Economic Monthly ASEAN & India

Economic Monthly ASEAN & India AKI FUKUCHI, SHOHEI TAKASE ECONOMIC RESEARCH OFFICE TOKYO YUMA TSUCHIYA, MAKIKO STOKES ECONOMIC RESEARCH OFFICE SINGAPORE 1 DECEMBER 1 (ORIGINAL JAPANESE VERSION RELEASED ON DECEMBER 1) MUFG Bank, Ltd. A member of MUFG, a global financial group 1. Indonesia The central bank implemented an additional rate hike Bank Indonesia (BI), the central bank of Indonesia, unexpectedly decided to raise its benchmark 7-day Reverse Repo Rate by basis points (bps) (from.7% to.%) at BI board of governors meeting held on 1-1 November. It is the sixth rate hike since May, bringing a total of 17 bps hike. Since October, rupiah stopped depreciating against the US dollar and appeared to be rebounding. However, it seems that the BI decided on an additional rate hike in order to stabilize financial markets through strengthening fundamentals such as containing current account deficit amid anticipated global policy rate hike including US. Current account deficit widened to -3.% of Nominal GDP in Jul-Sep Current account deficit recorded USD -. billion (-3.% of Nominal GDP) in Jul-Sep, widening from the previous quarter. Although a surplus in secondary income balance widened, goods balance logged a deficit for the first time since Apr-Jun 1 and deficits in services balance and primary income balance widened. Looking at financial account balance, capital inflow by direct investment widened while portfolio investment turned to net outflow. As a result, overall balance logged a deficit for the third consecutive quarter. 7 Chart1:Consumer Price and Policy Rate Former Policy Rate CPI: Transportation, Communication and Finance CPI: Education, Recreation and Sports CPI: Health CPI: Clothing CPI: Housing, Electricity, Gas and Fuel CPI: Food Consumer Price Index Current Policy Rate Chart : Balance of Payments (% of Nominal GDP) Net Error & Omissions Other Investment Portfolio Investment Direct Investment Current Account Balance Overall Balance 3 1 - - -1 1 1 17 1 Source: Indonesia Central Bureau of Statistics (BPS), - 1 1 17 1 Source: Indonesia Central Bureau of Statistics (BPS), 1 Economic Monthly ASEAN & India 1 December 1

. Malaysia Real GDP growth slightly slowed to +.% YoY in Jul-Sep Real GDP growth slightly slowed to +.% YoY in Jul-Sep from the previous quarter (+.% YoY). Looking at the breakdown, contribution of net exports (exports less imports) turned to negative as imports (+.1% YoY) remained sluggish while exports (-.% YoY) declined for the first time in two years, and weighed on the growth rate. Meanwhile, private consumption recorded +9.% YoY, remaining solid following the previous quarter (+.% YoY). Low inflation owing to the abolishment of Goods and Services Tax (GST) also supported consumption. Gross fixed capital formation (+3.% YoY) accelerated from the previous quarter. CPI was +.% YoY in October, slightly accelerating albeit at low level Consumer Price Index (CPI) slightly accelerated to +.% YoY in October from the previous month (+.3% YoY). Housing, Water, Electricity, Gas & Other Fuels (approximately % of total share) recorded +.1% YoY, maintaining relatively high level. Food and Non Alcoholic Beverages (3% of total share), which has been remaining under +1% YoY since June this year, accelerated to +1.