India
Among the world's fastest-growing economies — inflation tame and rates on hold, though equities trail year-to-date.
FY26 GDP Growth7.60%
Overview
- Growth. GDP grew 7.80% year-on-year last quarter, with full-year FY26 growth of 7.60% — among the world's fastest-growing major economies.
- Inflation & rates. CPI is well-anchored at 3.48% (Apr 2026), letting the RBI hold the repo rate at 5.25% with the cash reserve ratio at 3.00%.
- Equities. The Nifty 50 is down 9.88% year-to-date to 23,547.75, though its 10-year CAGR remains a solid 11.18%.
- Currency & reserves. The rupee has eased to ₹94.87 per USD, with foreign-exchange reserves at $681.38 billion.
- Fiscal. The central-government deficit holds at 4.40% of GDP with government debt at 81.92% of GDP; unemployment is 5.20%.
01
Headline Indicators
GDP Growth (FY26)
7.60%
Among the world's fastest-growing major economies.
FY 2025-26
Inflation (CPI)
3.48%
Comfortably within the RBI's 2-6% tolerance band.
Apr 2026
GDP (Nominal)
$3,912.69 bn
CY 2024
Policy Rate (Repo)
5.25%
08 Apr 2026
Unemployment
5.20%
Apr 2026
INR per USD
₹94.87
▼from ₹95.59
29 May 2026
FX Reserves
$681.38 bn
▼from $688.89 bn
22 May 2026
Fiscal Deficit / GDP
-4.40%
FY 2025-26
02
Equity Market — Nifty 50
Nifty 50
23,547.75
Close · 29 May 2026
5D-0.72%
MTD-1.87%
YTD-9.88%
3M-5.30%
1Y CAGR-5.18%
5Y CAGR+8.81%
10Y CAGR+11.18%
03
Indicators in Detail
Growth & Output
GDP (Nominal)CY 2024$3,912.69 bn
GDP Annual GrowthQ4 20257.80%
Fiscal Year GDP GrowthFY 20267.60%
GDP (Constant Prices)Q4 2025₹84,535.56 bn
Industrial Production YoYMar 20264.10%
Manufacturing Production YoYMar 20264.30%
Mining Production YoYMar 20265.50%
Capacity UtilisationQ1 202675.60%
Inflation & Prices
CPI Inflation YoYApr 20263.48%
CPI Inflation MoMApr 20260.27%
Food InflationApr 20264.20%
WPI YoYApr 20268.30%
WPI Food Index YoYApr 20262.31%
WPI Manufacturing YoYApr 20264.62%
WPI Fuel & Power YoYApr 202624.71%
Inflation Expectations (1Y)Mar 20268.80%
Monetary Policy & Banking
Policy Rate (Repo)08 Apr 20265.25%
Reverse Repo RateApr 20263.35%
Cash Reserve Ratio08 Apr 20263.00%
10-Year Bond Yield29 May 20267.00%
3-Month MIBOR21 May 20266.46%
Weighted Avg Lending RateApr 20269.06%
Bank Loan Growth YoY15 May 202616.20%
Deposit Growth YoY15 May 202612.20%
External Sector
ExportsApr 2026$43.56 bn
ImportsApr 2026$71.94 bn
Trade BalanceApr 2026-$28.38 bn
Current AccountQ4 2025-$13.17 bn
Current Account / GDPCY 2024-0.60%
Foreign Exchange Reserves22 May 2026$681.38 bn
External DebtQ4 2025$765.50 bn
RemittancesQ4 2025$26.23 bn
Fiscal Position
Government Budget / GDPFY 2025-4.40%
Fiscal DeficitFeb 2026-₹1,252,649 cr
Government RevenuesFeb 2026₹2,791,943 cr
Government ExpenditureFeb 2026₹4,044,592 cr
Govt Debt / GDPCY 202481.92%
Corporate Tax Rate202634.94%
Personal Income Tax Rate202639.00%
GST Rate202618.00%
Labour Market
Unemployment RateApr 20265.20%
Labour Force ParticipationApr 202655.00%
Employment RateMar 202652.60%
Avg Monthly Wages (Salaried)Q2 2024₹21,103
Average Weekly HoursQ2 202441.70 hrs
Minimum Wage (Floor)2026₹178/day
Population20251,411.02 mn
Business Activity & Sentiment
Business Expectations IndexQ1 2026118.80
Consumer ConfidenceMar 202695.70
Composite Leading IndicatorApr 2026102.24
Retail Sales YoYMar 202610.00%
Car SalesApr 2026437,312 units
Car ProductionApr 20262,922,427 units
Infrastructure Output YoYApr 20261.70%
Steel ProductionApr 202613,800 kT
Energy & Commodities
Crude Oil ProductionJan 2026564 k bbl/day
Electricity ProductionMar 2026134,739.80 GWh
Gold ReservesQ1 2026880.52 tonnes
Gasoline Prices25 May 2026$1.07/litre
Money Supply M315 May 2026₹310,231.76 bn
Households Debt / GDPQ3 202545.50%
Residential Property Prices YoYQ4 20253.58%
04
Ratings & Indices
United States
Resilient 2.7% growth and a strong S&P 500, shadowed by inflation that stays sticky above target.
