India
Among the world's fastest-growing economies — inflation tame and rates on hold, with equities little changed year-to-date.
FY26 GDP Growth7.70%
Overview
- Growth. GDP grew 7.80% year-on-year in Q1 FY27, with full-year FY26 growth of 7.70% — 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 broadly flat year-to-date, down 0.11% to 23,366.70, with a 10-year CAGR of 10.95%.
- Currency & reserves. The rupee has eased to ₹95.19 per USD, while foreign-exchange reserves rose to $682.32 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)
7.70%
▲from 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
FY 2024-25
Policy Rate (Repo)
5.25%
Jun 2026
Unemployment
5.20%
Apr 2026
INR per USD
₹95.19
▲from ₹94.87
05 Jun 2026
FX Reserves
$682.32 bn
▲from $681.38 bn
29 May 2026
Fiscal Deficit / GDP
-4.40%
FY 2025-26
02
Equity Market — Nifty 50
Nifty 50
23,366.70
Close · 05 Jun 2026
5D-0.00%
MTD-0.00%
YTD-0.11%
3M-0.04%
1Y CAGR-0.06%
5Y CAGR+8.32%
10Y CAGR+10.95%
03
Indicators in Detail
Growth & Output
GDP (Nominal)FY 2024-25$3,912.69 bn
GDP Growth (YoY)Q1 FY27+7.80%
GDP Growth (QoQ)Q3 2025+1.80%
Fiscal Year GDP GrowthFY 2026+7.70%
Industrial Production YoYApr 2026+4.90%
Manufacturing Production YoYApr 2026+6.20%
Mining Production YoYMar 2026+5.50%
Capacity UtilisationQ1 FY2775.60%
Inflation & Prices
CPI Inflation YoYApr 20263.48%
CPI Inflation MoMApr 20260.27%
Food InflationApr 20264.20%
WPI Inflation YoYApr 2026+8.30%
WPI Manufacturing YoYApr 2026+4.62%
WPI Food YoYApr 2026+2.31%
WPI Fuel & Power YoYApr 2026+24.71%
Inflation Expectations (1Y)Mar 20268.80%
Monetary Policy & Banking
Repo RateJun 20265.25%
Reverse Repo RateApr 20263.35%
Cash Reserve RatioJun 20263.00%
10-Year Bond Yield05 Jun 20266.95%
3-Month MIBOR27 May 20266.75%
Weighted Avg Lending RateMay 20268.99%
Bank Loan Growth YoY15 May 2026+16.20%
Deposit Growth YoY15 May 2026+12.20%
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 / GDPFY 2024-25-0.60%
Foreign Exchange Reserves29 May 2026$682.32 bn
External DebtQ4 2025$765.50 bn
RemittancesQ4 2025$26.23 bn
Fiscal Position
Fiscal Deficit / GDPFY 2026-4.40%
Fiscal Deficit (Value)Apr 2026-₹3,623 bn
Govt Debt / GDPFY 2024-2581.92%
Government RevenueFeb 2026₹27,919 bn
Government ExpenditureFeb 2026₹40,446 bn
Corporate Tax RateFY 202734.94%
Personal Income Tax RateFY 202739.00%
GST RateFY 202718.00%
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)FY 2027₹178/day
Population20251,421 mn
Business Activity & Sentiment
Business Expectations IndexQ1 FY27118.80
Consumer ConfidenceMar 202695.70
Composite Leading IndicatorApr 2026102.24
Manufacturing PMIAug 202457.90
Services PMIAug 202460.40
Retail Sales YoYMar 2026+10.00%
Car SalesApr 2026437,312 units
Car ProductionApr 20262,922,427 units
Energy & Commodities
Crude Oil ProductionFeb 2026563 k bbl/day
Electricity ProductionQ1 FY27134,740 GWh
Steel ProductionApr 202613,800 kT
Gold ReservesQ1 FY27880.52 tonnes
Money Supply M315 May 2026₹310,232 bn
Households Debt / GDPQ3 202545.50%
Residential Property Prices YoYQ4 2025+3.58%
Gasoline Prices25 May 2026$1.07/litre
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% annual rate in Q1 2026, supported by robust consumer spending and manufacturing (ISM PMI 54.0).