% YoY and boosted the overall index. Chart1: Real GDP Chart : Consumer Price 9 7 3 1-1 Others Net Exports Gross Fixed Capital Formation Government Consumption Private Consumption Real GDP 7 3 1-1 CPI: Others CPI: Communication CPI: Transport CPI: Furnishings, Household Equipment and Maintenance CPI: Housing,Water,Electricity,Gas & Other Fuels CPI: Food and Non Alcoholic Beverages CPI (Overall) (left axis) (%) Policy Rate (right axis) 7 3 1-1 - - - -3 1 1 17 1 Source: Department of Statistics Malaysia, -3 1 1 17 1 Source: Department of Statistics Malaysia, -3 3. Philippines Real GDP growth slightly slowed to +.1% YoY in Jul-Sep Real GDP growth slightly slowed to +.1% YoY in Jul-Sep. The growth of private consumption decelerated due to tax rise since January (higher excise taxes on petroleum products, sugar-sweetened beverages, tobacco and alcohol) and acceleration of inflation. Looking at gross fixed capital formation, capital investment slightly decelerated while public investment accelerated, and positive contribution of the overall GFCF narrowed. Meanwhile, negative contribution of external demand continued due to an increase in imports. The central bank implemented bps additional rate hike Bangko Sentral ng Pilipinas (BSP), the central bank of Philippines, decided to raise its benchmark Overnight Reverse Repo Rate by bps to.7% on 1 November, bringing a total of 17 bps hike since May. Economic Monthly ASEAN & India 1 December 1

Consumer Price Index (CPI) was +.7% YoY in October, remaining at the level far exceeding the target range (-%). Note, however, that growth on a month-over-month (MoM) basis decelerated particularly in Food & Non Alcoholic Beverages which indicates that acceleration of inflation is gradually settling. 1 1 1 - - - Chart 1: Real GDP - Private Consumption Government Consumption -1 Gross Fixed Capital Formation Net Exports 1 Statistical Discrepancy 1 17 Real GDP 1 Source: Philippine Statistics Authority, 7 3 1 Chart: Consumer Price and Policy Rate Others Transport Housing, Water, Electricity, Gas & Other Fuels Alcoholic Beverages & Tobacco Food & Non Alcoholic Beverages Consumer Price Index (CPI) CPI: Core Former Policy Rate Current Policy Rate -1 1 1 17 1 Source: Philippine Statistics Authority,. Singapore Real GDP growth (preliminary estimates) downwardly revised to +.% YoY in Jul-Sep Real GDP growth (preliminary estimates) was +.% YoY in Jul-Sep, downwardly revised from advance estimates (+.% YoY). Looking at the breakdown by expenditures, on domestic demand side, private consumption and government consumption continued to expand at a moderate pace while gross fixed capital formation turned to negative again as a decline in housing investment continued on the back of the government s measure to rein in speculative investment. Capital investment continued to increase. On external demand side, positive contribution of net exports (exports less imports) narrowed as exports decelerated while imports accelerated. Non-oil domestic exports accelerated to +.3% YoY in October Non-oil domestic exports (NODX) accelerated to +.3% YoY in October, accelerating from the previous month (+.1% YoY). Looking at the breakdown by items, Electronics (approximately 3% of total) was -3.% YoY. Meanwhile, Chemicals (3% of total) jumped to +31.% YoY and Non-electronics machinery (% of total) recorded +9.% YoY, turning to increase for the first time in five months. Looking at the breakdown by destinations, exports to Asia including China (% of total) was sluggish while exports to advanced countries/regions such as Japan, US and EU (1% of total respectively) increased considerably. 3 Economic Monthly ASEAN & India 1 December 1

