The Week in Numbers: India is No Longer the Fastest-Growing Economy
India’s gross domestic product (GDP) grew by 6.1% in the first quarter of 2017. This represented the slowest pace of growth for the country in more than two years. It was also lower than China’s GDP growth of 6.9% during the same period.
This knocked India off from its perch as the fastest-growing large economy in the world. It is believed that removal of the 500 and 1,000 rupee notes from circulation in November last year by the Indian government had a large effect on the GDP numbers.
In Indonesia, the consumer price index (CPI), which is used to identify inflation or deflation, rose 4.33% in May 2017 as compared to a year ago. This marked the highest level in 14 months. On a month-on-month basis, Indonesia’s CPI increased by 0.39% due mainly to higher prices for food items such as garlic, eggs, chicken, rice, meat and chilli.
Moving to the US, in May, 138,000 new job positions were created, a decline from April’s revised number of 174,000. The silver lining was in the unemployment rate, which dipped to 4.3% from April’s 4.4%. The US’s unemployment rate has been declining steadily since January 2017, which came in at 4.8%. In fact, the unemployment number in May was the lowest in 16 years.
Coming to home in Singapore, the Building and Construction Authority (BCA) is looking to cut down the number of foreign construction workers employed in Singapore by 20% to 30% within the next three years as part of the government’s push to increase productivity. Currently, around 300,000 foreign workers are employed in the construction sector.
Eunosville, a privatised HUDC (Housing and Urban Development Company) estate near Eunos MRT Station, was sold for S$765 million to MCL Land. This translates to a gross sale price of S$2.25 million to S$2.41 million per house. The latest transaction marks the 2nd largest former HUDC estate to be sold collectively, after Farrer Court was offloaded for around S$1.34 billion in 2007. Eunosville is a 330-unit estate built in the 1980s.
And finally, music artist Psy, who set off a worldwide phenomenon with his Gangnam Style music video back in 2012, became the first Asian artist to reach 10 million subscribers on YouTube and receive the Diamond Creator award. This is the second record set by Psy, the first of which was having the most-viewed video at 800 million hits.