- 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 7.86% year-to-date to 7,383.74, and 24.32% over the trailing year.
- Labour. Unemployment is 4.30% (May 2026), with 172,000 non-farm jobs added and wage growth moderating to 3.40%.
- Fiscal & external. The budget deficit is 5.90% of GDP with debt at $38.97 trillion; the dollar index trades at 100.07.
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%
May 2026
Unemployment Rate
4.30%
May 2026
US Dollar Index
100.07
▲from 98.97
05 Jun 2026
FX Reserves
$38.80 bn
▲from $38.12 bn
Apr 2026
Fiscal Deficit / GDP
-5.90%
2025
02
Equity Market — S&P 500
S&P 500
7,383.74
Close · 05 Jun 2026
5D-0.03%
MTD-0.03%
YTD+7.86%
3M+8.88%
1Y CAGR+24.32%
5Y CAGR+11.79%
10Y CAGR+13.33%
03
Indicators in Detail
Growth & Output
GDP (Nominal)CY 2024$29,184.89 bn
GDP Annual GrowthQ1 2026+2.70%
GDP Growth Rate (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 PMIMay 202654.00
Inflation & Prices
CPI Inflation (YoY)Apr 20263.80%
CPI Inflation (MoM)Apr 20260.60%
Core Inflation (YoY)Apr 20262.80%
PCE Price Index (YoY)Apr 20263.80%
Core PCE (YoY)Apr 20263.30%
PPI (YoY)Apr 2026+6.00%
Food InflationApr 20263.20%
Energy InflationApr 202617.90%
Monetary Policy & Banking
Federal Funds Rate31 May 20263.75%
10Y Treasury Yield05 Jun 20264.52%
Effective Fed Funds Rate04 Jun 20263.62%
Bank Lending RateMay 20266.75%
30-Year Mortgage Rate04 Jun 20266.48%
15-Year Mortgage Rate04 Jun 20265.79%
Central Bank Balance Sheet03 Jun 2026$6,711.5 bn
Money Supply M2Apr 2026$22,804.5 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 ReservesApr 2026$38.84 bn
External DebtQ4 2025$29,448.2 bn
Dollar Index05 Jun 2026100.07
Fiscal Position
Government DebtApr 2026$38,967.8 bn
Debt to GDP2025123.30%
Fiscal Deficit / GDP2025-5.90%
Budget BalanceApr 2026$215.02 bn
Government RevenuesApr 2026$837.34 bn
Government ExpenditureApr 2026$622.32 bn
Government Spending / GDP202533.80%
Corporate Tax Rate202621.00%
Labour Market
Unemployment RateMay 20264.30%
Non-Farm PayrollsMay 2026+172k
Employment RateMay 202659.20%
Labor Force ParticipationMay 202661.80%
Avg Hourly Earnings (YoY)May 2026+3.40%
Average Weekly HoursMay 202634.30
Job OpeningsApr 20267,618,000
Population2025342.28 million
Business Activity & Sentiment
ISM Manufacturing PMIMay 202654.00
ISM Services PMIMay 202654.50
Consumer ConfidenceMay 202644.80
Leading Economic IndexApr 202697.40
Retail Sales (MoM)Apr 2026+0.50%
Retail Sales (YoY)Apr 2026+4.90%
Total Vehicle SalesMay 202616.10 million
Factory OrdersApr 2026+4.80%
Energy & Housing
Crude Oil ProductionMar 202613,696 k bbl/d
Crude Oil Rigs05 Jun 2026431
Gold ReservesQ1 20268,133.46 tonnes
Housing StartsApr 20261,465,000
New Home SalesApr 2026622,000
Existing Home SalesApr 20264,020,000
Case-Shiller Home Price (YoY)Mar 2026+0.80%
Household Debt / GDPQ3 202568.00%
04
Ratings & Indices
United Kingdom
Growth stays modest and inflation eases toward target, while the FTSE holds double-digit annual gains.
Q1 GDP Growth (YoY)+1.10%
Overview
- Growth. GDP grew 1.10% year-on-year in Q1 2026, on quarterly growth of 0.60%.