1 1 1 - - - - Chart 1: Real GDP Others Inventories Net Exports Gross Fixed Capital Formation Government Consumption Private Consumption Real GDP -1 1 1 17 1 Source: Ministry of Trade and Industry (MTI) Singapore, 3 1 1 - -1-1 Chart : Non-oil domestic exports (NODX) Others Chemicals Electronics Foods Non-electronics machinery Non-oil domestic exports (NODX) - 1 1 17 1 Source: International Enterprise Singapore,. Thailand Real GDP growth decelerated to +3.3% YoY in Jul-Sep Real GDP growth was +3.3% YoY in Jul-Sep, decelerating to the slowest pace in around two years due to a slump in external demand, however maintained growth momentum supported by expansion of private consumption and capital investment. Looking at GDP by industries, growth of Agriculture slowed due to a decline in production of major crops. Manufacturing also decelerated on the back of a decline in exports. However, Services industry, which accounts for approximately % of the overall GDP, supported the GDP growth as Wholesale & Retail and Financial & Real Estate remained solid although Hotels & Restaurants decelerated on the back of a sluggish growth of the number of tourists. Taking into the GDP growth reading in Jan-Sep (+.3% YoY), the government set real GDP growth forecast for 1 as +.% YoY, slightly revising downward from the previous forecast (+.% YoY to +.% YoY, as of August). 1 - Chart 1: Real GDP (by expenditure) - Import + Discrepancy + Inventory Investment - Export Gross Fixed Capital Formation Government Consumption - Private Consumption Real GDP -1 1 1 17 1 Source: Thailand National Economic and Social Development Board, 7 3 1-1 - Chart : Real GDP (by industry) Others Transport & Communications Wholesale & Retail Manufacturing Real GDP Financial & Real Estate Hotels & Restaurants Construction Agriculture 1 1 17 1 Source: Thailand National Economic and Social Development Board, Economic Monthly ASEAN & India 1 December 1

. Vietnam CPI slowed to +3.% YoY in November Consumer Price Index (CPI) decelerated to +3.% YoY in November, recording the lowest level since April. Looking at the breakdown by items, Foods and Foodstuffs (+.% YoY) maintained higher level while Transportation (+.% YoY) and Health and Personal Care (+.%) decelerated. Core inflation (excluding volatile items such as food and energy components, and commodities under the government management including medical and education services) was +1.7% YoY, indicating a gradual upward trend albeit at low level. External debt increased to.% of GDP at the end of 17 External debt increased to USD1 billion (.% of GDP) at the end of 17. External debt to GDP ratio is projected to touch 9.9% in 19, nearly reaching the limit of % of GDP (as per the resolution adopted by the National Assembly in November 1), according to the National Assembly s Finance-Budget Committee. Looking at the breakdown, the ratio of Public and Publicly Guaranteed Debt declined to around % of total. On the back of this, public debts of large-scale projects were prepaid and conditions on the issuance of government guarantee were tightened to contain public debt. 1 9 7 3 1-1 7. India Chart1:Consumer Price and Policy Rate Others Housing and Construction Materials Transportation Consumer Price Index (CPI) Policy Rate Education Health and Personal Care Foods and Foodstuffs CPI (Core) - 1 1 17 1 Source: General Statistics Office of Vietnam, State Bank of Vietnam, 1 1 Chart : External Debt Outstanding (USD bn) External Debt: Debt Outstanding: Short-Term External Debt: Debt Outstanding: Long-Term External Debt: Debt Outstanding (left axis) % of GDP (right axis) % of Public and Publicly Guaranteed (right axis) % of Private Non-Guaranteed (right axis) (%) 1 3 7 9 1 11 1 13 1 1 1 17 Source: World Bank,, (Yr) 1 1 Real GDP growth decelerated to +7.1% YoY in Jul-Sep Real GDP growth decelerated to +7.1% YoY in Jul-Sep from the previous quarter (+.