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COVID-19 QampA Update
April 2020Mark Zandi Chief EconomistCris deRitis Deputy Chief EconomistRyan Sweet Senior Director
April 2020 2
Coronavirus Live | Webinar Series
Sign-Up once
Live QampA
eventsmoodysiocoronavirus
Get weekly updates on the Coronavirus Live program
Engage with the analysts and get your questions answered
Program Schedule
April 2020 3
0102030405060708090
03 05 07 09 10 12 14 16 18
InvestingHiring
of respondents to Moodyrsquos Analytics business survey that are hellip
Source Moodyrsquos Analytics
Businesses Batten Down the Hatches
April 2020 4
-25
-15
-5
5March April May June July August Sep-Dec
Enter Accom Transp Wholesale
Manufact Misc Real Est Energy
Constr Educ Finance Public admin
Prof Other service Info Healthcare
Total
Business Lockdowns Hit HardDeviation from typical US GDP ann ppts by industry 2020
Source Moodyrsquos Analytics
April 2020 5
010002000300040005000600070008000
67 70 72 75 78 81 84 87 90 93 96 99 02 05 08 11 14 17
267 million cumulativelysince crisis began theweek of March 14th
Unemployment insurance claims ths
Sources Employment amp Training Administration Moodyrsquos Analytics
Unemployment Surges
April 2020 6
22
24
26
28
30
32
34
36
Jan Feb Mar Apr
Smaller Nest Eggs
Sources Wilshire 5000 Federal Reserve Moodyrsquos Analytics
Wilshire 5000
Value of publicly trade stocks $ tril
April 2020 7
85
90
95
100
105
110
-4
0
4
8
12
16
20
17Q1 18Q1 19Q1 20Q1
Global balance (L)Global demand (R)Global supply (R)
Global Oil GlutMil barrels per day
Sources International Energy Agency Moodyrsquos Analytics
April 2020 8
-30-25-20-15-10-505
10
Jan-19 Apr-19 Jun-19 Sep-19 Dec-19 Aug-20
Start ups with high propensity to hire chg yr ago
Sources Census Department Moodyrsquos Analytics
Business Start Ups Plunge
Global Recession2
April 2020 10
Unprecedented Global Economic DownturnhellipEconomies in red are expected to suffer a recession in 2020
Source Moodyrsquos Analytics
April 2020 11
hellipThat Is Intensifying
2020Q1 2020Q2 2020Q3 2020Q4 2019 2020January base 27 29 27 26 25 26March base 07 16 35 28 24 19April base -109 -221 199 45 24 -42January base 15 22 15 12 23 18March base 11 -04 17 24 23 13April base -81 -302 166 04 23 -58January base 72 66 55 58 61 62March base -09 51 114 58 61 44April base -290 149 277 130 61 -01January base 20 24 25 26 11 22March base 13 20 25 26 11 20April base -88 -243 04 70 11 -61January base 12 11 11 11 13 10March base 06 05 12 11 14 07April base -30 -367 258 58 14 -56January base 14 15 18 14 12 13March base 07 08 12 13 12 08April base -148 -400 593 16 12 -70
Brazil
United Kingdom
Euro Zone
World
United States
China
Real GDP growth annualized change
Source Moodyrsquos Analytics
April 2020 12
-10-8-6-4-202468
0 2 4 6 8 10 12
1980 1990 20012007 2020
A Swoosh Recovery Real GDP change since beginning of recessionhellip
Sources BEA Moodyrsquos Analytics
X-axis is qtrs since beginning of recession
13April 2020
-40
-30
-20
-10
0
10
20
19 20 21 22 23 24
Baseline (50ile)S0 (4ile)S4 (96ile)
Output to Collapse With Gradual RecoveryInflation adjusted GDP annualized quarterly growth
Source Moodyrsquos Analytics
April 2020 14
0
5
10
15
20
25
30 40 50 60 70 80 90 00 10 20
Financial crisisFed slays inflation
1930s Depression
WW II
COVID crisis April 2020
Not Since the Great DepressionUS unemployment rate
Sources Federal Reserve BEA Moodyrsquos Analytics
15April 2020
02468
101214161820
19 20 21 22 23 24
Baseline (50ile)
S0 (4ile)
S4 (96ile)
Unemployment to SpikeU-3 unemployment rate quarterly average
Source Moodyrsquos Analytics
April 2020 16
Job Market Will Struggle to Recover
Sources BLS Moodyrsquos Analytics
05 04 06 06 04
-171
81
-06 -03
00 10 13 14 14 13 12
-20
-15
-10
-5
0
5
10
3
5
7
9
11
13
15
19 20 21 22
Employment Change (Mil R)Unemployment Rate (L)
April 2020 17
Regional Risk Factors for COVID-19
Virus Exposure
Commodities
Demographics
Global Interconnectedness (TradeTravel)
Tourism
FinanceInvestment
April 2020 18
Large Coastal Urban Areas Are Hit HardestWeighted avg Z-score across rankings 0 = metro area average
gt025
-025 to lt0lt-025
0 to lt025
Source Moodyrsquos Analytics
April 2020 19
Active Listings Collapse Across Major Metros
Sources Realtorcom Moodyrsquos Analytics
-45 -40 -35 -30 -25 -20 -15 -10 -5 0
PhoenixMilwaukeeSan DiegoSan JosePhiladelphiaCincinnatiDenverRiversideProvidenceSeattle
Active listing count yr ago
April 2020 20
US Real Estate Prices Slump
Sources FHFA Moodyrsquos Analytics
75
80
85
90
95
100
105
19 20 21 22
FHFA HPI
Moodyrsquos Analytics CPPI
Index 2019Q4 = 100 April baseline
April 2020 21
Home Prices Could Fall Fasthellip
Sources BEA Moodyrsquos Analytics
FHFA all-transactions index forecasts from March 2020 V2 vintage year ago
-15
-10
-5
0
5
10
15
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
BaselineScenario 1Scenario 3Scenario 4
April 2020 22
hellipAs Commercial Properties Are Hit From All Sides
Sources Reis Moodyrsquos Analytics
Commercial property price index yr ago
-40
-30
-20
-10
0
10
20
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
BaselineScenario 1Scenario 3Scenario 4
April 2020 23
House Prices SlumphellipForeclosures Increase
Sources FHFA MBA Moodyrsquos Analytics
0
500
1000
1500
2000
2500
60
70
80
90
100
110
120
05 10 15 20 25
FHFA HPI Index 2020Q1 = 100 (L)
Foreclosures startedths SA (R)
April baseline forecast
April 2020 24
Price Declines Vary Throughout the CountryBaseline forecast FHFA purchase-only index for 2021Q1 year ago
Sources FHFA Moodyrsquos Analytics
Known Unknowns3
April 2020 26
01000002000003000004000005000006000007000008000009000001000000
05000
10000150002000025000300003500040000
01-M
ar
04-M
ar
07-M
ar
10-M
ar
13-M
ar
16-M
ar
19-M
ar
22-M
ar
25-M
ar
28-M
ar
31-M
ar
03-A
pr
06-A
pr
09-A
pr
12-A
pr
15-A
pr
18-A
pr
21-A
pr
24-A
pr
Daily Cases (L) Cumulative Cases (R )
US New Daily Cases Hovering Around 30000Number of confirmed COVID-19 cases
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 27
0
10
20
30
40
50
60
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60
Italy S Korea EU USDay 1 DatesItaly Feb 23S Korea Feb 20US March 3 EU Feb 23
Growth Rate of COVID Cases FallingDaily growth of COVID-19 cases days since 100 confirmed cases 3-day MA
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 28
Epidemiological Assumptions
S1 Scenario
bull lt1 mil confirmed US infectionsbull New infections peak in Aprilbull 5-6 case fatality ratebull 8 hospitalization ratebull Infections abate by Junebull Surplus of hospital bedsbull Surplus of ICU bedsbull Surplus of ventilators
Baseline Forecast
bull 1-3 mil confirmed US infectionsbull New infections peak in Maybull 7-11 case fatality ratebull 10 hospitalization ratebull Infections abate by Julybull Surplus of hospital bedsbull Small surplus of ICU bedsbull Small surplus of ventilators
S3 Scenario
bull 5-6 mil confirmed US infectionsbull New infections peak in Junebull 12-16 case fatality ratebull 15 hospitalization ratebull Infections abate by Septemberbull Small deficit of hospital bedsbull Large deficit of ICU bedsbull Large deficit of ventilators
April 2020 29
010002000300040005000600070008000
95 00 05 10 15
C B Ba Baa A Aa Aaa
Federal Reserve Must Shore Up the Firewall
Sources Moodyrsquos Investor Service Moodyrsquos Analytics
Corporate debt outstanding by rating $ bil
April 2020 30
0123456789
10
03 05 07 09 11 13 15 17 19 21 23 25
Up Up and AwayAssets held outright on the Fedrsquos balance sheet $ tril
Source Moodyrsquos Analytics
April 2020 31
Lawmakers Act But Need to Do More
Sources CRFB Moodyrsquos Analytics
Cost of Coronavirus Aid Relief amp Economic Security (CARES) Act
$510 BilLoans amp Loan
Guarantees for Large Firms amp Governments
$377 BilSmall Business Loans amp Grants
$290 BilOne-time Checks
$180 BilHealth
$150 BilAid to States
$72 BilTransp Grants
$280 BilBusiness Tax Cuts
$45 BilFEMA
$42 BilSafety Nets
$32 BilEducation$260 Bil
Unemployment Insurance
$25 BilOther
April 2020 32
Running Out of Fiscal Space
Source Moodyrsquos Analytics
Sovereign borrowing capacity given current yields projected output growth and primary balance
-500
50100150200250300350400450
0 50 100 150 200 250
Circle size=Real GDP US$Y-axis Fiscal spaceX-axis Debt-to-GDP ratioAs of 2020Q1 (ex COVID-19 policies)
China
US
Japan
ItalyFrance Greece
Russia
UK
Argentina
Germany
Turkey S Africa Egypt
Spain
IndiaBrazil
Mexico
Canada
April 2020 33
US Risk Matrix
Source Moodyrsquos Analytics
April 2020 34
Questions amp
AnswersQuestions Contact us at helpeconomycom
April 2020 35
Coronavirus Liveeventsmoodysiocoronavirus coronavirusmoodyscom
Full webinars schedule eventsmoodysioeventsemeamoodyscom
MoodyrsquosWebinars
April 2020 36
Please complete our surveyWe Want to Hear From You
A survey will appear on your screen at the end of our presentation Please take a few moments to complete it
and let us know how we can continue to improve
moodyscom
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Contact Us Economics amp Business Analytics Offices
April 2020 38
copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved
CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC ANDOR ITS CREDIT RATINGS AFFILIATES ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MATERIALS PRODUCTS SERVICES AND INFORMATION PUBLISHED BY MOODYrsquoS (COLLECTIVELY ldquoPUBLICATIONSrdquo) MAY INCLUDE SUCH CURRENT OPINIONS MOODYrsquoS INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS INVESTORS SERVICE CREDIT RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS NON-CREDIT ASSESSMENTS (ldquoASSESSMENTSrdquo) AND OTHER OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC ANDOR ITS AFFILIATES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK
All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information
NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING ASSESSMENT OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER
Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any credit rating agreed to pay to Moodyrsquos Investors Service Inc for credit ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and Moodyrsquos investors Service also maintain policies and procedures to address the independence of Moodyrsquos Investors Service credit ratings and credit rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold credit ratings from Moodyrsquos Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo
Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors
Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any credit rating agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements
BLFGDP$_IWRLD | |
BLFGDP$_US | |
BLFGDP$_ICHN | |
BLFGDP$_IBRA | |
BLFGDP$_IGBR | |
BLFGDP$_IEUZN |