Q1 GDP Growth (YoY)+2.70%
Overview
- Growth. GDP expanded at a 2.70% annualized rate in Q1 2026, supported by robust consumer spending and strong manufacturing (ISM PMI 52.7).
- Inflation & rates. Headline CPI is 3.80% (Apr 2026) with core at 2.80% — both above the Fed's 2% target; the Federal Reserve holds its rate at 3.75%.
- Equities. The S&P 500 is up 10.73% year-to-date to 7,580.06, reflecting steady investor confidence.
- Labour. Unemployment is 4.30%, with 115,000 jobs added in April, though job openings have moderated to 6.87 million.
- Fiscal & external. The budget deficit is 5.90% of GDP with debt at $38.97 trillion; the dollar index trades at 98.97.
01
Headline Indicators
GDP Growth (YoY)
+2.70%
Consumer spending and investment keep output resilient.
Q1 2026
Inflation Rate
3.80%
Still running above the Federal Reserve's 2% target.
Apr 2026
GDP (Nominal)
$29,184.89 bn
CY 2024
Federal Funds Rate
3.75%
Apr 2026
Unemployment Rate
4.30%
Apr 2026
US Dollar Index
98.97
▼from 99.32
29 May 2026
FX Reserves
$38.12 bn
Mar 2026
Fiscal Deficit / GDP
-5.90%
2025
02
Equity Market — S&P 500
S&P 500
7,580.06
Close · 29 May 2026
5D+1.43%
MTD+5.66%
YTD+10.73%
3M+11.20%
1Y CAGR+28.21%
5Y CAGR+12.51%
10Y CAGR+13.71%
03
Indicators in Detail
Growth & Output
GDP (Nominal)CY 2024$29,184.89 bn
GDP Growth (YoY)Q1 2026+2.70%
GDP Growth (QoQ)Q1 2026+1.60%
GDP per CapitaCY 2024$66,682.61
Industrial ProductionApr 2026+1.40%
Manufacturing ProductionApr 2026+1.30%
Capacity UtilizationApr 202676.10%
ISM Manufacturing PMIApr 202652.70
Inflation & Prices
CPI Inflation (YoY)Apr 20263.80%
CPI Inflation (MoM)Apr 20260.60%
Core Inflation (YoY)Apr 20262.80%
Core PCE (YoY)Apr 20263.30%
PCE Price Index (YoY)Apr 20263.80%
PPI (YoY)Apr 2026+6.00%
Food InflationApr 20263.20%
Energy InflationApr 202617.90%
Monetary Policy & Banking
Federal Funds Rate29 Apr 20263.75%
10Y Treasury Yield29 May 20264.44%
Effective Fed Funds Rate28 May 20263.62%
Bank Lending RateApr 20266.75%
30-Year Mortgage Rate28 May 20266.53%
15-Year Mortgage Rate28 May 20265.87%
Loans to Private SectorApr 2026$2,865.30 bn
Money Supply M2Apr 2026$22,804.50 bn
External Sector
Trade BalanceMar 2026-$60.31 bn
ExportsMar 2026$320.86 bn
ImportsMar 2026$381.17 bn
Current AccountQ4 2025-$190.70 bn
Current Account / GDP2025-3.60%
FX ReservesMar 2026$38.12 bn
External DebtQ4 2025$29,448.23 bn
Dollar Index29 May 202698.97
Fiscal Position
Government DebtApr 2026$38,967.83 bn
Debt to GDP2025123.30%
Fiscal Deficit / GDP2025-5.90%
Budget BalanceApr 2026$215.02 bn
Government RevenuesApr 2026$837.34 bn
Fiscal ExpenditureApr 2026$622.32 bn
Government SpendingQ1 2026$3,999.50 bn
Corporate Tax Rate202621.00%
Labour Market
Unemployment RateApr 20264.30%
Non-Farm PayrollsApr 2026+115k
ADP Employment ChangeApr 2026+109k
Participation RateApr 202661.80%