% YoY), although maintaining higher level within the regions. Looking at the breakdown, on domestic demand side, private consumption decelerated to +7.% YoY from the previous quarter (+.%) while government consumption and gross fixed capital formation accelerated. On external demand side, negative contribution of net exports (exports less imports) widened as import growth outpaced export growth. Motor vehicle sales recorded +.% YoY in October, increasing for the sixteenth consecutive month Economic Monthly ASEAN & India 1 December 1

Motor vehicle sales (based on the shipments by manufacturers) recorded +.% YoY in October, increasing for the sixteenth consecutive month. Looking at the breakdown, passenger vehicles sales recorded +1.% YoY, turning positive for the first time in four months. Commercial vehicles sales also jumped to +.% YoY. Two wheelers sales stood at +17.% YoY, extending increase for the twelfth consecutive month. 1 1 1 Chart1:Real GDP Others Net Exports Gross Fixed Capital Formation Government Consumption Private Consumption Real GDP 3 3 Chart : Motor Vehicle Sales Motor Vehicle Sales (right axis) YoY (left axis) (th) 1 1 3 3 1 1 - - - 1 1 17 1 Source: Government of India Central Statistics Office (CSO), (FY) -1 1 1 17 1 Source: Society of Indian Automobile Manufacturers (SIAM), Economic Monthly ASEAN & India 1 December 1

Appendix1: Economic indicators in major Asian economies Indonesia Major Economic Indicators Nominal GDP (USD bn) 1 933 1,1 Population (person mn)..7 1.9 GDP Per Capita (USD) 3,37 3, 3,7 1 1 17 17Q 1Q1 Q Q3 AUG-1 SEP OCT NOV Real GDP Growth Rate (.9) (.) (.1) (.) (.1) (.3) (.) Industrial Production Index (.) (.) (.7) (.1) (.3) (-.) (1.) (1.) (1.) Domestic Motor Vehicle Sales (Unit) 1,13,91 1,,79 1,79,3 7,7 9, 1, 3,9 1,197 93,311 1, (-1.1) (.9) (1.) (-1.) (.9) (.) (1.1) (.1) (.) (1.3) Consumer Price Index* (.) (3.) (3.) (3.) (3.3) (3.3) (3.1) (3.) (.9) (3.) (3.) Exports (fob) (USD mn) 1,3 1,1 1,77,3,73 3,71 7, 1,7 1,9 1, (-1.) (-3.) (1.) (13.) (.) (11.3) (.) (.) (.) (3.7) Imports (cif) (USD mn) 1,9 13,3 1,97,39 3,99,93 9,7 1,1 1,1 17, (-19.9) (-.9) (1.7) (.) (.1) (.3) (3.7) (.) (1.) (3.7) Trade Balance (USD mn) 7,71 9,33 11,7 997 31-1,37 -,37-9 31-1, Current Account Balance (USD mn) -17,19-1,9-17,37 -,91 -, -7,977 -, Total Reserves Minus Gold (USD mn) 13, 113,93 1,7 1,7 1,3 11, 111,1 11,9 111,1 BI Rate 7. 7-day Reverse Repo Rate.7.....7..7.7. Exchange Rate (IDR/USD)* 13,39 13,3 13,31 13,3 13,79 13,97 1,1 1, 1,7 1,177 1,1 Stock Index,93.,9.7,3.7,3.7,19.,799.,97.,1.,97.,31.7,.1 Note: *Average value during the period, End-of-period values. 7-day Reverse Repo Rate w as adopted as benchmark on August 19, 1. Source: Bank Indonesia (BI), CEIC, Bloomberg etc, Malaysia Major Economic Indicators Nominal GDP (USD bn) 9 97 31 Population (person mn) 31. 31. 3. 