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | |||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 1004457845 | 10044578163 | 09921251807 | 09921251807 | -00439644998 | -00439645008 | 08490892284 | 08490892282 | 02987390528 | 02987390528 | 06602394397 | 06602394358 | 16040993663 | 16040993566 | 2020 | 21709930613 | 21709969799 | 15414354913 | 15414354614 | -07102897285 | -07102894824 | 08324283964 | 08324259976 | 04515958007 | 04515958007 | 07953949612 | 07953950128 | 21497054247 | 21497054504 | 52185934247 | 52185934247 | 10459481224 | 10459483101 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 32074829495 | 32074831252 | 08275731969 | 08275731787 | 10125815712 | 1012581938 | 18025324464 | 18025300718 | 07063814764 | 07063814764 | 09321922665 | 09321922955 | 23481470825 | 23481471214 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 31264533681 | 3126453553 | 18283102998 | 18283103389 | 08666505872 | 08666514849 | 14194129347 | 14194048288 | 08334022824 | 08334022824 | 12477941124 | 12477943726 | 29204265431 | 29204266796 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 27331374943 | 27331990841 | 20834052245 | 20834047228 | 06663085528 | 06663096538 | 18384431899 | 18384280067 | 13146543316 | 13146543316 | 09915534109 | 09915536456 | 26058164488 | 26058165097 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IWRLD | Central | 1004457845 | 32074829495 | 31264533681 | 27331374943 | Transform Annual Growth | blFGDP$_IWRLD | Central | 21709930613 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 10044578163 | 32074831252 | 3126453553 | 27331990841 | Local | 21709969799 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_US | Central | 09921251807 | 08275731969 | 18283102998 | 20834052245 | Transform Annual Growth | blFGDP$_US | Central | 15414354913 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 09921251807 | 08275731787 | 18283103389 | 20834047228 | Local | 15414354614 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Central | -00439644998 | 10125815712 | 08666505872 | 06663085528 | Transform Annual Growth | blFGDP$_IJPN | Central | -07102897285 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | -00439645008 | 1012581938 | 08666514849 | 06663096538 | Local | -07102894824 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IMEX | Central | 08490892284 | 18025324464 | 14194129347 | 18384431899 | Transform Annual Growth | blFGDP$_IMEX | Central | 08324283964 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 08490892282 | 18025300718 | 14194048288 | 18384280067 | Local | 08324259976 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IDEU | Central | 02987390528 | 07063814764 | 08334022824 | 13146543316 | Transform Annual Growth | blFGDP$_IDEU | Central | 04515958007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 02987390528 | 07063814764 | 08334022824 | 13146543316 | Local | 04515958007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IGBR | Central | 06602394397 | 09321922665 | 12477941124 | 09915534109 | Transform Annual Growth | blFGDP$_IGBR | Central | 07953949612 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 06602394358 | 09321922955 | 12477943726 | 09915536456 | Local | 07953950128 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IBRA | Central | 16040993663 | 23481470825 | 29204265431 | 26058164488 | Transform Annual Growth | blFGDP$_IBRA | Central | 21497054247 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 16040993566 | 23481471214 | 29204266796 | 26058165097 | Local | 21497054504 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 272065679 | 14854478326 | 04765669035 | 10081169396 | 10172628117 | 12466257645 | 2035391119 | 2020 | 26327068769 | 18444415498 | 05810706316 | 12256906248 | 10222414849 | 10119832734 | 22038851574 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 29246961109 | 21637882274 | 10099936598 | 20906101983 | 16794358524 | 11263116978 | 23545717496 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 26772534017 | 15212644402 | 08024032016 | 20970805994 | 19893661165 | 10681874364 | 25048602217 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 2610698539 | 1240462 | 04808646914 | 21918401913 | 14932062066 | 10996765728 | 25545421579 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IWRLD | Central | 272065679 | 29246961109 | 26772534017 | 2610698539 | Transform Annual Growth | blFGDP$_IWRLD | Central | 26327068769 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_US | Central | 14854478326 | 21637882274 | 15212644402 | 1240462 | Transform Annual Growth | blFGDP$_US | Central | 18444415498 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Central | 04765669035 | 10099936598 | 08024032016 | 04808646914 | Transform Annual Growth | blFGDP$_IJPN | Central | 05810706316 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IMEX | Central | 10081169396 | 20906101983 | 20970805994 | 21918401913 | Transform Annual Growth | blFGDP$_IMEX | Central | 12256906248 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IDEU | Central | 10172628117 | 16794358524 | 19893661165 | 14932062066 | Transform Annual Growth | blFGDP$_IDEU | Central | 10222414849 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IGBR | Central | 12466257645 | 11263116978 | 10681874364 | 10996765728 | Transform Annual Growth | blFGDP$_IGBR | Central | 10119832734 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IBRA | Central | 2035391119 | 23545717496 | 25048602217 | 25545421579 | Transform Annual Growth | blFGDP$_IBRA | Central | 22038851574 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | Current | 1004457845 | 32074829495 | 31264533681 | 27331374943 | 21709930613 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 272065679 | 29246961109 | 26772534017 | 2610698539 | 26327068769 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_US | Current | 09921251807 | 08275731969 | 18283102998 | 20834052245 | 15414354913 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 14854478326 | 21637882274 | 15212644402 | 1240462 | 18444415498 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IJPN | Current | -00439644998 | 10125815712 | 08666505872 | 06663085528 | -07102897285 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 04765669035 | 10099936598 | 08024032016 | 04808646914 | 05810706316 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IMEX | Current | 08490892284 | 18025324464 | 14194129347 | 18384431899 | 08324283964 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 10081169396 | 20906101983 | 20970805994 | 21918401913 | 12256906248 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IDEU | Current | 02987390528 | 07063814764 | 08334022824 | 13146543316 | 04515958007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 10172628117 | 16794358524 | 19893661165 | 14932062066 | 10222414849 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IGBR | Current | 06602394397 | 09321922665 | 12477941124 | 09915534109 | 07953949612 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 12466257645 | 11263116978 | 10681874364 | 10996765728 | 10119832734 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IBRA | Current | 16040993663 | 23481470825 | 29204265431 | 26058164488 | 21497054247 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 2035391119 | 23545717496 | 25048602217 | 25545421579 | 22038851574 |
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019 | 2020 | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 24351159023 | 21709930613 | Transform Annual Growth | blFGDP$_IWRLD | Central | 30284213704 | 23417301002 | 23990821589 | 16664397734 | 1004457845 | 32074829495 | 31264533681 | 27331374943 | |||||||||||||||||||||||||||||||||||||||||||||||
Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Local | 24351159023 | 21709969799 | Local | 30284213704 | 23417301002 | 23990821589 | 16664397734 | 10044578163 | 32074831252 | 3126453553 | 27331990841 | ||||||||||||||||||||||||||||||||||||||||||
2019 | 24351159023 | 24351159023 | 23313535291 | 23313535291 | 07546323236 | 07546323236 | -005744748 | -005744748 | 05986711898 | 05986711898 | 14029645318 | 14029645318 | 11023093516 | 11023093516 | 61225476607 | 61225476607 | 11735219155 | 11735219155 | Transform Annual Growth | blFGDP$_US | Central | 23313535291 | 15414354913 | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20951800832 | 09921251807 | 08275731969 | 18283102998 | 20834052245 | |||||||||||||||||||||||||||||||||||||
2020 | 21709930613 | 21709969799 | 15414354913 | 15414354614 | -07102897285 | -07102894824 | 08324283964 | 08324259976 | 04515958007 | 04515958007 | 07953949612 | 07953950128 | 21497054247 | 21497054504 | 52185934247 | 52185934247 | 10459481224 | 10459483101 | Local | 23313535291 | 15414354614 | Local | 30961395462 | 20138186099 | 21035065819 | 20951800832 | 09921251807 | 08275731787 | 18283103389 | 20834047228 | |||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Central | 07546323236 | -07102897285 | Transform Annual Growth | blFGDP$_IJPN | Central | 26108675557 | 1928453754 | 04856673069 | -62909369088 | -00439644998 | 10125815712 | 08666505872 | 06663085528 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Local | 07546323236 | -07102894824 | Local | 26108675557 | 1928453754 | 04856673069 | -62909369088 | -00439645008 | 1012581938 | 08666514849 | 06663096538 | |||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IMEX | Central | -005744748 | 08324283964 | Transform Annual Growth | blFGDP$_IMEX | Central | -03735112979 | -02398100266 | 00533779554 | -00006376933 | 08490892284 | 18025324464 | 14194129347 | 18384431898 | |||||||||||||||||||||||||||||||||||||||||||||||
Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Local | -005744748 | 08324259976 | Local | -03735112979 | -02398100266 | 00533779554 | -00006376933 | 08490892282 | 18025300718 | 14194048288 | 18384280067 | ||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 30284213704 | 30284213704 | 30961395462 | 30961395462 | 26108675557 | 26108675557 | -03735112979 | -03735112979 | 19164480743 | 19164480743 | 25893471992 | 25893471992 | -00237677886 | -00237677886 | 81649173964 | 81649173964 | 17986022234 | 17986022234 | Transform Annual Growth | blFGDP$_IDEU | Central | 05986711898 | 04515958007 | Transform Annual Growth | blFGDP$_IDEU | Central | 19164480743 | -09667798486 | 07878544616 | 01119058205 | 02987390528 | 07063814764 | 08334022824 | 13146543316 | |||||||||||||||||||||||||||||||||||||
2019Q2 | 23417301002 | 23417301002 | 20138186099 | 20138186099 | 1928453754 | 1928453754 | -02398100266 | -02398100266 | -09667798486 | -09667798486 | -04326963218 | -04326963218 | 19153104432 | 19153104432 | 52832664449 | 52832664449 | 06358352459 | 06358352459 | Local | 05986711898 | 04515958007 | Local | 19164480743 | -09667798486 | 07878544616 | 01119058205 | 02987390528 | 07063814764 | 08334022824 | 13146543316 | |||||||||||||||||||||||||||||||||||||||||
2019Q3 | 23990821589 | 23990821589 | 21035065819 | 21035065819 | 04856673069 | 04856673069 | 00533779554 | 00533779554 | 07878544616 | 07878544616 | 19881876478 | 19881876478 | 24592196357 | 24592196357 | 52959086245 | 52959086245 | 10998947573 | 10998947573 | Transform Annual Growth | blFGDP$_IGBR | Central | 14029645318 | 07953949612 | Transform Annual Growth | blFGDP$_IGBR | Central | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 06602394397 | 09321922665 | 12477941124 | 09915534109 | |||||||||||||||||||||||||||||||||||||
2019Q4 | 16664397734 | 16664397734 | 20951800832 | 20951800832 | -62909369088 | -62909369088 | -00006376933 | -00006376933 | 01119058205 | 01119058205 | 00955519539 | 00955519539 | 1884625331 | 1884625331 | 5081292422 | 5081292422 | 023526783 | 023526783 | Local | 14029645318 | 07953950128 | Local | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 06602394358 | 09321922955 | 12477943726 | 09915536456 | |||||||||||||||||||||||||||||||||||||||||
2020Q1 | 1004457845 | 10044578163 | 09921251807 | 09921251807 | -00439644998 | -00439645008 | 08490892284 | 08490892282 | 02987390528 | 02987390528 | 06602394397 | 06602394358 | 16040993663 | 16040993566 | -07976031984 | -07976031984 | 13072031191 | 13072029534 | Transform Annual Growth | blFGDP$_IBRA | Central | 11023093516 | 21497054247 | Transform Annual Growth | blFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 16040993663 | 23481470825 | 29204265431 | 26058164488 | |||||||||||||||||||||||||||||||||||||
