Bi-Weekly Report 18 February – 2 March 2020


Annual GDP growth rose to a 7-quarter high of 6.0% y-o-y in Q4:19, driven by monetary stimulus and favourable base effects

The momentum is positive, but downside risks are increasing



Credit expansion remained strong in FY:19, amid an improving operating environment

Customer deposit growth maintained momentum in FY:19, due to improving confidence in the domestic economy and strong GDP growth

Residential real estate prices maintained their upward trend in FY:19



The banking sector’s ROAE strengthened to 13.5% in FY:19, remaining in double digits for a 3rd consecutive year, due to lower provisioning



GDP growth maintained its strong momentum in Q1:19/20

Activity should pick up slightly to a 12-year high of 5.8% this fiscal year (ending in June 2019) from 5.6% in FY:18/19 -- still above the economy’s long-term potential (of 5.0%) for a 3rd successive year

The (underlying) fiscal balance improved in H1:19/20



Bi-Weekly Report 18 February – 2 March 2020

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