1 1 17 17Q 1Q1 Q Q3 AUG-1 SEP OCT NOV GDP Per Capita (USD) 9,1 9,399 9,7 Real GDP Growth Rate (.1) (.) (.9) (.9) (.) (.) (.) Industrial Production Index (.) (.1) (.3) ( 3.) ( 3.9) (.) (.) (.) (.3) Motor Vehicle Sales (Unit),71,11 7,3 1,9 13,13 1,7 1,7,1 31,1 7,73 (.) (- 13.) (-.) (-.7) (-.) (7.) (17.) (.) (- 3.7) (.) Consumer Price Index (.1) (.1) ( 3.) ( 3.) ( 1.) ( 1.3) (.) (.) (.3) (.) Exports (fob) (USD mn) 199,1 19,79 17,773,79,,37 1,3 19,991,1 (-1.9) (-.7) (1.7) (1.) (19.) (1.7) (9.) (.) (.) Imports (cif) (USD mn) 17,3 1,3 19,79,3,3,1,1 19,97 1,37 (-1.7) (-.3) (1.) (19.1) (1.) (1.9) (1.7) (1.) (-1.1) Trade Balance (USD mn) 3,13 1,,97,7,1,97,137 39 3,7 Current Account Balance (USD mn) 9,9 7,13 9, 3,37 3,17 99 Total Reserves Minus Gold (USD mn) 93,979 93,7 1,7 1,7 1, 13,1 11, 1, 11, 1,7 Three-month KLIBOR (%) 3. 3.1 3. 3. 3.9 3.9 3.9 3.9 3.9 3.9 3.9 Exchange Rate (MYR/USD)* 3.9.1.3.1 3.9 3.9.9.9.1.1.1 Stock Index 1,9. 1,1.7 1,79. 1,79. 1,3. 1,91. 1,793. 1,19.7 1,793. 1,79.3 1,79.9 Note: *Average value during the period, End-of-period values Source: Bank Negara Malaysia (BNM), CEIC etc, 7 Economic Monthly ASEAN & India 1 December 1

Philippines Major Economic Indicators Nominal GDP (USD bn) 93 3 31 Population (person mn) 11. 13. 1.9 1 1 17 17Q 1Q1 Q Q3 AUG-1 SEP OCT NOV GDP Per Capita (USD),3,93,99 Real GDP Growth Rate (.1) (.9) (.7) (.) (.) (.) (.1) Industrial Production Index (.) (11.9) (-.) (-7.) (1.) (1.) (.) (9.) (.) Domestic Motor Vehicle Sales (Unit) 33,1 3, 73,93 1,,37,3 9,7 3,313 31,11 33,1 (19.) (.9) (17.) (.1) (-.) (-1.) (-1.) (-1.1) (-9.7) (-9.) Consumer Price Index (.7) (1.3) (.9) (.) (3.) (.) (.1) (.) (.7) (.7) Exports (fob) (USD mn),7 7,,713 1, 1,1 17,3 1,,13,31 (-.3) (-.) (19.7) (13.) (-.) (-1.3) (1.) (3.) (.) Imports (cif) (USD mn) 71,7,1 9,93,717, 7,11, 9,77 9,7 (.7) (1.3) (1.) (1.1) (.9) (19.) (.) (11.) (.1) Trade Balance (USD mn) -1, -,7-7,3-9,37 -, -1,3-1,7-3,9-3,73 Current Account Balance (USD mn) 7, -1,199 -,13-3,13-1 -,931 Total Reserves Minus Gold (USD mn) 73,9 73,33 73,33 73,33 7,13 9,1 7,3 7,31 7,3,7 TB Rate 1. 1... 3.1 3.3 3.3 3. 3.3.7.1 Exchange Rate (PHP/USD)*. 7.9..93 1.. 3. 3.7 3.9.1.1 Stock Index,9.1,.,.,. 7,979. 7,193.7 7,7. 7,.7 7,7. 7,1.3 7,37.9 Note: *Average value during the period, End-of-period values. Domestic Motor Vehicle Sales: Quarterly/Monthly sales are based on data by Chamber of Automotive Manufacturers of the Philippines (CAMPI) /only Calender Year sales include data by Association of Vehicle Importers and Distributors (AVID) (some are duplicated). Source: Philippine Statistics Authority, Bangko Sentral ng Pilipinas(BSP), IMF, CEIC etc, Singapore Major Economic Indicators Nominal GDP (USD bn) 3 31 3 Population (person mn)..1.1 1 1 17 17Q 1Q1 Q Q3 AUG-1 SEP OCT NOV GDP Per Capita (USD),99, 7,7 Real GDP Growth Rate (.) (.) ( 3.) ( 3.) (.) (.1) (.) Industrial Production Index (IPI) (-.1) (3.7) ( 1.) (.) ( 1.1) ( 1.) ( 3.) ( 3.) (-.1) (.3) Real Retail Sales Index (RSI) (.) ( 1.) ( 1.3) ( 3.1) (- 1.9) (.) (-.9) (- 1.) (.1) Consumer Price Index (-.) (-.) (.) (.) (.) (.3) (.7) (.7) (.7) (.7) Exports (fob) (SGD mn) 91,1,91 1,1 13,19 1, 13, 1,9,9,3,7 (-.) (-.1) (1.3) (.) (.3) (9.3) (1.7) (13.) (11.) (.) Imports (cif) (SGD mn) 3,3 3,3,1 1,9 11, 1,3 13,1 3, 1, 7,19 (-11.) (-.7) (1.1) (9.1) (.) (11.1) (17.) (13.) (1.) (19.) Trade Balance (SGD mn),1 3,7,99 13,91 1,13 1, 1,39,7,13,3 Current Account Balance (SGD mn) 77, 1,97,1 17,7 1,37, 3, Total Reserves Minus Gold (USD mn) 7,3,3 79,9 79,9,9 7,33 91,11 9, 91,11 Three-month SIBOR (SGD,%) 1.19.97 1. 1. 1. 1. 1. 1. 1. 1. 1.77 Exchange Rate (SGD/USD)* 1.37 1.31 1.31 1.3 1.319 1.33 1.3 1.39 1.371 1.3 1.37 Stock Index,.7,. 3,.9 3,.9 3,. 3,.7 3,7.1 3,13. 3,7.1 3,1. 3,117. Note: *Average value during the period, End-of-period values Source: Singapore Department of Statistics, CEIC etc, Economic Monthly ASEAN & India 1 December 1