2020Q2 | 32074829495 | 32074831252 | 08275731969 | 08275731787 | 10125815712 | 1012581938 | 18025324464 | 18025300718 | 07063814764 | 07063814764 | 09321922665 | 09321922955 | 23481470825 | 23481471214 | 114621259414 | 114621259414 | 12804875265 | 12804882285 | Local | 11023093516 | 21497054504 | Local | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 16040993566 | 23481471214 | 29204266796 | 26058165097 | |||||||||||||||||||||||||||||||||||||||||
2020Q3 | 31264533681 | 3126453553 | 18283102998 | 18283103389 | 08666505872 | 08666514849 | 14194129347 | 14194048288 | 08334022824 | 08334022824 | 12477941124 | 12477943726 | 29204265431 | 29204266796 | 8243216 | 8243216 | 13849193065 | 13849201636 | Transform Annual Growth | blFGDP$_ICHN | Central | 61225476607 | 52185934247 | Transform Annual Growth | blFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -07976031984 | 114621259414 | 8243216 | 57641098471 | |||||||||||||||||||||||||||||||||||||
2020Q4 | 27331374943 | 27331990841 | 20834052245 | 20834047228 | 06663085528 | 06663096538 | 18384431898 | 18384280067 | 13146543316 | 13146543316 | 09915534109 | 09915536456 | 26058164488 | 26058165097 | 57641098471 | 57641098471 | 13600290043 | 13600288501 | Local | 61225476607 | 52185934247 | Local | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -07976031984 | 114621259414 | 8243216 | 57641098471 | |||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IEUZN | Central | 11735219155 | 10459481224 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 023526783 | 13072031191 | 12804875265 | 13849193065 | 13600290043 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Local | 11735219155 | 10459483101 | Local | 17986022234 | 06358352459 | 10998947573 | 023526783 | 13072029534 | 12804882285 | 13849201636 | 13600288501 | |||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | 2019 | 2020 | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 24572687311 | 23378491108 | 12088413762 | 00063845975 | 05719546493 | 13152063114 | 11023093516 | 61482608188 | 12233338671 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24572687311 | 26327068769 | Transform Annual Growth | blFGDP$_IWRLD | Central | 29451354542 | 22599606628 | 24139793469 | 24684818352 | 272065679 | 29246961109 | 26772534017 | 2610698539 | ||||||||||||||||||||||||||||||||||||||||||||||
2020 | 26327068769 | 18444415498 | 05810706316 | 12256906248 | 10222414849 | 10119832734 | 22038851574 | 61879167766 | 13174813176 | Transform Annual Growth | blFGDP$_US | Central | 23378491108 | 18444415498 | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 21981110559 | 14854478326 | 21637882274 | 15212644402 | 1240462 | ||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Central | 12088413762 | 05810706316 | Transform Annual Growth | blFGDP$_IJPN | Central | 26155633695 | 20471054063 | 17999622217 | -10982174064 | 04765669035 | 10099936598 | 08024032016 | 04808646914 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | blFGDP$_IMEX | Central | 00063845975 | 12256906248 | Transform Annual Growth | blFGDP$_IMEX | Central | -03735112979 | -02398100266 | 00533779554 | 10252658827 | 10081169396 | 20906101983 | 20970805994 | 21918401913 | |||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IDEU | Central | 05719546493 | 10222414849 | Transform Annual Growth | blFGDP$_IDEU | Central | 18878382403 | -09668474617 | 03371786209 | 06979229504 | 10172628117 | 16794358524 | 19893661165 | 14932062066 | |||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_IGBR | Central | 13152063114 | 10119832734 | Transform Annual Growth | blFGDP$_IGBR | Central | 24823649001 | -0739135003 | 16777739007 | 06643901326 | 12466257645 | 11263116978 | 10681874364 | 10996765728 | |||||||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 29451354542 | 30961395462 | 26155633695 | -03735112979 | 18878382403 | 24823649001 | -00237677886 | 78364853704 | 17754221786 | Transform Annual Growth | blFGDP$_IBRA | Central | 11023093516 | 22038851574 | Transform Annual Growth | blFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 2035391119 | 23545717496 | 25048602217 | 25545421579 | ||||||||||||||||||||||||||||||||||||||||||||||
2019Q2 | 22599606628 | 20138186099 | 20471054063 | -02398100266 | -09668474617 | -0739135003 | 19153104432 | 52562170871 | 07431449429 | Transform Annual Growth | blFGDP$_ICHN | Central | 61482608188 | 61879167766 | Transform Annual Growth | blFGDP$_ICHN | Central | 78364853704 | 52562170871 | 49639920827 | 60986346254 | 71996449976 | 66464447608 | 5516591118 | 57641098471 | ||||||||||||||||||||||||||||||||||||||||||||||
2019Q3 | 24139793469 | 21035065819 | 17999622217 | 00533779554 | 03371786209 | 16777739007 | 24592196357 | 49639920827 | 09419706317 | Transform Annual Growth | blFGDP$_IEUZN | Central | 12233338671 | 13174813176 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17754221786 | 07431449429 | 09419706317 | 10559422143 | 13970624004 | 1533923729 | 18296441479 | 14318726638 | ||||||||||||||||||||||||||||||||||||||||||||||
2019Q4 | 24684818352 | 21981110559 | -10982174064 | 10252658827 | 06979229504 | 06643901326 | 1884625331 | 60986346254 | 10559422143 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 272065679 | 14854478326 | 04765669035 | 10081169396 | 10172628117 | 12466257645 | 2035391119 | 71996449976 | 13970624004 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 29246961109 | 21637882274 | 10099936598 | 20906101983 | 16794358524 | 11263116978 | 23545717496 | 66464447608 | 1533923729 | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 26772534017 | 15212644402 | 08024032016 | 20970805994 | 19893661165 | 10681874364 | 25048602217 | 5516591118 | 18296441479 | blFGDP$_IWRLD | blFGDP$_IWRLD | March base | 30284213704 | 23417301002 | 23990821589 | 16664397734 | 1004457845 | 32074829495 | 31264533681 | 27331374943 | 24351159023 | 21709930613 | |||||||||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 2610698539 | 1240462 | 04808646914 | 21918401913 | 14932062066 | 10996765728 | 25545421579 | 57641098471 | 14318726638 | January base | 29451354542 | 22599606628 | 24139793469 | 24684818352 | 272065679 | 29246961109 | 26772534017 | 2610698539 | 24572687311 | 26327068769 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Pandemic | 30159788147 | 22796482557 | 24591371048 | 20779599357 | -0821068591 | -32466569486 | -09134483601 | 14536598724 | 2445594268 | -00205231371 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_US | blFGDP$_US | March base | 30961395462 | 20138186099 | 21035065819 | 20951800832 | 09921251807 | 08275731969 | 18283102998 | 20834052245 | 23313535291 | 15414354913 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | January base | 30961395462 | 20138186099 | 21035065819 | 21981110559 | 14854478326 | 21637882274 | 15212644402 | 1240462 | 23378491108 | 18444415498 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
cvpFGDP$_IWRLD | cvpFGDP$_US | cvpFGDP$_IJPN | cvpFGDP$_IMEX | cvpFGDP$_IDEU | cvpFGDP$_IGBR | cvpFGDP$_IBRA | cvpFGDP$_ICHN | cvpFGDP$_IEUZN | Pandemic | 30961395462 | 20138186099 | 21035065819 | 20798192573 | -07791884072 | -28691380159 | -19527497926 | -02389473664 | 23303837447 | -02321135313 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | blFGDP$_IJPN | blFGDP$_IJPN | March base | 26108675557 | 1928453754 | 04856673069 | -62909369088 | -00439644998 | 10125815712 | 08666505872 | 06663085528 | 07546323236 | -07102897285 | ||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 30159788147 | 30961395462 | 26155633695 | -03735112979 | 18878382403 | 24823649001 | -00237677886 | 81649173964 | 17986022234 | January base | 26155633695 | 20471054063 | 17999622217 | -10982174064 | 04765669035 | 10099936598 | 08024032016 | 04808646914 | 12088413762 | 05810706316 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q2 | 22796482557 | 20138186099 | 20471054063 | -02398100266 | -09668474617 | -0739135003 | 19153104432 | 52832664449 | 06358352459 | Pandemic | 26155633695 | 20471054063 | 17999622217 | -11119794418 | -25355286898 | -22605799716 | -28490450305 | -02896175105 | 12079598883 | -13007210629 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q3 | 24591371048 | 21035065819 | 17999622217 | 00533779554 | 03371786209 | 16777739007 | 24592196357 | 52959086245 | 10998947573 | blFGDP$_IMEX | blFGDP$_IMEX | March base | -03735112979 | -02398100266 | 00533779554 | -00006376933 | 08490892284 | 18025324464 | 14194129347 | 18384431898 | -005744748 | 08324283964 | |||||||||||||||||||||||||||||||||||||||||||||||||
2019Q4 | 20779599357 | 20798192573 | -11119794418 | -00006387604 | 0483210256 | 06643894657 | 18846225607 | 5081292422 | 03752442079 | January base | -03735112979 | -02398100266 | 00533779554 | 10252658827 | 10081169396 | 20906101983 | 20970805994 | 21918401913 | 00063845975 | 12256906248 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | -0821068591 | -07791884072 | -25355286898 | -19062201837 | -0047198012 | 06533113941 | -6057333778 | -18145761976 | 03759520935 | Pandemic | -03735112979 | -02398100266 | 00533779554 | -00006387604 | -19062201837 | -3940399 | -21819164585 | -09962562461 | -00574475466 | -15669083769 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q2 | -32466569486 | -28691380159 | -22605799716 | -3940399 | -26172511227 | -07999236088 | -68183843711 | -87426651892 | 00496751219 | blFGDP$_IDEU | blFGDP$_IDEU | March base | 19164480743 | -09667798486 | 07878544616 | 01119058205 | 02987390528 | 07063814764 | 08334022824 | 13146543316 | 05986711898 | 04515958007 | |||||||||||||||||||||||||||||||||||||||||||||||||
2020Q3 | -09134483601 | -19527497926 | -28490450305 | -21819164585 | -12905609117 | -02333238672 | -15904255744 | -00254038564 | -03786332106 | January base | 18878382403 | -09668474617 | 03371786209 | 06979229504 | 10172628117 | 16794358524 | 19893661165 | 14932062066 | 05719546493 | 10222414849 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 14536598724 | -02389473664 | -02896175105 | -09962562461 | -04107398878 | 02507136905 | 16096256256 | 6392235324 | 08103230917 | Pandemic | 18878382403 | -09668474617 | 03371786209 | 0483210256 | -0047198012 | -26172511227 | -12905609117 | -04107398878 | 05585261716 | -06226209775 | |||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IGBR | blFGDP$_IGBR | March base | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 06602394397 | 09321922665 | 12477941124 | 09915534109 | 14029645318 | 07953949612 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | January base | 24823649001 | -0739135003 | 16777739007 | 06643901326 | 12466257645 | 11263116978 | 10681874364 | 10996765728 | 13152063114 | 10119832734 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