Employment RateApr 202659.10%
Job OpeningsMar 20266,866k
Average Hourly WagesApr 2026$32.23
Wage Growth (YoY)Apr 2026+3.60%
Business Activity & Sentiment
ISM Manufacturing PMIApr 202652.70
ISM Services PMIApr 202653.60
Michigan SentimentMay 202644.80
NFIB Business OptimismApr 202695.90
Retail Sales (MoM)Apr 2026+0.50%
Retail Sales (YoY)Apr 2026+4.90%
Vehicle SalesApr 202615.90 mn
Factory OrdersMar 2026+1.50%
Energy & Commodities
Crude Oil ProductionFeb 202613,626 k bbl/d
Crude Oil Rigs29 May 2026429
Crude Stock Change22 May 2026-3.33 mn bbl
Gasoline Stocks Change22 May 2026-2.57 mn bbl
Gold ReservesQ1 20268,133.46 tonnes
Steel ProductionApr 20267,200 k tonnes
Household Debt / GDPQ3 202568.00%
Total Debt BalanceQ1 2026$18.79 tn
04
Ratings & Indices
United Kingdom
Growth stays modest and inflation eases toward target, while the FTSE leads with double-digit annual gains.
Q1 GDP Growth (YoY)+1.10%
Overview
- Growth. GDP grew 1.1% year-on-year in Q1 2026, on quarterly growth of 0.6%.
- Inflation & rates. Headline inflation has come down to 2.8% (Apr 2026) with core at 2.5%; the Bank of England holds its rate at 3.75%.
- Equities. The FTSE 100 is up 19.42% over the past year to 10,409.28.
- Labour. Unemployment is 5.0% with an employment rate of 75.0%, though wage growth of 3.4% (ex-bonus) trails inflation.
- Fiscal. Government debt is 94.2% of GDP with a deficit of 4.3%; the trade deficit widened to £9.7 billion in March.
01
Headline Indicators
GDP Growth (YoY)
+1.10%
Modest expansion, led by the services sector.
Q1 2026
Inflation Rate
2.80%
Edging back toward the Bank of England's 2% goal.
Apr 2026
GDP (Nominal)
$3,643.8 bn
CY 2024
Bank Rate
3.75%
Apr 2026
Unemployment
5.00%
Mar 2026
GBP / USD
1.34
29 May 2026
FX Reserves
$230.3 bn
Mar 2026
Fiscal Deficit / GDP
-4.30%
2025
02
Equity Market — FTSE 100
FTSE 100
10,409.28
Close · 29 May 2026
5D-0.54%
MTD+0.85%
YTD+4.81%
3M-0.71%
1Y CAGR+19.42%
5Y CAGR+8.19%
10Y CAGR+5.27%
03
Indicators in Detail
Growth & Output
GDP (Constant Prices)Q1 2026£710,896 mn
GDP Growth QoQQ1 2026+0.6%
GDP Growth YoYQ1 2026+1.1%
Monthly GDP YoYMar 2026+1.2%
Industrial Production YoYMar 20260.0%
Manufacturing Production YoYMar 2026+1.2%
Services GDPQ1 2026£518,664 mn
Construction Output MoMMar 2026-0.3%
Inflation & Prices
CPI HeadlineApr 20262.8%
CPI CoreApr 20262.5%
CPI MoMApr 2026+0.7%
Food InflationApr 20263.0%
Energy InflationApr 20267.1%
Services InflationApr 20263.2%
Producer Prices YoYApr 2026+4.0%
PPI Input YoYApr 2026+7.7%
Monetary Policy & Banking
Bank of England RateApr 20263.75%
10-Year Gilt Yield29 May 20264.81%
SONIA (overnight)27 May 20263.73%
Bank Lending RateMar 20269.00%
Mortgage Rate (new)Mar 20264.03%
Consumer CreditMar 2026£1,895 mn
Mortgage ApprovalsMar 202663,530
Money Supply M4Mar 2026£3,270,082 mn