Thailand Major Economic Indicators Nominal GDP (USD bn) 1 13 Population (person mn).7.9. GDP Per Capita (USD),17,,3 1 1 17 17Q 1Q1 Q Q3 AUG-1 SEP OCT NOV Real GDP Growth Rate ( 3.) ( 3.3) ( 3.9) (.) (.9) (.) ( 3.3) Industrial Production Index (.) (1.) (.) (.) (.1) (3.7) (.9) (.) (-.7) (.1) Private Consumption Indicator ( 1.7) (.1) (.) ( 3.) (.) (.) (.9) ( 7.1) ( 3.1) (.) Motor Vehicle Sales (Unit) 799,3 7,7 71,7,93 37,93, 7,,1,7,931 (-9.3) (-3.9) (13.) (1.) (1.) (.3) (.) (7.7) (1.3) (.) Consumer Price Index (-.9) (.) (.7) (.9) (.) (1.3) (1.) (1.) (1.3) (1.) (.7) Unemployment Rate (%)*.9 1. 1. 1.1 1.3 1.1 1. 1. 1. 1. Exports (fob) (USD mn) 1, 1,1 3,7 1,131 1,7 3,1 3,37,3,7 1, (-.) (.1) (9.) (11.) (9.9) (1.3) (.) (.) (-.) (.) Imports (cif) (USD mn) 17, 177,711 1,17,9,13 7,1 9,93 1,77 1,73,9 (-1.) (-.1) (13.) (13.) (17.9) (1.) (17.) (.) (1.3) (13.3) Trade Balance (USD mn),79 3,39 3,11 7,33,3, 3, 1,93 1, Current Account Balance (USD mn) 3,111,,11 1,39 1,7,1, 73,39 1, Capital and Financial Account (USD mn) -1,799 -, -1,9 -,1 -, -,9-1,7-1,7 13 External Debt (USD mn) 131,7 13,1 1, 1, 17,1 1,1 Total Reserves Minus Gold (USD mn) 11, 1,17 19,11 19,11 9,,9 19,1 19,9 19,1 19,77 One-day Repo Rate (%) 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. Exchange Rate (THB/USD)* 3. 3.9 33.93 3.93 31.7 31.93 3.97 33. 3. 3.79 3.9 Stock Index 1,. 1,.9 1,73.7 1,73.7 1,77.3 1,9. 1,7. 171. 17. 19.1 11. Note: *Average value during the period, End-of-period values Source: Bank of Thailand (BOT), NESDB, CEIC etc, Vietnam Major Economic Indicators Nominal GDP (USD bn) 193 Population (person mn) 91.7 9.7 93.7 1 1 17 17Q 1Q1 Q Q3 AUG-1 SEP OCT NOV GDP Per Capita (USD),19,1,3 Real GDP Growth Rate (.7) (.) (.) (7.7) (7.) (.7) (.9) Industrial Production Index (9.) (7.) (9.) (1.) (1.7) (.) (1.7) (11.3) (9.1) (7.7) (9.) Domestic Motor Vehicle Sales (Unit), 71,,1,71,, 3,7 19,13,1,1 (3.) (3.3) (-7.) (-1.) (-1.7) (-.) (.) (-7.) (.7) (39.1) Consumer Price Index (.) (.7) (3.) (.7) (.) (3.) (.1) (.) (.) (3.9) (3.) Exports (fob) (USD mn) 1,17 17,1 1,119,9,1,13,9 3,1 1,1,31 1, (7.9) (9.) (1.) (.1) (.) (9.1) (1.3) (1.) (9.) (1.) (7.) Imports (cif) (USD mn) 1,7 17, 13,7 7,,9 7,1 1,71 1, 19,13 1,71, (1.) (.) (1.9) (17.) (1.7) (.) (1.) (1.) (.) (19.) (1.7) Trade Balance (USD mn) -3, 1,777,11,9,73 1,17 3,17,197 1,1 77 - Current Account Balance (USD mn) 9,3,1 3,1 3,93 1, Total Reserves Minus Gold (USD mn), 3,7 9,7 9,7, Refinancing Rate........... Exchange Rate (VND/USD)* 1,93,3,71,717,73, 3,3 3,9 3,3 3,33 3,31 Stock Index 79.3.7 9. 9. 1,17. 9.7 1,17.13 99. 1,17.13 91.7 9. Note: *Average value during the period, End-of-period values Source: General Statistics Office of Vietnam, State Bank of Vietnam (SBV), IMF, CEIC etc, 9 Economic Monthly ASEAN & India 1 December 1

India Major Economic Indicators Nominal GDP (USD bn),13,7, Population (person mn) 1,3 1,99 1,31 FY1 FY1 FY17 FY17Q3 FY17Q FY1Q1 FY1Q AUG-1 SEP OCT NOV GDP Per Capita (USD) 1,39 1,7 1,977 Real GDP Growth Rate (.) (7.1) (.7) ( 7.) ( 7.7) (.) ( 7.1) Industrial Production Index (IPI) (3.3) (.) (.) (.9) (.) (.1) (.) (.7) (.) Motor Vehicle Sales: Passenger Vehicle (PV),79, 3,7,79 3,, 79, 1, 73,1 7, 7,1 9,, (7.3) (9.) (7.9) (.1) (7.) (19.9) (-3.) (-.) (-.) (1.) Wholesale Price Index (-3.) (1.) (.9) (3.) (.) (.7) (.) (.) (.1) (.3) (.9) (.) (3.) (.) (.) (.) (3.9) (3.7) (3.7) (3.3) Exports (fob) (SGD mn),91 7, 33,37 77,1, 1,9 1,73 7,91 7,9,9 (-1.) (.) (1.) (1.1) (.) (1.) (1.) (19.) (-.3) (17.9) Imports (cif) (USD mn) 31, 3,37,711 1,91 11,37 1,9 131,1,319 1,93,11 (-1.) (.9) (.9) (17.9) (1.) (1.) (1.1) (.) (1.) (17.) Trade Balance (USD mn) -11,717-1, -11,337-3,9 -,7 -,39-9,7-17,3-1,33-17,13 Current Account Balance (USD mn) -, -1,3 -,1-13,7-13,7-1,7 Total Reserves Minus Gold (USD mn) 31,19 3,9 3,71 39,3 3,71 3, 3,13 3,7 3,13 Repo Rate(%).7.......... Exchange Rate (INR/USD)*. 