- Inflation & rates. Headline inflation has eased to 2.80% (Apr 2026) with core at 2.50%; the Bank of England holds its rate at 3.75%.
- Equities. The FTSE 100 is up 17.67% over the past year to 10,368.05, and 4.40% year-to-date.
- Labour. Unemployment is 5.00% with an employment rate of 75.00%; wage growth of 4.10% is now running ahead of inflation.
- Fiscal. Government debt is 94.20% of GDP with a deficit of 4.30%; the trade deficit was £9.66 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 (Constant Prices)
£710.90 bn
Q1 2026
Bank Rate
3.75%
May 2026
Unemployment
5.00%
Mar 2026
GBP / USD
1.33
▼from 1.34
05 Jun 2026
FX Reserves
$230.29 bn
Mar 2026
Fiscal Deficit / GDP
-4.30%
2025
02
Equity Market — FTSE 100
FTSE 100
10,368.05
Close · 05 Jun 2026
5D-0.40%
MTD-0.40%
YTD+4.40%
3M-0.42%
1Y CAGR+17.67%
5Y CAGR+7.96%
10Y CAGR+5.13%
03
Indicators in Detail
Growth & Output
GDP (Constant Prices)Q1 2026£710.90 bn
GDP Growth Rate (QoQ)Q1 2026+0.60%
GDP Annual Growth RateQ1 2026+1.10%
Monthly GDP YoYMar 2026+1.20%
Industrial Production YoYMar 20260.00%
Manufacturing Production YoYMar 2026+1.20%
Construction Output MoMMar 2026-0.30%
Services OutputQ1 2026£518.66 bn
Inflation & Prices
Inflation Rate (CPI)Apr 20262.80%
Core Inflation RateApr 20262.50%
Food InflationApr 20263.00%
Energy InflationApr 20267.10%
Services InflationApr 20263.20%
Producer Prices YoYApr 2026+4.00%
PPI Input YoYApr 2026+7.70%
Inflation Expectations (1Y)May 20263.70%
Monetary Policy & Banking
Bank of England RateMay 20263.75%
Deposit Facility RateMay 20263.50%
Lending Facility RateMay 20264.00%
10-Year Gilt Yield05 Jun 20264.88%
SONIA (overnight)03 Jun 20263.73%
Bank Lending RateApr 20268.98%
Mortgage RateMay 20266.60%
Consumer CreditApr 2026£1,859 mn
External Sector
Trade BalanceMar 2026-£9.66 bn
Goods Trade BalanceMar 2026-£27.22 bn
ExportsMar 2026£79.13 bn
ImportsMar 2026£88.78 bn
Current AccountQ4 2025-£18.39 bn
Current Account / GDP2025-2.40%
FX ReservesMar 2026$230,292 mn
External DebtQ4 2025£8,221.02 bn
Fiscal Position
Fiscal Deficit / GDP2025-4.30%
Public Sector Net BorrowingApr 2026-£24.34 bn
Government DebtApr 2026£2,943.00 bn
Debt / GDP RatioApr 202694.20%
Government RevenuesApr 2026£94.78 bn
Government ExpenditureApr 2026£119.12 bn
Tax RevenueApr 2026£64.19 bn
Corporate Tax Rate202625.00%
Labour Market
Unemployment RateMar 20265.00%
Employment RateMar 202675.00%
Employed PersonsMar 202634,392,000
Labour Force ParticipationMar 202679.10%
Wage Growth YoYMar 2026+4.10%
Average Weekly WagesMar 2026£749
Job VacanciesMar 2026705,000
Youth UnemploymentMar 202614.70%
Business Activity & Sentiment
Composite PMIAug 202453.40
Manufacturing PMIAug 202452.50
Services PMIAug 202453.30
Construction PMIJul 202455.30
Business ConfidenceQ2 2026-65.00
Consumer ConfidenceMay 2026-23.00
Retail Sales YoYApr 20260.00%
Car Registrations YoYMay 2026+7.10%
Housing & Property
Average House PriceMay 2026£298,806
House Price Index YoYMay 2026+0.50%
Nationwide HPI YoYMay 2026+1.70%
Mortgage ApprovalsApr 202665,940
Mortgage LendingApr 2026£4,370 mn
Private Rental Prices YoYApr 2026+3.50%
Home Ownership Rate202364.50%
Household Debt / GDPQ3 202573.90%
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), with corporate profits at ¥32.6 trillion in Q1.