cvpFGDP$_IWRLD | cvpFGDP$_US | cvpFGDP$_IJPN | cvpFGDP$_IMEX | cvpFGDP$_IDEU | cvpFGDP$_IGBR | cvpFGDP$_IBRA | cvpFGDP$_ICHN | cvpFGDP$_IEUZN | Pandemic | 24823649001 | -0739135003 | 16777739007 | 06643894657 | 06533113941 | -07999236088 | -02333238672 | 02507136905 | 13152062693 | 02846413002 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | blFGDP$_IBRA | blFGDP$_IBRA | March base | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 16040993663 | 23481470825 | 29204265431 | 26058164488 | 11023093516 | 21497054247 | ||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2445594268 | 23303837447 | 12079598883 | -00574475466 | 05585261716 | 13152062693 | 11023091785 | 61225476607 | 11823671661 | January base | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 2035391119 | 23545717496 | 25048602217 | 25545421579 | 11023093516 | 22038851574 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | -00205231371 | -02321135313 | -13007210629 | -15669083769 | -06226209775 | 02846413002 | -21884237028 | 01019172133 | 03531495954 | Pandemic | -00237677886 | 19153104432 | 24592196357 | 18846225607 | -6057333778 | -68183843711 | -15904255744 | 16096256256 | 11023091785 | -21884237028 | |||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_ICHN | blFGDP$_ICHN | March base | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -07976031984 | 114621259414 | 8243216 | 57641098471 | 61225476607 | 52185934247 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | January base | 78364853704 | 52562170871 | 49639920827 | 60986346254 | 71996449976 | 66464447608 | 5516591118 | 57641098471 | 61482608188 | 61879167766 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IWRLD | Central | 30159788147 | 22796482557 | 24591371048 | 20779599357 | -0821068591 | -32466569486 | -09134483601 | 14536598724 | Transform Annual Growth | cvpFGDP$_IWRLD | Central | 2445594268 | -00205231371 | Pandemic | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -18145761976 | -87426651892 | -00254038564 | 6392235324 | 61225476607 | 01019172133 | |||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20798192573 | -07791884072 | -28691380159 | -19527497926 | -02389473664 | Transform Annual Growth | cvpFGDP$_US | Central | 23303837447 | -02321135313 | blFGDP$_IEUZN | blFGDP$_IEUZN | March base | 17986022234 | 06358352459 | 10998947573 | 023526783 | 13072031191 | 12804875265 | 13849193065 | 13600290043 | 11735219155 | 10459481224 | |||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IJPN | Central | 26155633695 | 20471054063 | 17999622217 | -11119794418 | -25355286898 | -22605799716 | -28490450305 | -02896175105 | Transform Annual Growth | cvpFGDP$_IJPN | Central | 12079598883 | -13007210629 | January base | 17754221786 | 07431449429 | 09419706317 | 10559422143 | 13970624004 | 1533923729 | 18296441479 | 14318726638 | 12233338671 | 13174813176 | |||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IMEX | Central | -03735112979 | -02398100266 | 00533779554 | -00006387604 | -19062201837 | -3940399 | -21819164585 | -09962562461 | Transform Annual Growth | cvpFGDP$_IMEX | Central | -00574475466 | -15669083769 | Pandemic | 17986022234 | 06358352459 | 10998947573 | 03752442079 | 03759520935 | 00496751219 | -03786332106 | 08103230917 | 11823671661 | 03531495954 | |||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IDEU | Central | 18878382403 | -09668474617 | 03371786209 | 0483210256 | -0047198012 | -26172511227 | -12905609117 | -04107398878 | Transform Annual Growth | cvpFGDP$_IDEU | Central | 05585261716 | -06226209775 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IGBR | Central | 24823649001 | -0739135003 | 16777739007 | 06643894657 | 06533113941 | -07999236088 | -02333238672 | 02507136905 | Transform Annual Growth | cvpFGDP$_IGBR | Central | 13152062693 | 02846413002 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 18846225607 | -6057333778 | -68183843711 | -15904255744 | 16096256256 | Transform Annual Growth | cvpFGDP$_IBRA | Central | 11023091785 | -21884237028 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -18145761976 | -87426651892 | -00254038564 | 6392235324 | Transform Annual Growth | cvpFGDP$_ICHN | Central | 61225476607 | 01019172133 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 03752442079 | 03759520935 | 00496751219 | -03786332106 | 08103230917 | Transform Annual Growth | cvpFGDP$_IEUZN | Central | 11823671661 | 03531495954 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IWRLD | Pandemic | 30159788147 | 22796482557 | 24591371048 | 20779599357 | -0821068591 | -32466569486 | -09134483601 | 14536598724 | 2445594268 | -00205231371 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_US | Pandemic | 30961395462 | 20138186099 | 21035065819 | 20798192573 | -07791884072 | -28691380159 | -19527497926 | -02389473664 | 23303837447 | -02321135313 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Pandemic | 26155633695 | 20471054063 | 17999622217 | -11119794418 | -25355286898 | -22605799716 | -28490450305 | -02896175105 | 12079598883 | -13007210629 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IMEX | Pandemic | -03735112979 | -02398100266 | 00533779554 | -00006387604 | -19062201837 | -3940399 | -21819164585 | -09962562461 | -00574475466 | -15669083769 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IDEU | Pandemic | 18878382403 | -09668474617 | 03371786209 | 0483210256 | -0047198012 | -26172511227 | -12905609117 | -04107398878 | 05585261716 | -06226209775 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IGBR | Pandemic | 24823649001 | -0739135003 | 16777739007 | 06643894657 | 06533113941 | -07999236088 | -02333238672 | 02507136905 | 13152062693 | 02846413002 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IBRA | Pandemic | -00237677886 | 19153104432 | 24592196357 | 18846225607 | -6057333778 | -68183843711 | -15904255744 | 16096256256 | 11023091785 | -21884237028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_ICHN | Pandemic | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -18145761976 | -87426651892 | -00254038564 | 6392235324 | 61225476607 | 01019172133 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IEUZN | Pandemic | 17986022234 | 06358352459 | 10998947573 | 03752442079 | 03759520935 | 00496751219 | -03786332106 | 08103230917 | 11823671661 | 03531495954 |
January | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 29451354542 | 22599606628 | 24139793469 | 24684818352 | 272065679 | 29246961109 | 26772534017 | 2610698539 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24572687311 | 26327068769 | ||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 21981110559 | 14854478326 | 21637882274 | 15212644402 | 1240462 | Transform Annual Growth | blFGDP$_US | Central | 23378491108 | 18444415498 | ||||||||||||||||||||||||||||
2019Q1 | 29451354542 | 30961395462 | 78364853704 | -00237677886 | 24823649001 | 17754221786 | Transform Annual Growth | blFGDP$_ICHN | Central | 78364853704 | 52562170871 | 49639920827 | 60986346254 | 71996449976 | 66464447608 | 5516591118 | 57641098471 | Transform Annual Growth | blFGDP$_ICHN | Central | 61482608188 | 61879167766 | |||||||||||||||||||||||||||
2019Q2 | 22599606628 | 20138186099 | 52562170871 | 19153104432 | -0739135003 | 07431449429 | Transform Annual Growth | blFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 2035391119 | 23545717496 | 25048602217 | 25545421579 | Transform Annual Growth | blFGDP$_IBRA | Central | 11023093516 | 22038851574 | |||||||||||||||||||||||||||
2019Q3 | 24139793469 | 21035065819 | 49639920827 | 24592196357 | 16777739007 | 09419706317 | Transform Annual Growth | blFGDP$_IGBR | Central | 24823649001 | -0739135003 | 16777739007 | 06643901326 | 12466257645 | 11263116978 | 10681874364 | 10996765728 | Transform Annual Growth | blFGDP$_IGBR | Central | 13152063114 | 10119832734 | |||||||||||||||||||||||||||
2019Q4 | 24684818352 | 21981110559 | 60986346254 | 1884625331 | 06643901326 | 10559422143 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17754221786 | 07431449429 | 09419706317 | 10559422143 | 13970624004 | 1533923729 | 18296441479 | 14318726638 | Transform Annual Growth | blFGDP$_IEUZN | Central | 12233338671 | 13174813176 | |||||||||||||||||||||||||||
2020Q1 | 272065679 | 14854478326 | 71996449976 | 2035391119 | 12466257645 | 13970624004 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 29246961109 | 21637882274 | 66464447608 | 23545717496 | 11263116978 | 1533923729 | |||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 26772534017 | 15212644402 | 5516591118 | 25048602217 | 10681874364 | 18296441479 | 1 | ||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 2610698539 | 1240462 | 57641098471 | 25545421579 | 10996765728 | 14318726638 | 1 | ||||||||||||||||||||||||||||||||||||||||||
1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 1 | |||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | 1 | |||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | 1 | |||||||||||||||||||||||||||||||||||||||||||
2019 | 24572687311 | 23378491108 | 61482608188 | 11023093516 | 13152063114 | 12233338671 | |||||||||||||||||||||||||||||||||||||||||||
2020 | 26327068769 | 18444415498 | 61879167766 | 22038851574 | 10119832734 | 13174813176 | |||||||||||||||||||||||||||||||||||||||||||
February | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019Q1 | 2019Q2 | ||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 30161892099 | 22802828188 | 24594084962 | 22008966022 | 14267975445 | 35673397653 | 3130360587 | 26477025015 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24535720549 | 24438471492 | ||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20798192573 | 11808986302 | 18383570453 | 18399532081 | 14396669192 | Transform Annual Growth | blFGDP$_US | Central | 23303837447 | 1737510215 | ||||||||||||||||||||||||||||
2019Q1 | 30161892099 | 30961395462 | 81649173964 | -00237677886 | 24823649001 | 17986022234 | Transform Annual Growth | blFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -01693269995 | 114621259414 | 8243216 | 57641098471 | Transform Annual Growth | blFGDP$_ICHN | Central | 61225476607 | 53847938302 | |||||||||||||||||||||||||||
2019Q2 | 22802828188 | 20138186099 | 52832664449 | 19153104432 | -0739135003 | 06358352459 | Transform Annual Growth | blFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 2035391119 | 23545717496 | 25048602217 | 25545421579 | Transform Annual Growth | blFGDP$_IBRA | Central | 11023093516 | 22038851574 | |||||||||||||||||||||||||||
2019Q3 | 24594084962 | 21035065819 | 52959086245 | 24592196357 | 16777739007 | 10998947573 | Transform Annual Growth | blFGDP$_IGBR | Central | 24823649001 | -0739135003 | 16777739007 | 06643897131 | 10679572806 | 1302977792 | 10712364192 | 1131447151 | Transform Annual Growth | blFGDP$_IGBR | Central | 13152062849 | 10028602649 | |||||||||||||||||||||||||||
2019Q4 | 22008966022 | 20798192573 | 5081292422 | 1884625331 | 06643897131 | 03752442079 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 03752442079 | 17050563006 | 16351220412 | 16699656597 | 14255519771 | Transform Annual Growth | blFGDP$_IEUZN | Central | 11823671661 | 1277684485 | |||||||||||||||||||||||||||
2020Q1 | 14267975445 | 11808986302 | -01693269995 | 2035391119 | 10679572806 | 17050563006 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 35673397653 | 18383570453 | 114621259414 | 23545717496 | 1302977792 | 16351220412 | |||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 3130360587 | 18399532081 | 8243216 | 25048602217 | 10712364192 | 16699656597 | 1 | ||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 26477025015 | 14396669192 | 57641098471 | 25545421579 | 1131447151 | 14255519771 | 1 | ||||||||||||||||||||||||||||||||||||||||||
1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 1 | |||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | 1 | |||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | 1 | |||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 24535720549 | 23303837447 | 61225476607 | 11023093516 | 13152062849 | 11823671661 | |||||||||||||||||||||||||||||||||||||||||||
2019Q2 | 24438471492 | 1737510215 | 53847938302 | 22038851574 | 10028602649 | 1277684485 | |||||||||||||||||||||||||||||||||||||||||||
March | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 30435599871 | 23558387781 | 24375040067 | 1701955775 | 07134330493 | 16088352258 | 35025062659 | 28314211454 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24493075475 | 18629862191 | ||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20951800832 | 10792377387 | -03629441718 | 17452447165 | 24113300406 | Transform Annual Growth | blFGDP$_US | Central | 23313535291 | 13471543008 | ||||||||||||||||||||||||||||
2019Q1 | 30435599871 | 30961395462 | 81649173964 | 0 | 25893471992 | 17986022234 | Transform Annual Growth | blFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -0916830864 | 50939502296 | 114125001473 | 57641098471 | Transform Annual Growth | blFGDP$_ICHN | Central | 61225476607 | 44051562126 | |||||||||||||||||||||||||||
2019Q2 | 23558387781 | 20138186099 | 52832664449 | 21088484653 | -04326963218 | 06358352459 | Transform Annual Growth | blFGDP$_IBRA | Central | 0 | 21088484653 | 25309159859 | 20368839529 | 13204907937 | 19612066518 | 24768647224 | 25597150807 | Transform Annual Growth | blFGDP$_IBRA | Central | 11327391421 | 19967072205 | |||||||||||||||||||||||||||
2019Q3 | 24375040067 | 21035065819 | 52959086245 | 25309159859 | 19881876478 | 10998947573 | Transform Annual Growth | blFGDP$_IGBR | Central | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 06010071267 | 04808646914 | 12479154327 | 11215100886 | Transform Annual Growth | blFGDP$_IGBR | Central | 14029645318 | 07039544518 | |||||||||||||||||||||||||||
2019Q4 | 1701955775 | 20951800832 | 5081292422 | 20368839529 | 00955519539 | 023526783 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 023526783 | 06533523093 | 07718419397 | 12075824693 | 13342808024 | Transform Annual Growth | blFGDP$_IEUZN | Central | 11735219155 | 0763453073 | |||||||||||||||||||||||||||
2020Q1 | 07134330493 | 10792377387 | -0916830864 | 13204907937 | 06010071267 | 06533523093 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 16088352258 | -03629441718 | 50939502296 | 19612066518 | 04808646914 | 07718419397 | |||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 35025062659 | 17452447165 | 114125001473 | 24768647224 | 12479154327 | 12075824693 | 1 | ||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 28314211454 | 24113300406 | 57641098471 | 25597150807 | 11215100886 | 13342808024 | 1 | ||||||||||||||||||||||||||||||||||||||||||
1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 1 | |||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | 1 | |||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | 1 | |||||||||||||||||||||||||||||||||||||||||||
2019 | 24493075475 | 23313535291 | 61225476607 | 11327391421 | 14029645318 | 11735219155 | |||||||||||||||||||||||||||||||||||||||||||
2020 | 18629862191 | 13471543008 | 44051562126 | 19967072205 | 07039544518 | 0763453073 | |||||||||||||||||||||||||||||||||||||||||||
Pandemic | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 30435599871 | 23555223464 | 24368647931 | 16948755801 | -64626256402 | -01452879884 | 364230161 | 31919100165 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24487184631 | -02913403409 | ||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20951800832 | -12649625419 | -3866587391 | -05250627901 | 12952466239 | Transform Annual Growth | blFGDP$_US | Central | 23313535291 | -02697321313 | ||||||||||||||||||||||||||||
2019Q1 | 30435599871 | 30961395462 | 81649173964 | 0 | 25893471992 | 17986022234 | Transform Annual Growth | blFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -271595817928 | 213939810451 | 288661390234 | 126527577187 | Transform Annual Growth | blFGDP$_ICHN | Central | 61225476607 | 16783204982 | |||||||||||||||||||||||||||
2019Q2 | 23555223464 | 20138186099 | 52832664449 | 21088484653 | -04326963218 | 06358352459 | Transform Annual Growth | blFGDP$_IBRA | Central | 0 | 21088484653 | 25309159859 | 20368839529 | -49699609713 | -59050479329 | -14301609311 | 29311858824 | Transform Annual Growth | blFGDP$_IBRA | Central | 11327391421 | -15810356391 | |||||||||||||||||||||||||||
2019Q3 | 24368647931 | 21035065819 | 52959086245 | 25309159859 | 19881876478 | 10998947573 | Transform Annual Growth | blFGDP$_IGBR | Central | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 0 | -38926164109 | -50898073001 | -24773578171 | Transform Annual Growth | blFGDP$_IGBR | Central | 14029645318 | -13025752939 | |||||||||||||||||||||||||||
2019Q4 | 16948755801 | 20951800832 | 5081292422 | 20368839529 | 00955519539 | 023526783 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 023526783 | -56773778158 | -74279753282 | -0805227426 | 16043293021 | Transform Annual Growth | blFGDP$_IEUZN | Central | 11735219155 | -26504236812 | |||||||||||||||||||||||||||
2020Q1 | -64626256402 | -12649625419 | -271595817928 | -49699609713 | 0 | -56773778158 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | -01452879884 | -3866587391 | 213939810451 | -59050479329 | -38926164109 | -74279753282 | |||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 364230161 | -05250627901 | 288661390234 | -14301609311 | -50898073001 | -0805227426 | |||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 31919100165 | 12952466239 | 126527577187 | 29311858824 | -24773578171 | 16043293021 | |||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | ||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | ||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | ||||||||||||||||||||||||||||||||||||||||||||
2019 | 24487184631 | 23313535291 | 61225476607 | 11327391421 | 14029645318 | 11735219155 | |||||||||||||||||||||||||||||||||||||||||||
2020 | -02913403409 | -02697321313 | 16783204982 | -15810356391 | -13025752939 | -26504236812 |
2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||
World | January base | 29 | 23 | 24 | 25 | 27 | 29 | 27 | 26 | 25 | 26 | ||||||||||||
March base | 30 | 23 | 24 | 17 | 10 | 32 | 31 | 27 | 24 | 22 | |||||||||||||
Pandemic | 30 | 23 | 25 | 21 | -08 | -32 | -09 | 15 | 24 | -00 | |||||||||||||
United States | January base | 31 | 20 | 21 | 22 | 15 | 22 | 15 | 12 | 23 | 18 | ||||||||||||
March base | 31 | 20 | 21 | 21 | 10 | 08 | 18 | 21 | 23 | 15 | |||||||||||||
Pandemic | 31 | 20 | 21 | 21 | -08 | -29 | -20 | -02 | 23 | -02 | |||||||||||||
Japan | January base | 26 | 20 | 18 | -11 | 05 | 10 | 08 | 05 | 12 | 06 | ||||||||||||
March base | 26 | 19 | 05 | -63 | -00 | 10 | 09 | 07 | 08 | -07 | |||||||||||||
Pandemic | 26 | 20 | 18 | -11 | -25 | -23 | -28 | -03 | 12 | -13 | |||||||||||||
Mexico | January base | -04 | -02 | 01 | 10 | 10 | 21 | 21 | 22 | 00 | 12 | ||||||||||||
March base | -04 | -02 | 01 | -00 | 08 | 18 | 14 | 18 | -01 | 08 | |||||||||||||
Pandemic | -04 | -02 | 01 | -00 | -19 | -39 | -22 | -10 | -01 | -16 | |||||||||||||
Germany | January base | 19 | -10 | 03 | 07 | 10 | 17 | 20 | 15 | 06 | 10 | ||||||||||||
March base | 19 | -10 | 08 | 01 | 03 | 07 | 08 | 13 | 06 | 05 | |||||||||||||
Pandemic | 19 | -10 | 03 | 05 | -00 | -26 | -13 | -04 | 06 | -06 | |||||||||||||
United Kingdom | January base | 25 | -07 | 17 | 07 | 12 | 11 | 11 | 11 | 13 | 10 | ||||||||||||
March base | 26 | -04 | 20 | 01 | 07 | 09 | 12 | 10 | 14 | 08 | |||||||||||||
Pandemic | 25 | -07 | 17 | 07 | 07 | -08 | -02 | 03 | 13 | 03 | |||||||||||||
Brazil | January base | -00 | 19 | 25 | 19 | 20 | 24 | 25 | 26 | 11 | 22 | ||||||||||||
March base | -00 | 19 | 25 | 19 | 16 | 23 | 29 | 26 | 11 | 21 | |||||||||||||
Pandemic | -00 | 19 | 25 | 19 | -61 | -68 | -16 | 16 | 11 | -22 | |||||||||||||
China | January base | 78 | 53 | 50 | 61 | 72 | 66 | 55 | 58 | 61 | 62 | ||||||||||||
March base | 82 | 53 | 53 | 51 | -08 | 115 | 82 | 58 | 61 | 52 | |||||||||||||
Pandemic | 82 | 53 | 53 | 51 | -18 | -87 | -00 | 64 | 61 | 01 | |||||||||||||
Euro Zone | January base | 18 | 07 | 09 | 11 | 14 | 15 | 18 | 14 | 12 | 13 | ||||||||||||
March base | 18 | 06 | 11 | 02 | 13 | 13 | 14 | 14 | 12 | 10 | |||||||||||||
Pandemic | 18 | 06 | 11 | 04 | 04 | 00 | -04 | 08 | 12 | 04 |
Virus Changes the Outlook | |||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||
World | January base | 27 | 29 | 27 | 26 | 25 | 26 | ||||||||
February base | 14 | 36 | 31 | 26 | 25 | 24 | |||||||||
March prelim base | 07 | 16 | 35 | 28 | 24 | 19 | |||||||||
Pandemic | -65 | -01 | 36 | 32 | 24 | -03 | |||||||||
United States | January base | 15 | 22 | 15 | 12 | 23 | 18 | ||||||||
February base | 12 | 18 | 18 | 14 | 23 | 17 | |||||||||
March prelim base | 11 | -04 | 17 | 24 | 23 | 13 | |||||||||
Pandemic | -13 | -39 | -05 | 13 | 23 | -03 | |||||||||
China | January base | 72 | 66 | 55 | 58 | 61 | 62 | ||||||||
February base | -02 | 115 | 82 | 58 | 61 | 54 | |||||||||
March base | -09 | 51 | 114 | 58 | 61 | 44 | |||||||||
Pandemic | -272 | 214 | 289 | 127 | 61 | 17 | |||||||||
Brazil | January base | 20 | 24 | 25 | 26 | 11 | 22 | ||||||||
February base | 20 | 24 | 25 | 26 | 11 | 22 | |||||||||
March prelim base | 13 | 20 | 25 | 26 | 11 | 20 | |||||||||
Pandemic | -50 | -59 | -14 | 29 | 11 | -16 | |||||||||
United Kingdom | January base | 12 | 11 | 11 | 11 | 13 | 10 | ||||||||
February base | 11 | 13 | 11 | 11 | 13 | 10 | |||||||||
March base | 06 | 05 | 12 | 11 | 14 | 07 | |||||||||
Pandemic | 00 | -39 | -51 | -25 | 14 | -13 | |||||||||
Euro Zone | January base | 14 | 15 | 18 | 14 | 12 | 13 | ||||||||
February base | 17 | 16 | 17 | 14 | 12 | 13 | |||||||||
March prelim base | 07 | 08 | 12 | 13 | 12 | 08 | |||||||||
Pandemic | -57 | -74 | -08 | 16 | 12 | -27 |
Global Recession Under Pandemic Scenario | |||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||
World | January base | 27 | 29 | 27 | 26 | 25 | 26 | ||||||||
March base | 07 | 16 | 35 | 28 | 24 | 19 | |||||||||
April base | -109 | -221 | 199 | 45 | 24 | -42 | |||||||||
United States | January base | 15 | 22 | 15 | 12 | 23 | 18 | ||||||||
March base | 11 | -04 | 17 | 24 | 23 | 13 | |||||||||
April base | -81 | -302 | 166 | 04 | 23 | -58 | |||||||||
China | January base | 72 | 66 | 55 | 58 | 61 | 62 | ||||||||
March base | -09 | 51 | 114 | 58 | 61 | 44 | |||||||||
April base | -290 | 149 | 277 | 130 | 61 | -01 | |||||||||
Brazil | January base | 20 | 24 | 25 | 26 | 11 | 22 | ||||||||
March base | 13 | 20 | 25 | 26 | 11 | 20 | |||||||||
April base | -88 | -243 | 04 | 70 | 11 | -61 | |||||||||
United Kingdom | January base | 12 | 11 | 11 | 11 | 13 | 10 | ||||||||
March base | 06 | 05 | 12 | 11 | 14 | 07 | |||||||||
April base | -30 | -367 | 258 | 58 | 14 | -56 | |||||||||
Euro Zone | January base | 14 | 15 | 18 | 14 | 12 | 13 | ||||||||
March base | 07 | 08 | 12 | 13 | 12 | 08 | |||||||||
April base | -148 | -400 | 593 | 16 | 12 | -70 |
April 2020 2
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April 2020 3
0102030405060708090
03 05 07 09 10 12 14 16 18
InvestingHiring
of respondents to Moodyrsquos Analytics business survey that are hellip
Source Moodyrsquos Analytics
Businesses Batten Down the Hatches
April 2020 4
-25
-15
-5
5March April May June July August Sep-Dec
Enter Accom Transp Wholesale
Manufact Misc Real Est Energy
Constr Educ Finance Public admin
Prof Other service Info Healthcare
Total
Business Lockdowns Hit HardDeviation from typical US GDP ann ppts by industry 2020
Source Moodyrsquos Analytics
April 2020 5
010002000300040005000600070008000
67 70 72 75 78 81 84 87 90 93 96 99 02 05 08 11 14 17
267 million cumulativelysince crisis began theweek of March 14th
Unemployment insurance claims ths
Sources Employment amp Training Administration Moodyrsquos Analytics
Unemployment Surges
April 2020 6
22
24
26
28
30
32
34
36
Jan Feb Mar Apr
Smaller Nest Eggs
Sources Wilshire 5000 Federal Reserve Moodyrsquos Analytics
Wilshire 5000
Value of publicly trade stocks $ tril
April 2020 7
85
90
95
100
105
110
-4
0
4
8
12
16
20
17Q1 18Q1 19Q1 20Q1
Global balance (L)Global demand (R)Global supply (R)