7.7.1.7.3 7.1 7.19 9.9 7. 73.3 71.77 Stock Index,3 9,1 3,99 3,7 3,99 3,3 3,7 3, 3,7 3, 3,19 Note: *Average value during the period, End-of-period values. "Motor Vehicle Sales" include Utility Vehicle (UV) and Multipurpose Vehicle (MPV). Source: Reserve Bank of India (RBI), Central Statistics Office, CEIC etc, 1 Economic Monthly ASEAN & India 1 December 1

Cambodia Major Economic Indicators 11 1 13 1 1 1 17 Nominal GDP (USD bn) 13 1 1 17 1 Population (person mn) 1.3 1. 1.7 1.9 1.1 1. 1. GDP Per Capita (USD) 97 99 1, 1,131 1,1 1,313 1,3 Real GDP Growth Rate (7.1) (7.3) (7.) (7.1) (.9) (7.) (.9) Consumer Price Index (.) (.9) (.9) ( 3.9) ( 1.) ( 3.) (.9) Current Account Balance (USD mn) -1,19-1,1-1,7-1,1-1,73-1,97-1, Trade Balance (USD mn) -3,17-3, -3,3-3, -3,99-3, -,7 Total Reserves Minus Gold (USD mn) 3,,7,1,,3,393 11, External Debt (USD mn),7,3 7,13 7,93 9,3 1,3 NA Exchange Rate (KHR/USD)*,9,33,7,3,,9,1 Myanmar Major Economic Indicators 11 1 13 1 1 1 17 Nominal GDP (USD bn) 9 3 7 Population (person mn). 1. 1....9 3. GDP Per Capita (USD) 1,1 1,17 1,19 1,1 1,13 1,19 1, Real GDP Growth Rate. ( 7.3) (.) (.) ( 7.) (.9) (.) Consumer Price Index (.) ( 1.) (.9) (.) ( 9.) (.9) (.) Current Account Balance (USD mn) -1,33-1, - -1,9 -,9-1, -,73 Trade Balance (USD mn) 11-9 -, -,11 -,1 -,9-3,3 Total Reserves Minus Gold (USD mn) 7,,9,,,31,19,911 External Debt (USD mn),19 7, 7,1,,7,3 NA Exchange Rate (MMK/USD)*.. 933.7 9.3 1,1. 1,3.7 1,3.3 Bangladesh Major Economic Indicators 11 1 13 1 1 1 17 Nominal GDP (USD bn) 1 19 1 173 19 Population (person mn) 1. 1.7 1.7 1. 1.9 1. 1.7 GDP Per Capita (USD) 99 1,1 1, 1,37 1,1 Real GDP Growth Rate. (.) (.) (.1) (.) (7.1) (7.3) Consumer Price Index (1.9) (.7) (.) (7.3) (.) (.9) (.) Current Account Balance (USD mn) -1, -7,3 1,9 3,9, -1, Trade Balance (USD mn) -1, -11,711-11,1-1,1 -,91 -, -9,317 Total Reserves Minus Gold (USD mn),1 1,31 17, 1,7 7,3 31,77 3,9 External Debt (USD mn) 7,77,9 33,99 3, 3, 1,1 NA Exchange Rate (BDT/USD)* 7.1 1. 7.1 77. 77.9 7.. Pakistan Major Economic Indicators 11 1 13 1 1 1 17 Nominal GDP (USD bn) 1 1 9 7 7 33 Population (person mn) 177.1 1.7 1.3 1. 191.7 19. 7. GDP Per Capita (USD) 1,19 1,1 1,19 1,3 1,393 1, 1,9 Real GDP Growth Rate (.7) (3.) (.) (.7) (.7) (.) (.) Consumer Price Index (13.7) (11.) (7.) (.) (.) (.9) (.) Current Account Balance (USD mn) 1 -, -,9-3,13 -,79 -,7-1,1 Trade Balance (USD mn) -1,1 -,1-19,1 -,1-1, -3, -3,17 Total Reserves Minus Gold (USD mn) 1, 1,,1 11,7 17,3 19, 1,7 External Debt (USD mn),9, 7,1 1,17,77 7,97 NA Exchange Rate (PKR/USD)*.3 93. 11.3 11.1 1.77 1.77 1. Note: *Average value during the period, End-of-period values. Trade balance is BOP base. Myanmar's Nominal GDP, Real GDP Growth Rate, GDP Per Capita and External Debt are FY (Apr-Mar) base. Myanmar's exchange rate system was transformed from fixed exchange rate system to managed float regime in April 1. Bangladesh and Pakistan's Nominal GDP, GDP Per Capita, Real GDP Grow th Rate, Current Account Balance and Trade Balance are FY (Jul-Jun) base. Source: ADB, IMF, 11 Economic Monthly ASEAN & India 1 December 1

