Key Signals

• Overall economic activity remains in expansion mode.
• Goods movement shows strong momentum across the economy.
• Industrial activity remains steady despite short-term volatility.
• Credit growth continues to support business activity.
• Production capacity usage remains healthy.
• Manufacturing activity is expanding but at a slower pace.

Tracks consumption strength, demand trends, and overall demand momentum across the economy.

Key Signals

• Spending activity remains stable as GST collections stay elevated.
• Goods movement trends upward, reflecting healthy demand conditions.
• Electricity usage indicates steady economic activity.
• Freight activity is steady, pointing to normalised demand conditions after earlier fluctuations.
• Passenger vehicle sales show a stronger consumer confidence and growth in discretionary spending.
• Commercial vehicle sales improved, indicating better demand expectations from businesses and transport operators.

Tracks lending growth, deposits and borrowing costs to show how easily businesses and consumers can access credit and how supportive financial conditions are for economic activity.

Key Signals

• Bank lending growth picked up strongly toward the end of the year, showing rising borrowing activity.
• Deposit growth remains steady but is growing slower than credit demand.
• The credit-deposit ratio continues to rise, indicating banks are lending a larger share of available funds.
• Domestic credit expansion remains healthy, supporting business activity.
• Lending rates have softened slightly and then stabilized, keeping borrowing conditions supportive.

Shows how active the economy is by tracking production usage, goods movement, power consumption and vehicle sales.

Key Signals

• GST collections remain strong, showing steady business activity.
• Goods movement continues to rise, indicating healthy trade and supply flow.
• Power consumption is stable, suggesting consistent industrial and commercial usage.
• Freight activity remains steady after earlier fluctuations.
• Passenger vehicle sales jumped in January, pointing to stronger consumer demand.
• Commercial vehicle sales improved, signalling better business activity expectations.

Shows whether financial risks in businesses and banks are increasing or declining.

Key Signals

• Bad loans have declined steadily across the banking system.
• Bank balance sheets are much stronger than in the previous cycle.
• Insolvency cases have normalized after earlier volatility.
• Overall financial stress remains low.
• Lower stress supports continued credit expansion.