = Euro
E
area).

-5-

Disclaimer
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mited is not respo
onsible for any error
e
or inaccuraacy or for any lo
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6
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