External Sector
Trade BalanceMar 2026-£9,658 mn
Goods Trade BalanceMar 2026-£27,218 mn
ExportsMar 2026£79,126 mn
ImportsMar 2026£88,784 mn
Current AccountQ4 2025-£18,392 mn
Current Account / GDP2025-2.4%
FX ReservesMar 2026$230,292 mn
External DebtQ4 2025£8,221,019 mn
Fiscal Position
Government Budget / GDP2025-4.3%
Public Sector Net BorrowingApr 2026-£24,343 mn
Government DebtApr 2026£2,943 bn
Debt / GDP RatioApr 202694.2%
Government RevenuesApr 2026£94,778 mn
Government SpendingApr 2026£119,121 mn
Interest PaymentsApr 2026£10,329 mn
Corporate Tax Rate202625.0%
Labour Market
Unemployment RateMar 20265.0%
Employment RateMar 202675.0%
Employed PersonsMar 202634,392,000
Labour Force ParticipationMar 202679.1%
Job VacanciesMar 2026705,000
Avg Earnings (ex-bonus) YoYMar 2026+3.4%
Average Weekly WagesMar 2026£749
Minimum Wage (hourly)Apr 2026£12.71
Business Activity & Sentiment
Composite PMIAug 202453.4
Manufacturing PMIAug 202452.5
Services PMIAug 202453.3
Construction PMIJul 202455.3
Business ConfidenceQ2 2026-65.0
Consumer ConfidenceMay 2026-23.0
Retail Sales YoYApr 20260.0%
Car RegistrationsApr 2026149,247
Housing & Property
Average House PricesApr 2026£299,313
House Price Index YoYApr 2026+0.4%
Nationwide Housing YoYApr 2026+3.0%
Private Rental Prices YoYApr 2026+3.5%
Home Ownership Rate202364.5%
Housing StartsQ4 202537,300 units
Household Debt / GDPQ3 202573.9%
Household Savings RateQ4 20259.9%
04
Ratings & Indices
Japan
The Bank of Japan edges away from ultra-loose policy as a weak yen aids exporters and debt tops 248% of GDP.
Q1 GDP Growth (YoY)+0.60%
Overview
- Growth. GDP grew 0.60% year-on-year in Q1 2026 (2.10% annualized), on improving domestic consumption and a resurgent external sector.
- Inflation & rates. Inflation is contained at 1.40% (Apr 2026), below the BoJ's target; the Bank of Japan holds its rate at 0.75% after stepping away from ultra-loose policy.
- Equities. The Nikkei 225 closed at 66,329.50, reflecting resilient corporate earnings.
- Currency. The yen has weakened to ¥159.26 per USD, supporting export competitiveness.
- Fiscal & external. Government debt is high at 248.70% of GDP, but the budget deficit has narrowed to 2.30% and FX reserves stand at $1,383 billion; unemployment is just 2.50%.
01
Headline Indicators
Policy Rate
0.75%
The BoJ's step away from years of ultra-loose policy.
Apr 2026
Inflation Rate
1.40%
Still short of the Bank of Japan's 2% target.
Apr 2026
GDP (Nominal)
$4,026 bn
CY 2024
GDP Growth (YoY)
+0.60%
Q1 2026
Unemployment
2.50%
▼from 2.70%
Apr 2026
JPY per USD
¥159.26
▲from ¥159.11
29 May 2026
FX Reserves
$1,383 bn
Apr 2026
Fiscal Deficit / GDP
-2.30%
2024
02
Equity Market — Nikkei 225
Nikkei 225
66,329.50
Close · 29 May 2026
Stock-market return data is unavailable for this reporting period.