Global Oil GlutMil barrels per day
Sources International Energy Agency Moodyrsquos Analytics
April 2020 8
-30-25-20-15-10-505
10
Jan-19 Apr-19 Jun-19 Sep-19 Dec-19 Aug-20
Start ups with high propensity to hire chg yr ago
Sources Census Department Moodyrsquos Analytics
Business Start Ups Plunge
Global Recession2
April 2020 10
Unprecedented Global Economic DownturnhellipEconomies in red are expected to suffer a recession in 2020
Source Moodyrsquos Analytics
April 2020 11
hellipThat Is Intensifying
2020Q1 2020Q2 2020Q3 2020Q4 2019 2020January base 27 29 27 26 25 26March base 07 16 35 28 24 19April base -109 -221 199 45 24 -42January base 15 22 15 12 23 18March base 11 -04 17 24 23 13April base -81 -302 166 04 23 -58January base 72 66 55 58 61 62March base -09 51 114 58 61 44April base -290 149 277 130 61 -01January base 20 24 25 26 11 22March base 13 20 25 26 11 20April base -88 -243 04 70 11 -61January base 12 11 11 11 13 10March base 06 05 12 11 14 07April base -30 -367 258 58 14 -56January base 14 15 18 14 12 13March base 07 08 12 13 12 08April base -148 -400 593 16 12 -70
Brazil
United Kingdom
Euro Zone
World
United States
China
Real GDP growth annualized change
Source Moodyrsquos Analytics
April 2020 12
-10-8-6-4-202468
0 2 4 6 8 10 12
1980 1990 20012007 2020
A Swoosh Recovery Real GDP change since beginning of recessionhellip
Sources BEA Moodyrsquos Analytics
X-axis is qtrs since beginning of recession
13April 2020
-40
-30
-20
-10
0
10
20
19 20 21 22 23 24
Baseline (50ile)S0 (4ile)S4 (96ile)
Output to Collapse With Gradual RecoveryInflation adjusted GDP annualized quarterly growth
Source Moodyrsquos Analytics
April 2020 14
0
5
10
15
20
25
30 40 50 60 70 80 90 00 10 20
Financial crisisFed slays inflation
1930s Depression
WW II
COVID crisis April 2020
Not Since the Great DepressionUS unemployment rate
Sources Federal Reserve BEA Moodyrsquos Analytics
15April 2020
02468
101214161820
19 20 21 22 23 24
Baseline (50ile)
S0 (4ile)
S4 (96ile)
Unemployment to SpikeU-3 unemployment rate quarterly average
Source Moodyrsquos Analytics
April 2020 16
Job Market Will Struggle to Recover
Sources BLS Moodyrsquos Analytics
05 04 06 06 04
-171
81
-06 -03
00 10 13 14 14 13 12
-20
-15
-10
-5
0
5
10
3
5
7
9
11
13
15
19 20 21 22
Employment Change (Mil R)Unemployment Rate (L)
April 2020 17
Regional Risk Factors for COVID-19
Virus Exposure
Commodities
Demographics
Global Interconnectedness (TradeTravel)
Tourism
FinanceInvestment
April 2020 18
Large Coastal Urban Areas Are Hit HardestWeighted avg Z-score across rankings 0 = metro area average
gt025
-025 to lt0lt-025
0 to lt025
Source Moodyrsquos Analytics
April 2020 19
Active Listings Collapse Across Major Metros
Sources Realtorcom Moodyrsquos Analytics
-45 -40 -35 -30 -25 -20 -15 -10 -5 0
PhoenixMilwaukeeSan DiegoSan JosePhiladelphiaCincinnatiDenverRiversideProvidenceSeattle
Active listing count yr ago
April 2020 20
US Real Estate Prices Slump
Sources FHFA Moodyrsquos Analytics
75
80
85
90
95
100
105
19 20 21 22
FHFA HPI
Moodyrsquos Analytics CPPI
Index 2019Q4 = 100 April baseline
April 2020 21
Home Prices Could Fall Fasthellip
Sources BEA Moodyrsquos Analytics
FHFA all-transactions index forecasts from March 2020 V2 vintage year ago
-15
-10
-5
0
5
10
15
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
BaselineScenario 1Scenario 3Scenario 4
April 2020 22
hellipAs Commercial Properties Are Hit From All Sides
Sources Reis Moodyrsquos Analytics
Commercial property price index yr ago
-40
-30
-20
-10
0
10
20
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
BaselineScenario 1Scenario 3Scenario 4
April 2020 23
House Prices SlumphellipForeclosures Increase
Sources FHFA MBA Moodyrsquos Analytics
0
500
1000
1500
2000
2500
60
70
80
90
100
110
120
05 10 15 20 25
FHFA HPI Index 2020Q1 = 100 (L)
Foreclosures startedths SA (R)
April baseline forecast
April 2020 24
Price Declines Vary Throughout the CountryBaseline forecast FHFA purchase-only index for 2021Q1 year ago
Sources FHFA Moodyrsquos Analytics
Known Unknowns3
April 2020 26
01000002000003000004000005000006000007000008000009000001000000
05000
10000150002000025000300003500040000
01-M
ar
04-M
ar
07-M
ar
10-M
ar
13-M
ar
16-M
ar
19-M
ar
22-M
ar
25-M
ar
28-M
ar
31-M
ar
03-A
pr
06-A
pr
09-A
pr
12-A
pr
15-A
pr
18-A
pr
21-A
pr
24-A
pr
Daily Cases (L) Cumulative Cases (R )
US New Daily Cases Hovering Around 30000Number of confirmed COVID-19 cases
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 27
0
10
20
30
40
50
60
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60
Italy S Korea EU USDay 1 DatesItaly Feb 23S Korea Feb 20US March 3 EU Feb 23
Growth Rate of COVID Cases FallingDaily growth of COVID-19 cases days since 100 confirmed cases 3-day MA
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 28
Epidemiological Assumptions
S1 Scenario
bull lt1 mil confirmed US infectionsbull New infections peak in Aprilbull 5-6 case fatality ratebull 8 hospitalization ratebull Infections abate by Junebull Surplus of hospital bedsbull Surplus of ICU bedsbull Surplus of ventilators
Baseline Forecast
bull 1-3 mil confirmed US infectionsbull New infections peak in Maybull 7-11 case fatality ratebull 10 hospitalization ratebull Infections abate by Julybull Surplus of hospital bedsbull Small surplus of ICU bedsbull Small surplus of ventilators
S3 Scenario
bull 5-6 mil confirmed US infectionsbull New infections peak in Junebull 12-16 case fatality ratebull 15 hospitalization ratebull Infections abate by Septemberbull Small deficit of hospital bedsbull Large deficit of ICU bedsbull Large deficit of ventilators
April 2020 29
010002000300040005000600070008000
95 00 05 10 15
C B Ba Baa A Aa Aaa
Federal Reserve Must Shore Up the Firewall
Sources Moodyrsquos Investor Service Moodyrsquos Analytics
Corporate debt outstanding by rating $ bil
April 2020 30
0123456789
10
03 05 07 09 11 13 15 17 19 21 23 25
Up Up and AwayAssets held outright on the Fedrsquos balance sheet $ tril
Source Moodyrsquos Analytics
April 2020 31
Lawmakers Act But Need to Do More
Sources CRFB Moodyrsquos Analytics
Cost of Coronavirus Aid Relief amp Economic Security (CARES) Act
$510 BilLoans amp Loan
Guarantees for Large Firms amp Governments
$377 BilSmall Business Loans amp Grants
$290 BilOne-time Checks
$180 BilHealth
$150 BilAid to States
$72 BilTransp Grants
$280 BilBusiness Tax Cuts
$45 BilFEMA
$42 BilSafety Nets
$32 BilEducation$260 Bil
Unemployment Insurance
$25 BilOther
April 2020 32
Running Out of Fiscal Space
Source Moodyrsquos Analytics
Sovereign borrowing capacity given current yields projected output growth and primary balance
-500
50100150200250300350400450
0 50 100 150 200 250
Circle size=Real GDP US$Y-axis Fiscal spaceX-axis Debt-to-GDP ratioAs of 2020Q1 (ex COVID-19 policies)
China
US
Japan
ItalyFrance Greece
Russia
UK
Argentina
Germany
Turkey S Africa Egypt
Spain
IndiaBrazil
Mexico
Canada
April 2020 33
US Risk Matrix
Source Moodyrsquos Analytics
April 2020 34
Questions amp
AnswersQuestions Contact us at helpeconomycom
April 2020 35
Coronavirus Liveeventsmoodysiocoronavirus coronavirusmoodyscom
Full webinars schedule eventsmoodysioeventsemeamoodyscom
MoodyrsquosWebinars
April 2020 36
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April 2020 38
copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved
CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC ANDOR ITS CREDIT RATINGS AFFILIATES ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MATERIALS PRODUCTS SERVICES AND INFORMATION PUBLISHED BY MOODYrsquoS (COLLECTIVELY ldquoPUBLICATIONSrdquo) MAY INCLUDE SUCH CURRENT OPINIONS MOODYrsquoS INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS INVESTORS SERVICE CREDIT RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS NON-CREDIT ASSESSMENTS (ldquoASSESSMENTSrdquo) AND OTHER OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC ANDOR ITS AFFILIATES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK
All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information
NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING ASSESSMENT OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER
Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any credit rating agreed to pay to Moodyrsquos Investors Service Inc for credit ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and Moodyrsquos investors Service also maintain policies and procedures to address the independence of Moodyrsquos Investors Service credit ratings and credit rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold credit ratings from Moodyrsquos Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo
Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors
Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any credit rating agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements
BLFGDP$_IWRLD | |
BLFGDP$_US | |
BLFGDP$_ICHN | |
BLFGDP$_IBRA | |
BLFGDP$_IGBR | |
BLFGDP$_IEUZN |
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | |||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 1004457845 | 10044578163 | 09921251807 | 09921251807 | -00439644998 | -00439645008 | 08490892284 | 08490892282 | 02987390528 | 02987390528 | 06602394397 | 06602394358 | 16040993663 | 16040993566 | 2020 | 21709930613 | 21709969799 | 15414354913 | 15414354614 | -07102897285 | -07102894824 | 08324283964 | 08324259976 | 04515958007 | 04515958007 | 07953949612 | 07953950128 | 21497054247 | 21497054504 | 52185934247 | 52185934247 | 10459481224 | 10459483101 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 32074829495 | 32074831252 | 08275731969 | 08275731787 | 10125815712 | 1012581938 | 18025324464 | 18025300718 | 07063814764 | 07063814764 | 09321922665 | 09321922955 | 23481470825 | 23481471214 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 31264533681 | 3126453553 | 18283102998 | 18283103389 | 08666505872 | 08666514849 | 14194129347 | 14194048288 | 08334022824 | 08334022824 | 12477941124 | 12477943726 | 29204265431 | 29204266796 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 27331374943 | 27331990841 | 20834052245 | 20834047228 | 06663085528 | 06663096538 | 18384431899 | 18384280067 | 13146543316 | 13146543316 | 09915534109 | 09915536456 | 26058164488 | 26058165097 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IWRLD | Central | 1004457845 | 32074829495 | 31264533681 | 27331374943 | Transform Annual Growth | blFGDP$_IWRLD | Central | 21709930613 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 10044578163 | 32074831252 | 3126453553 | 27331990841 | Local | 21709969799 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_US | Central | 09921251807 | 08275731969 | 18283102998 | 20834052245 | Transform Annual Growth | blFGDP$_US | Central | 15414354913 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 09921251807 | 08275731787 | 18283103389 | 20834047228 | Local | 15414354614 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Central | -00439644998 | 10125815712 | 08666505872 | 06663085528 | Transform Annual Growth | blFGDP$_IJPN | Central | -07102897285 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | -00439645008 | 1012581938 | 08666514849 | 06663096538 | Local | -07102894824 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IMEX | Central | 08490892284 | 18025324464 | 14194129347 | 18384431899 | Transform Annual Growth | blFGDP$_IMEX | Central | 08324283964 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 08490892282 | 18025300718 | 14194048288 | 18384280067 | Local | 08324259976 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IDEU | Central | 02987390528 | 07063814764 | 08334022824 | 13146543316 | Transform Annual Growth | blFGDP$_IDEU | Central | 04515958007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 02987390528 | 07063814764 | 08334022824 | 13146543316 | Local | 04515958007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IGBR | Central | 06602394397 | 09321922665 | 12477941124 | 09915534109 | Transform Annual Growth | blFGDP$_IGBR | Central | 07953949612 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 06602394358 | 09321922955 | 12477943726 | 09915536456 | Local | 07953950128 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IBRA | Central | 16040993663 | 23481470825 | 29204265431 | 26058164488 | Transform Annual Growth | blFGDP$_IBRA | Central | 21497054247 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 16040993566 | 23481471214 | 29204266796 | 26058165097 | Local | 21497054504 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 272065679 | 14854478326 | 04765669035 | 10081169396 | 10172628117 | 12466257645 | 2035391119 | 2020 | 26327068769 | 18444415498 | 05810706316 | 12256906248 | 10222414849 | 10119832734 | 22038851574 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 29246961109 | 21637882274 | 10099936598 | 20906101983 | 16794358524 | 11263116978 | 23545717496 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 26772534017 | 15212644402 | 08024032016 | 20970805994 | 19893661165 | 10681874364 | 25048602217 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 2610698539 | 1240462 | 04808646914 | 21918401913 | 14932062066 | 10996765728 | 25545421579 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IWRLD | Central | 272065679 | 29246961109 | 26772534017 | 2610698539 | Transform Annual Growth | blFGDP$_IWRLD | Central | 26327068769 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_US | Central | 14854478326 | 21637882274 | 15212644402 | 1240462 | Transform Annual Growth | blFGDP$_US | Central | 18444415498 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Central | 04765669035 | 10099936598 | 08024032016 | 04808646914 | Transform Annual Growth | blFGDP$_IJPN | Central | 05810706316 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IMEX | Central | 10081169396 | 20906101983 | 20970805994 | 21918401913 | Transform Annual Growth | blFGDP$_IMEX | Central | 12256906248 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IDEU | Central | 10172628117 | 16794358524 | 19893661165 | 14932062066 | Transform Annual Growth | blFGDP$_IDEU | Central | 10222414849 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IGBR | Central | 12466257645 | 11263116978 | 10681874364 | 10996765728 | Transform Annual Growth | blFGDP$_IGBR | Central | 10119832734 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IBRA | Central | 2035391119 | 23545717496 | 25048602217 | 25545421579 | Transform Annual Growth | blFGDP$_IBRA | Central | 22038851574 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | Current | 1004457845 | 32074829495 | 31264533681 | 27331374943 | 21709930613 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 272065679 | 29246961109 | 26772534017 | 2610698539 | 26327068769 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_US | Current | 09921251807 | 08275731969 | 18283102998 | 20834052245 | 15414354913 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 14854478326 | 21637882274 | 15212644402 | 1240462 | 18444415498 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IJPN | Current | -00439644998 | 10125815712 | 08666505872 | 06663085528 | -07102897285 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 04765669035 | 10099936598 | 08024032016 | 04808646914 | 05810706316 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IMEX | Current | 08490892284 | 18025324464 | 14194129347 | 18384431899 | 08324283964 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 10081169396 | 20906101983 | 20970805994 | 21918401913 | 12256906248 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IDEU | Current | 02987390528 | 07063814764 | 08334022824 | 13146543316 | 04515958007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 10172628117 | 16794358524 | 19893661165 | 14932062066 | 10222414849 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IGBR | Current | 06602394397 | 09321922665 | 12477941124 | 09915534109 | 07953949612 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 12466257645 | 11263116978 | 10681874364 | 10996765728 | 10119832734 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IBRA | Current | 16040993663 | 23481470825 | 29204265431 | 26058164488 | 21497054247 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 2035391119 | 23545717496 | 25048602217 | 25545421579 | 22038851574 |
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019 | 2020 | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 24351159023 | 21709930613 | Transform Annual Growth | blFGDP$_IWRLD | Central | 30284213704 | 23417301002 | 23990821589 | 16664397734 | 1004457845 | 32074829495 | 31264533681 | 27331374943 | |||||||||||||||||||||||||||||||||||||||||||||||
Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Local | 24351159023 | 21709969799 | Local | 30284213704 | 23417301002 | 23990821589 | 16664397734 | 10044578163 | 32074831252 | 3126453553 | 27331990841 | ||||||||||||||||||||||||||||||||||||||||||
2019 | 24351159023 | 24351159023 | 23313535291 | 23313535291 | 07546323236 | 07546323236 | -005744748 | -005744748 | 05986711898 | 05986711898 | 14029645318 | 14029645318 | 11023093516 | 11023093516 | 61225476607 | 61225476607 | 11735219155 | 11735219155 | Transform Annual Growth | blFGDP$_US | Central | 23313535291 | 15414354913 | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20951800832 | 09921251807 | 08275731969 | 18283102998 | 20834052245 | |||||||||||||||||||||||||||||||||||||
2020 | 21709930613 | 21709969799 | 15414354913 | 15414354614 | -07102897285 | -07102894824 | 08324283964 | 08324259976 | 04515958007 | 04515958007 | 07953949612 | 07953950128 | 21497054247 | 21497054504 | 52185934247 | 52185934247 | 10459481224 | 10459483101 | Local | 23313535291 | 15414354614 | Local | 30961395462 | 20138186099 | 21035065819 | 20951800832 | 09921251807 | 08275731787 | 18283103389 | 20834047228 | |||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Central | 07546323236 | -07102897285 | Transform Annual Growth | blFGDP$_IJPN | Central | 26108675557 | 1928453754 | 04856673069 | -62909369088 | -00439644998 | 10125815712 | 08666505872 | 06663085528 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Local | 07546323236 | -07102894824 | Local | 26108675557 | 1928453754 | 04856673069 | -62909369088 | -00439645008 | 1012581938 | 08666514849 | 06663096538 | |||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IMEX | Central | -005744748 | 08324283964 | Transform Annual Growth | blFGDP$_IMEX | Central | -03735112979 | -02398100266 | 00533779554 | -00006376933 | 08490892284 | 18025324464 | 14194129347 | 18384431898 | |||||||||||||||||||||||||||||||||||||||||||||||
Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Local | -005744748 | 08324259976 | Local | -03735112979 | -02398100266 | 00533779554 | -00006376933 | 08490892282 | 18025300718 | 14194048288 | 18384280067 | ||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 30284213704 | 30284213704 | 30961395462 | 30961395462 | 26108675557 | 26108675557 | -03735112979 | -03735112979 | 19164480743 | 19164480743 | 25893471992 | 25893471992 | -00237677886 | -00237677886 | 81649173964 | 81649173964 | 17986022234 | 17986022234 | Transform Annual Growth | blFGDP$_IDEU | Central | 05986711898 | 04515958007 | Transform Annual Growth | blFGDP$_IDEU | Central | 19164480743 | -09667798486 | 07878544616 | 01119058205 | 02987390528 | 07063814764 | 08334022824 | 13146543316 | |||||||||||||||||||||||||||||||||||||
2019Q2 | 23417301002 | 23417301002 | 20138186099 | 20138186099 | 1928453754 | 1928453754 | -02398100266 | -02398100266 | -09667798486 | -09667798486 | -04326963218 | -04326963218 | 19153104432 | 19153104432 | 52832664449 | 52832664449 | 06358352459 | 06358352459 | Local | 05986711898 | 04515958007 | Local | 19164480743 | -09667798486 | 07878544616 | 01119058205 | 02987390528 | 07063814764 | 08334022824 | 13146543316 | |||||||||||||||||||||||||||||||||||||||||
2019Q3 | 23990821589 | 23990821589 | 21035065819 | 21035065819 | 04856673069 | 04856673069 | 00533779554 | 00533779554 | 07878544616 | 07878544616 | 19881876478 | 19881876478 | 24592196357 | 24592196357 | 52959086245 | 52959086245 | 10998947573 | 10998947573 | Transform Annual Growth | blFGDP$_IGBR | Central | 14029645318 | 07953949612 | Transform Annual Growth | blFGDP$_IGBR | Central | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 06602394397 | 09321922665 | 12477941124 | 09915534109 | |||||||||||||||||||||||||||||||||||||
2019Q4 | 16664397734 | 16664397734 | 20951800832 | 20951800832 | -62909369088 | -62909369088 | -00006376933 | -00006376933 | 01119058205 | 01119058205 | 00955519539 | 00955519539 | 1884625331 | 1884625331 | 5081292422 | 5081292422 | 023526783 | 023526783 | Local | 14029645318 | 07953950128 | Local | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 06602394358 | 09321922955 | 12477943726 | 09915536456 | |||||||||||||||||||||||||||||||||||||||||
2020Q1 | 1004457845 | 10044578163 | 09921251807 | 09921251807 | -00439644998 | -00439645008 | 08490892284 | 08490892282 | 02987390528 | 02987390528 | 06602394397 | 06602394358 | 16040993663 | 16040993566 | -07976031984 | -07976031984 | 13072031191 | 13072029534 | Transform Annual Growth | blFGDP$_IBRA | Central | 11023093516 | 21497054247 | Transform Annual Growth | blFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 16040993663 | 23481470825 | 29204265431 | 26058164488 | |||||||||||||||||||||||||||||||||||||
2020Q2 | 32074829495 | 32074831252 | 08275731969 | 08275731787 | 10125815712 | 1012581938 | 18025324464 | 18025300718 | 07063814764 | 07063814764 | 09321922665 | 09321922955 | 23481470825 | 23481471214 | 114621259414 | 114621259414 | 12804875265 | 12804882285 | Local | 11023093516 | 21497054504 | Local | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 16040993566 | 23481471214 | 29204266796 | 26058165097 | |||||||||||||||||||||||||||||||||||||||||
2020Q3 | 31264533681 | 3126453553 | 18283102998 | 18283103389 | 08666505872 | 08666514849 | 14194129347 | 14194048288 | 08334022824 | 08334022824 | 12477941124 | 12477943726 | 29204265431 | 29204266796 | 8243216 | 8243216 | 13849193065 | 13849201636 | Transform Annual Growth | blFGDP$_ICHN | Central | 61225476607 | 52185934247 | Transform Annual Growth | blFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -07976031984 | 114621259414 | 8243216 | 57641098471 | |||||||||||||||||||||||||||||||||||||
2020Q4 | 27331374943 | 27331990841 | 20834052245 | 20834047228 | 06663085528 | 06663096538 | 18384431898 | 18384280067 | 13146543316 | 13146543316 | 09915534109 | 09915536456 | 26058164488 | 26058165097 | 57641098471 | 57641098471 | 13600290043 | 13600288501 | Local | 61225476607 | 52185934247 | Local | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -07976031984 | 114621259414 | 8243216 | 57641098471 | |||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IEUZN | Central | 11735219155 | 10459481224 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 023526783 | 13072031191 | 12804875265 | 13849193065 | 13600290043 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Local | 11735219155 | 10459483101 | Local | 17986022234 | 06358352459 | 10998947573 | 023526783 | 13072029534 | 12804882285 | 13849201636 | 13600288501 | |||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | 2019 | 2020 | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 24572687311 | 23378491108 | 12088413762 | 00063845975 | 05719546493 | 13152063114 | 11023093516 | 61482608188 | 12233338671 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24572687311 | 26327068769 | Transform Annual Growth | blFGDP$_IWRLD | Central | 29451354542 | 22599606628 | 24139793469 | 24684818352 | 272065679 | 29246961109 | 26772534017 | 2610698539 | ||||||||||||||||||||||||||||||||||||||||||||||