Appendix: Comparison of economic indicators in major Asian economies 1. Nominal GDP (USD bn) 1 91 31 91 39 1 1,, 3 97 1, 13 91 33 7 3 1 171 1,7 9, 7 13 1,3 1 91 33 31 7 1,3 1,3 91 3 1,11 1 1 9 93 3 1 193,13 1,97 39 1,33 1 933 97 3 31 13,7 11,19 31 33 1,1 17 1,1 31 31 3, 1, 31 7 1,3. Population (person mn) 1. 9.1 9.... 1,3. 1,3. 7. 3.3. 13. 9. 9..3. 9. 1,1. 1,3.7 7. 3.. 1. 3. 99.9..1 9.7 1,7. 1,37. 7.3 3..7 1. 31. 11...7 91.7 1,3. 1,37. 7.3 3. 1. 1.7 31. 13...9 9.7 1,99. 1,3.7 7. 3. 1. 17 1.9 3. 1.9.. 93.7 1,31. 1,39.1 7. 3. 1. 3. GDP Per Capita (USD) 1 3,79 1,,91,7,17 1,7 1,9,3 3,3 1,31,37 13 3,79 1,9,7 7,31,93 1,9 1, 7,11 3,3 1,97,9 1 3, 11,19,9 7,7,7, 1, 7,,13,7 7,7 1 3,37 9,1,3,99,17,19 1,39 7,97,3, 7,11 1 3, 9,399,93,,,1 1,7,97 3,99,3 7, 17 3,7 9,7,99 7,7,3,3 1,977,7,1,1 9,7. Real GDP Growth Rate 1...7.1 7..3. 7.9 1.7.1.3 13..7 7.1.1.7.. 7. 3.1..9 1...1 3.9 1.. 7. 7.3.. 3.3 1.9.1.1. 3..7..9... 1...9. 3.3. 7.1.7. 1..9 17.1.9.7 3. 3.9..7.9 3. 3.1 3.1 17Q..9. 3.. 7.7 7.. 3. 3.. 1Q1.1....9 7. 7.7.. 3.. Q.3...1..7..7 3. 3.3. Q3...1. 3.3.9 7.1..9.3.. Consumer Price Index 1. 1.7 3.. 3. 9.1 9.9..1 1.9. 13..1.... 9...3. 1.3 1. 3.1 3.. 1.9.1... 1. 1.3 1..1.7 -. -.9..9 1. 3. -.3.7 1 3..1 1.3 -...7... 1. 1. 17 3. 3..9..7 3. 3. 1. 1.. 1.9 Note: India's figures are FY (Apr-Mar) base. Source: Individual country statistics, IMF, CEIC, 1 Economic Monthly ASEAN & India 1 December 1

. Total Reserves Minus Gold (USD bn) 1 19 13 73 9 173 71 3,331 317 39 33 13 9 133 7 73 11 7 3, 311 1 3 1 19 11 7 7 11 3 33 3,9 3 1 39 1 13 9 7 11 33 3,3 39 1 33 1 113 93 73 1 37 31 3,3 3 9 3 17 17 11 73 19 9 39 3,19 31 3 Nov-17 13 1 7 79 197 3 3,13 3 Dec-17 17 11 73 19 9 39 3,19 31 3 Jan-1 1 1 73 3 3,1 1 391 Feb-1 1 1 7 3 3,13 3 1 39 Mar-1 13 1 7 7 9 3,1 39 Apr-1 11 1 71 9 3,1 3 39 May-1 1 17 71 7 39 3,19 3 39 Jun-1 117 13 7 1 3 3,13 3 39 Jul-1 11 13 9 9 199 3 3,137 3 3 39 Aug-1 11 13 7 9 199 31 3,19 39 Sep-1 11 1 7 91 199 31 3,1 39 Oct-1 1 7 19 39 7. External Debt (USD bn)(end-of-period value) 1 19 131 39 737 1,3 131 9 13 1 7 1 7 3 1,1 17 1 93 9 7 1 7 1,7 1,31 17 1 311 1 77 131 7 79 1,33 1,3 19 39 1 3 1 7 13 1,1 1,3 17 3 17 33 73 1 1 13 1,711 1, 1 19. Exchange Rate to USD (Average value during the period) 1 9,3 3.9. 1.9 31.1,73..31 7.7 9. 1,17 13 1,3 3.1. 1.1 3.7 1,3..19 7.7 9. 1,9 1 11,1 3.73. 1.7 3. 1,199 1.1.1 7.7 3. 1,3 1 13,39 3.9. 1.37 3.3 1,93.. 7.7 31.9 1,131 1 13,3.1 7. 1.31 3.3,3 7.1. 7.7 3.3 1,11 17 13,31.99. 1.31 33.9,71.1.7 7.79 3. 1,131 Source: Individual country statistics, IMF, World Bank, Bloomberg, 13 Economic Monthly ASEAN & India 1 December 1

For further details, please contact the Economic Research Office, MUFG Bank Managing Director, Yasuhiro Ishimaru Tel: +1-()3-3-3 Written by Aki Fukuchi <aki_fukuchi@mufg.jp> Shohei Takase <shiyouhei_takase@mufg.jp> Yuma Tsuchiya <yuma_tsuchiya@sg.mufg.jp> Makiko Stokes <makiko_stokes@sg.mufg.jp> This report is intended for information purposes only and shall not be construed as solicitation to take any action such as purchasing/selling/investing financial market products. In taking any action, each reader is requested to act on the basis of his or her own judgment. This report is based on information believed to be reliable, but we do not guarantee its accuracy. The contents of the report may be revised without advance notice. Also, this report is a literary work protected by the copyright act. No part of this report may be reproduced in any form without express statement of its source. This report is also available for viewing online. 1 Economic Monthly ASEAN & India 1 December 1