03
Indicators in Detail
Growth & Output
GDP (Nominal)CY 2024$4,026.21 bn
GDP per CapitaCY 2024$37,144.91
GDP Growth (YoY)Q1 2026+0.60%
GDP Growth (Annualized)Q1 2026+2.10%
GDP Growth (QoQ)Q1 2026+0.50%
Industrial Production (YoY)Apr 2026+2.30%
Manufacturing ProductionMar 2026+2.50%
Capacity UtilizationMar 2026103.70 pts
Inflation & Prices
CPI Inflation (YoY)Apr 20261.40%
Core Inflation (ex-Food)Apr 20261.40%
Core-Core CPIApr 20261.90%
Food InflationApr 20263.50%
Services InflationApr 20260.90%
Producer Prices (YoY)Apr 20264.90%
Tokyo CPI (YoY)May 20261.40%
Inflation ExpectationsQ1 20262.40%
Monetary Policy & Banking
Policy Rate (BOJ)Apr 20260.75%
10-Year JGB Yield29 May 20262.66%
Interbank Rate (3M TIBOR)29 May 20261.27%
Bank Lending RateApr 20263.00%
Deposit RateApr 20260.33%
Loan Growth (YoY)Apr 2026+5.40%
Loans to Private SectorApr 2026¥591,078.7 bn
Central Bank Balance SheetApr 2026¥663,253.3 bn
External Sector
ExportsApr 2026¥10,507.4 bn
ImportsApr 2026¥10,205.4 bn
Trade BalanceApr 2026¥301.9 bn
Current AccountMar 2026¥4,681.5 bn
Current Account / GDP20254.70%
FX ReservesApr 2026$1,383.0 bn
External DebtQ4 2025¥725,809.0 bn
Terms of TradeApr 202688.34 pts
Fiscal Position
Budget Balance / GDP2024-2.30%
Government Debt / GDP2025248.70%
Government RevenuesQ4 2025¥17,531.6 bn
Government ExpenditureQ4 2025¥20,408.8 bn
Government SpendingQ1 2026¥122,782.3 bn
Gov't Spending / GDP202439.05%
Corporate Tax Rate202631.52%
Sales Tax (Consumption)202610.00%
Labour Market
Unemployment RateApr 20262.50%
Participation RateApr 202664.40%
Employment RateMar 202661.80%
Employed PersonsApr 202668,760 thousand
Jobs-to-ApplicationsApr 20261.18
Average WagesMar 2026¥358,095/month
Wage Growth (YoY)Mar 2026+2.70%
Population2025123.22 million
Business Activity & Sentiment
Tankan Large Mfg.Q1 20263.8 pts
Tankan Non-Mfg.Q1 202636.0 pts
Business ConfidenceQ1 202617.0 pts
Consumer ConfidenceMay 202633.6 pts
Leading Economic IndexMar 2026114.0 pts
Retail Sales (YoY)Apr 2026+2.10%
Car RegistrationsApr 2026223,369 units
Household Spending (YoY)Mar 2026-2.90%
Energy & Commodities
Steel ProductionApr 20266,600 k tonnes
Gold ReservesQ1 2026845.97 tonnes
Money Supply M3Apr 2026¥1,640,511.0 bn
Household Debt / GDPQ3 202561.10%
Private Debt / GDP2024162.60%
Housing IndexMar 2026146.28 pts
Housing Starts (YoY)Apr 2026+11.40%
Gasoline PricesMay 2026$1.06/litre
04
Ratings & Indices
Hong Kong
Accelerating 5.9% growth and surging exports, built on a budget surplus and one of the world's lowest debt loads.
Q1 GDP Growth+5.90%
Overview
- Growth. GDP expanded 5.90% year-on-year in Q1 2026 (2.90% quarter-on-quarter), building on full-year 2025 growth of 3.50%.
- Inflation & rates. Inflation is benign at 1.70% (Apr 2026); the HKMA holds its policy rate at 4.00% and the HKD peg is stable at 7.84 per USD.
- Equities. The Hang Seng is up 8.08% over the past year to 25,182.39, though slightly negative year-to-date at -1.75%.
- Trade & external. Exports jumped 35.80% year-on-year, and the current-account surplus is 12.20% of GDP with FX reserves of $442.1 billion.
- Fiscal. Hong Kong runs a budget surplus of 0.30% of GDP with ultra-low government debt at 11.90% of GDP; unemployment is 3.70%.
