Domestic passenger car sales were at their highest level in a year. The aviation sector recovered from the impact of the third wave and returned to pre-pandemic levels, carrying 10.7 million passengers during the month, up nearly 40% from February. Hence, absolute numbers could offer a better measure of progress, but recovery was clear here too. Since the economy was already slowing before the lockdown in March 2020, some base effect has bumped up the numbers in the tracker in March this year. However, the gain was primarily because the tracker reports annualized changes since the same month two years ago to avoid the base effect of the first lockdown. The consumer economy segment of the tracker performed the best in three years, with three indicators above their five-year average trend. However, the report said global supply chain disruptions and weaker global growth prospects as a result of the war in Ukraine could weigh on the country’s economic recovery. In a report released on 8 April, Nomura noted recovery in contact-intensive activities as the pandemic scare subsided and mobility rose rapidly. Its colour coding-red, green and amber-is based on the performance relative to the five-year average trend. Launched in October 2018, Mint’s macro tracker provides a comprehensive monthly report on the state of the economy, based on trends in 16 high-frequency indicators across four segments: consumer economy, producer economy, external sector, and ease of living.
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