- Inflation & rates. Inflation is 1.40% (Apr 2026), still below the BoJ's target; the Bank of Japan has raised its rate to 0.75% as it normalizes policy.
- Equities. The Nikkei 225 stands at 66,588.12, buoyed by resilient corporate earnings.
- Currency. The yen has weakened to ¥160.20 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 $1,305.9 billion; unemployment is just 2.50%.
01
Headline Indicators
Policy Rate
0.75%
The BoJ's step away from years of ultra-loose policy.
May 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%
Apr 2026
JPY per USD
¥160.20
▲from ¥159.26
05 Jun 2026
FX Reserves
$1,305.9 bn
▼from $1,383 bn
May 2026
Fiscal Deficit / GDP
-2.30%
2024
02
Equity Market — Nikkei 225
Nikkei 225
66,588.12
Close · 05 Jun 2026
Stock-market return data is unavailable for this reporting period.
03
Indicators in Detail
Growth & Output
GDP (Nominal)CY 2024$4,026.2 bn
GDP Growth (QoQ)Q1 2026+0.50%
GDP Growth (Annualized)Q1 2026+2.10%
GDP Growth (YoY)Q1 2026+0.60%
GDP Constant PricesQ1 2026¥593,693 bn
Industrial Production (YoY)Apr 2026+2.30%
Manufacturing ProductionApr 2026+2.30%
Capacity UtilizationMar 2026103.7 pts
Inflation & Prices
CPI HeadlineApr 20261.40%
Core Inflation (ex-Food)Apr 20261.40%
Core-Core CPIApr 20261.90%
Food InflationApr 2026+3.50%
Services InflationApr 20260.90%
Producer Prices (YoY)Apr 2026+4.90%
Producer Prices (MoM)Apr 2026+2.30%
Inflation ExpectationsQ1 20262.40%
Monetary Policy & Banking
Policy Rate (BOJ)May 20260.75%
10-Year JGB Yield05 Jun 20262.67%
Interbank Rate (3M TIBOR)05 Jun 20261.35%
Bank Lending RateMay 20263.05%
Deposit RateMay 20260.33%
Loan Growth (YoY)Apr 2026+5.40%
Loans to Private SectorApr 2026¥591,079 bn
Central Bank Balance SheetApr 2026¥663,253 bn
External Sector
ExportsApr 2026¥10,507 bn
Exports Growth (YoY)Apr 2026+14.80%
ImportsApr 2026¥10,205 bn
Imports Growth (YoY)Apr 2026+9.70%
Trade BalanceApr 2026¥301.9 bn
Current AccountMar 2026¥4,681.5 bn
Current Account / GDP2025+4.70%
FX ReservesMay 2026$1,305.9 bn
Fiscal Position
Budget Balance / GDP2024-2.30%
Budget BalanceQ4 2025-¥28,772 bn
Government Debt / GDP2025248.70%
Government RevenuesQ4 2025¥175,316 bn
Government ExpenditureQ4 2025¥204,088 bn
Corporate Tax Rate202631.52%
Personal Income Tax202555.95%
Sales Tax (Consumption)202610.00%
Labour Market
Unemployment RateApr 20262.50%
Unemployed PersonsApr 20261,790 k
Employment RateApr 202662.60%
Labor ParticipationApr 202664.40%
Jobs-to-Applicants RatioApr 20261.18
Wage Growth (YoY)Apr 2026+3.50%
Average Monthly WagesMar 2026¥358,095
Population2025123.2 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
Retail Sales (YoY)Apr 2026+2.10%
Retail Sales (MoM)Apr 2026+1.30%
Car RegistrationsMay 2026187,486 units
Leading Economic IndexApr 2026115.9 pts
Key Sectoral Metrics
Corporate ProfitsQ1 2026¥32,627 bn
Steel ProductionApr 20266,600 k tonnes
Machinery Orders (YoY)Mar 2026+5.90%
Housing Starts (YoY)Apr 2026+11.40%
Money Supply M3Apr 2026¥1,640,511 bn
Gold ReservesQ1 2026845.97 tonnes
Tertiary Industry IndexMar 2026105.7 pts
Household Debt / GDPQ3 202561.10%
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).