01
Headline Indicators
GDP Growth (YoY)
+5.90%
Accelerating — among Asia's fastest this quarter.
Q1 2026
Fiscal Balance / GDP
+0.30%
A budget surplus atop very low public debt.
FY 2025
GDP (Nominal)
$407.11 bn
CY 2024
Inflation Rate
1.70%
Apr 2026
Policy Rate
4.00%
Apr 2026
Unemployment
3.70%
Apr 2026
HKD per USD
7.84
▲from 7.83
27 May 2026
Foreign Reserves
$442.1 bn
Apr 2026
02
Equity Market — Hang Seng
Hang Seng
25,182.39
Close · 29 May 2026
5D-1.65%
MTD-2.69%
YTD-1.75%
3M-3.16%
1Y CAGR+8.08%
5Y CAGR-2.87%
10Y CAGR+1.92%
03
Indicators in Detail
Growth & Output
GDP Annual Growth RateQ1 2026+5.90%
GDP Growth Rate (QoQ)Q1 2026+2.90%
Full Year GDP Growth2025+3.50%
GDP Constant PricesQ1 2026HKD 854.4 bn
Manufacturing ProductionQ4 2025+5.70%
GDP From ServicesQ4 2025HKD 774.4 bn
GDP From ManufacturingQ4 2025HKD 7.6 bn
GDP From ConstructionQ4 2025HKD 28.5 bn
Inflation & Prices
Inflation RateApr 20261.70%
Inflation Rate MoMApr 2026-0.10%
Food InflationApr 2026+0.70%
Consumer Price IndexApr 2026110.4 pts
CPI TransportationApr 2026117.3 pts
Producer Prices ChangeQ4 2025+9.50%
GDP DeflatorQ1 202698.8 pts
Monetary Policy & Banking
Policy Interest RateApr 20264.00%
Prime Lending RateApr 20265.00%
3-Month Interbank Rate26 May 20262.85%
10-Year Government Bond26 May 20263.25%
Loans to Private SectorMar 2026HKD 10,440 bn
Banks Balance SheetFeb 2026HKD 31,606 bn
Money Supply M3Mar 2026HKD 20,865 bn
External Sector
Exports YoYMar 2026+35.80%
Imports YoYMar 2026+41.20%
Balance of TradeMar 2026-HKD 89.1 bn
Current AccountQ4 2025HKD 93.9 bn
Current Account / GDP2025+12.20%
Foreign Exchange ReservesApr 2026$442.1 bn
External DebtQ4 2025HKD 16,054 bn
Foreign Direct InvestmentQ4 2025HKD 20,873 bn
Fiscal Position
Government Budget2025+0.30% of GDP
Government Budget ValueQ4 2025HKD 88.4 bn
Government Debt / GDP202511.90%
Government RevenuesQ4 2025HKD 243.2 bn
Fiscal ExpenditureQ4 2025HKD 154.8 bn
Government SpendingQ1 2026HKD 113.6 bn
Corporate Tax Rate202616.50%
Personal Income Tax Rate202616.00%
Labour Market
Unemployment RateApr 20263.70%
Youth Unemployment RateApr 20266.80%
Labour Force ParticipationApr 202656.30%
Employed PersonsApr 20263,648,000
Unemployed PersonsApr 2026139,200
Average Monthly SalariesQ4 2025HKD 19,683
Minimum Hourly WagesMay 2026HKD 43.10
Population20257.51 million
Business Activity & Sentiment
Business ConfidenceQ2 2026-5.0 pts
Manufacturing PMIJul 202449.5 pts
Retail Sales YoYMar 2026+9.80%
Retail Sales MoMMar 2026-4.70%
Consumer SpendingQ1 2026HKD 545.3 bn
Car RegistrationsMar 202610,446 units
Tourist ArrivalsMar 20264,354,229
BankruptciesMar 202611,016 companies
Investment & Property
Gross Fixed Capital FormationQ1 2026HKD 142.5 bn
Housing Index17 May 2026157.49 pts
House Price Index MoMMar 2026+0.60%
Residential Property PricesQ4 2025+2.49%
Home Ownership Rate202550.90%
Households Debt / GDPQ3 202587.60%
Capital FlowsQ4 2025HKD 132.4 bn
Gold ReservesQ4 20252.08 tonnes
04