- Inflation & rates. Inflation is benign at 1.70% (Apr 2026); the HKMA holds its base rate at 4.00% and the HKD peg is stable at 7.84 per USD.
- Equities. The Hang Seng is down 2.61% year-to-date to 24,961.95, though up 4.49% over the past year.
- Trade & external. Exports jumped 42.90% year-on-year in April, 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
03 Jun 2026
Foreign Reserves
$442.1 bn
Apr 2026
02
Equity Market — Hang Seng
Hang Seng
24,961.95
Close · 05 Jun 2026
5D-0.88%
MTD-0.88%
YTD-2.61%
3M-3.18%
1Y CAGR+4.49%
5Y CAGR-2.90%
10Y CAGR+1.59%
03
Indicators in Detail
Growth & Output
GDP Annual Growth RateQ1 2026+5.90%
GDP Growth Rate (QoQ)Q1 2026+2.90%
GDP (Constant Prices)Q1 2026HKD 854,423 mn
GDP per Capita (PPP)CY 2024$66,171
Industrial ProductionQ4 2025+5.70%
GDP from ServicesQ4 2025HKD 774,404 mn
GDP from ManufacturingQ4 2025HKD 7,598 mn
GDP from ConstructionQ4 2025HKD 28,541 mn
Inflation & Prices
Inflation Rate (YoY)Apr 20261.70%
Inflation Rate (MoM)Apr 2026-0.10%
Food InflationApr 2026+0.70%
Consumer Price IndexApr 2026110.40
CPI TransportationApr 2026117.30
Producer PricesQ4 2025129.70
Producer Prices ChangeQ4 2025+9.50%
GDP DeflatorQ1 202698.80
Monetary Policy & Banking
Base Interest RateApr 20264.00%
3M Interbank Rate02 Jun 20262.77%
Prime Lending RateApr 20265.00%
10Y Government Bond Yield02 Jun 20263.27%
Loans to Private SectorMar 2026HKD 10,440 bn
Banks Balance SheetMar 2026HKD 31,611 bn
Money Supply M2Mar 2026HKD 20,820 bn
Money Supply M3Mar 2026HKD 20,865 bn
External Sector
Exports Growth (YoY)Apr 2026+42.90%
Imports Growth (YoY)Apr 2026+44.40%
ExportsApr 2026HKD 620,884 mn
ImportsApr 2026HKD 650,368 mn
Trade BalanceApr 2026-HKD 29,483 mn
Current Account BalanceQ4 2025HKD 93,872 mn
Current Account / GDP2025+12.20%
Foreign Exchange ReservesApr 2026$442,100 mn
Fiscal Position
Government Budget / GDP2025+0.30%
Government Budget ValueQ4 2025HKD 88,370 mn
Government RevenuesQ4 2025HKD 243,203 mn
Fiscal ExpenditureQ4 2025HKD 154,833 mn
Government Debt / GDP202511.90%
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 SalaryQ4 2025HKD 19,683
Minimum Hourly WageMay 2026HKD 43.10
Population20257.51 million
Business Activity & Sentiment
Business ConfidenceQ2 2026-5.0 pts
Consumer SpendingQ1 2026HKD 545,330 mn
Retail Sales (YoY)Apr 2026+6.40%
Retail Sales (MoM)Apr 2026-7.80%
Tourist ArrivalsMar 20264,354,229
Car RegistrationsMar 202610,446 units
BankruptciesMar 202611,016 companies
Property & Household
House Price Index24 May 2026157.45
Residential Property PricesQ4 2025+2.49%
Property Price Index (MoM)Apr 2026+0.60%
Home Ownership Rate202550.90%
Households Debt / GDPQ3 202587.60%
External DebtQ4 2025HKD 16,054 bn
Gold ReservesQ4 20252.08 tonnes
Gasoline PricesMay 2026$4.17/litre
04