2020 | 26327068769 | 18444415498 | 05810706316 | 12256906248 | 10222414849 | 10119832734 | 22038851574 | 61879167766 | 13174813176 | Transform Annual Growth | blFGDP$_US | Central | 23378491108 | 18444415498 | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 21981110559 | 14854478326 | 21637882274 | 15212644402 | 1240462 | ||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Central | 12088413762 | 05810706316 | Transform Annual Growth | blFGDP$_IJPN | Central | 26155633695 | 20471054063 | 17999622217 | -10982174064 | 04765669035 | 10099936598 | 08024032016 | 04808646914 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | blFGDP$_IMEX | Central | 00063845975 | 12256906248 | Transform Annual Growth | blFGDP$_IMEX | Central | -03735112979 | -02398100266 | 00533779554 | 10252658827 | 10081169396 | 20906101983 | 20970805994 | 21918401913 | |||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IDEU | Central | 05719546493 | 10222414849 | Transform Annual Growth | blFGDP$_IDEU | Central | 18878382403 | -09668474617 | 03371786209 | 06979229504 | 10172628117 | 16794358524 | 19893661165 | 14932062066 | |||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_IGBR | Central | 13152063114 | 10119832734 | Transform Annual Growth | blFGDP$_IGBR | Central | 24823649001 | -0739135003 | 16777739007 | 06643901326 | 12466257645 | 11263116978 | 10681874364 | 10996765728 | |||||||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 29451354542 | 30961395462 | 26155633695 | -03735112979 | 18878382403 | 24823649001 | -00237677886 | 78364853704 | 17754221786 | Transform Annual Growth | blFGDP$_IBRA | Central | 11023093516 | 22038851574 | Transform Annual Growth | blFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 2035391119 | 23545717496 | 25048602217 | 25545421579 | ||||||||||||||||||||||||||||||||||||||||||||||
2019Q2 | 22599606628 | 20138186099 | 20471054063 | -02398100266 | -09668474617 | -0739135003 | 19153104432 | 52562170871 | 07431449429 | Transform Annual Growth | blFGDP$_ICHN | Central | 61482608188 | 61879167766 | Transform Annual Growth | blFGDP$_ICHN | Central | 78364853704 | 52562170871 | 49639920827 | 60986346254 | 71996449976 | 66464447608 | 5516591118 | 57641098471 | ||||||||||||||||||||||||||||||||||||||||||||||
2019Q3 | 24139793469 | 21035065819 | 17999622217 | 00533779554 | 03371786209 | 16777739007 | 24592196357 | 49639920827 | 09419706317 | Transform Annual Growth | blFGDP$_IEUZN | Central | 12233338671 | 13174813176 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17754221786 | 07431449429 | 09419706317 | 10559422143 | 13970624004 | 1533923729 | 18296441479 | 14318726638 | ||||||||||||||||||||||||||||||||||||||||||||||
2019Q4 | 24684818352 | 21981110559 | -10982174064 | 10252658827 | 06979229504 | 06643901326 | 1884625331 | 60986346254 | 10559422143 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 272065679 | 14854478326 | 04765669035 | 10081169396 | 10172628117 | 12466257645 | 2035391119 | 71996449976 | 13970624004 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 29246961109 | 21637882274 | 10099936598 | 20906101983 | 16794358524 | 11263116978 | 23545717496 | 66464447608 | 1533923729 | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 26772534017 | 15212644402 | 08024032016 | 20970805994 | 19893661165 | 10681874364 | 25048602217 | 5516591118 | 18296441479 | blFGDP$_IWRLD | blFGDP$_IWRLD | March base | 30284213704 | 23417301002 | 23990821589 | 16664397734 | 1004457845 | 32074829495 | 31264533681 | 27331374943 | 24351159023 | 21709930613 | |||||||||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 2610698539 | 1240462 | 04808646914 | 21918401913 | 14932062066 | 10996765728 | 25545421579 | 57641098471 | 14318726638 | January base | 29451354542 | 22599606628 | 24139793469 | 24684818352 | 272065679 | 29246961109 | 26772534017 | 2610698539 | 24572687311 | 26327068769 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Pandemic | 30159788147 | 22796482557 | 24591371048 | 20779599357 | -0821068591 | -32466569486 | -09134483601 | 14536598724 | 2445594268 | -00205231371 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_US | blFGDP$_US | March base | 30961395462 | 20138186099 | 21035065819 | 20951800832 | 09921251807 | 08275731969 | 18283102998 | 20834052245 | 23313535291 | 15414354913 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | January base | 30961395462 | 20138186099 | 21035065819 | 21981110559 | 14854478326 | 21637882274 | 15212644402 | 1240462 | 23378491108 | 18444415498 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
cvpFGDP$_IWRLD | cvpFGDP$_US | cvpFGDP$_IJPN | cvpFGDP$_IMEX | cvpFGDP$_IDEU | cvpFGDP$_IGBR | cvpFGDP$_IBRA | cvpFGDP$_ICHN | cvpFGDP$_IEUZN | Pandemic | 30961395462 | 20138186099 | 21035065819 | 20798192573 | -07791884072 | -28691380159 | -19527497926 | -02389473664 | 23303837447 | -02321135313 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | blFGDP$_IJPN | blFGDP$_IJPN | March base | 26108675557 | 1928453754 | 04856673069 | -62909369088 | -00439644998 | 10125815712 | 08666505872 | 06663085528 | 07546323236 | -07102897285 | ||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 30159788147 | 30961395462 | 26155633695 | -03735112979 | 18878382403 | 24823649001 | -00237677886 | 81649173964 | 17986022234 | January base | 26155633695 | 20471054063 | 17999622217 | -10982174064 | 04765669035 | 10099936598 | 08024032016 | 04808646914 | 12088413762 | 05810706316 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q2 | 22796482557 | 20138186099 | 20471054063 | -02398100266 | -09668474617 | -0739135003 | 19153104432 | 52832664449 | 06358352459 | Pandemic | 26155633695 | 20471054063 | 17999622217 | -11119794418 | -25355286898 | -22605799716 | -28490450305 | -02896175105 | 12079598883 | -13007210629 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q3 | 24591371048 | 21035065819 | 17999622217 | 00533779554 | 03371786209 | 16777739007 | 24592196357 | 52959086245 | 10998947573 | blFGDP$_IMEX | blFGDP$_IMEX | March base | -03735112979 | -02398100266 | 00533779554 | -00006376933 | 08490892284 | 18025324464 | 14194129347 | 18384431898 | -005744748 | 08324283964 | |||||||||||||||||||||||||||||||||||||||||||||||||
2019Q4 | 20779599357 | 20798192573 | -11119794418 | -00006387604 | 0483210256 | 06643894657 | 18846225607 | 5081292422 | 03752442079 | January base | -03735112979 | -02398100266 | 00533779554 | 10252658827 | 10081169396 | 20906101983 | 20970805994 | 21918401913 | 00063845975 | 12256906248 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | -0821068591 | -07791884072 | -25355286898 | -19062201837 | -0047198012 | 06533113941 | -6057333778 | -18145761976 | 03759520935 | Pandemic | -03735112979 | -02398100266 | 00533779554 | -00006387604 | -19062201837 | -3940399 | -21819164585 | -09962562461 | -00574475466 | -15669083769 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q2 | -32466569486 | -28691380159 | -22605799716 | -3940399 | -26172511227 | -07999236088 | -68183843711 | -87426651892 | 00496751219 | blFGDP$_IDEU | blFGDP$_IDEU | March base | 19164480743 | -09667798486 | 07878544616 | 01119058205 | 02987390528 | 07063814764 | 08334022824 | 13146543316 | 05986711898 | 04515958007 | |||||||||||||||||||||||||||||||||||||||||||||||||
2020Q3 | -09134483601 | -19527497926 | -28490450305 | -21819164585 | -12905609117 | -02333238672 | -15904255744 | -00254038564 | -03786332106 | January base | 18878382403 | -09668474617 | 03371786209 | 06979229504 | 10172628117 | 16794358524 | 19893661165 | 14932062066 | 05719546493 | 10222414849 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 14536598724 | -02389473664 | -02896175105 | -09962562461 | -04107398878 | 02507136905 | 16096256256 | 6392235324 | 08103230917 | Pandemic | 18878382403 | -09668474617 | 03371786209 | 0483210256 | -0047198012 | -26172511227 | -12905609117 | -04107398878 | 05585261716 | -06226209775 | |||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IGBR | blFGDP$_IGBR | March base | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 06602394397 | 09321922665 | 12477941124 | 09915534109 | 14029645318 | 07953949612 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | January base | 24823649001 | -0739135003 | 16777739007 | 06643901326 | 12466257645 | 11263116978 | 10681874364 | 10996765728 | 13152063114 | 10119832734 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
cvpFGDP$_IWRLD | cvpFGDP$_US | cvpFGDP$_IJPN | cvpFGDP$_IMEX | cvpFGDP$_IDEU | cvpFGDP$_IGBR | cvpFGDP$_IBRA | cvpFGDP$_ICHN | cvpFGDP$_IEUZN | Pandemic | 24823649001 | -0739135003 | 16777739007 | 06643894657 | 06533113941 | -07999236088 | -02333238672 | 02507136905 | 13152062693 | 02846413002 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | blFGDP$_IBRA | blFGDP$_IBRA | March base | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 16040993663 | 23481470825 | 29204265431 | 26058164488 | 11023093516 | 21497054247 | ||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2445594268 | 23303837447 | 12079598883 | -00574475466 | 05585261716 | 13152062693 | 11023091785 | 61225476607 | 11823671661 | January base | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 2035391119 | 23545717496 | 25048602217 | 25545421579 | 11023093516 | 22038851574 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | -00205231371 | -02321135313 | -13007210629 | -15669083769 | -06226209775 | 02846413002 | -21884237028 | 01019172133 | 03531495954 | Pandemic | -00237677886 | 19153104432 | 24592196357 | 18846225607 | -6057333778 | -68183843711 | -15904255744 | 16096256256 | 11023091785 | -21884237028 | |||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_ICHN | blFGDP$_ICHN | March base | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -07976031984 | 114621259414 | 8243216 | 57641098471 | 61225476607 | 52185934247 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | January base | 78364853704 | 52562170871 | 49639920827 | 60986346254 | 71996449976 | 66464447608 | 5516591118 | 57641098471 | 61482608188 | 61879167766 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IWRLD | Central | 30159788147 | 22796482557 | 24591371048 | 20779599357 | -0821068591 | -32466569486 | -09134483601 | 14536598724 | Transform Annual Growth | cvpFGDP$_IWRLD | Central | 2445594268 | -00205231371 | Pandemic | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -18145761976 | -87426651892 | -00254038564 | 6392235324 | 61225476607 | 01019172133 | |||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20798192573 | -07791884072 | -28691380159 | -19527497926 | -02389473664 | Transform Annual Growth | cvpFGDP$_US | Central | 23303837447 | -02321135313 | blFGDP$_IEUZN | blFGDP$_IEUZN | March base | 17986022234 | 06358352459 | 10998947573 | 023526783 | 13072031191 | 12804875265 | 13849193065 | 13600290043 | 11735219155 | 10459481224 | |||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IJPN | Central | 26155633695 | 20471054063 | 17999622217 | -11119794418 | -25355286898 | -22605799716 | -28490450305 | -02896175105 | Transform Annual Growth | cvpFGDP$_IJPN | Central | 12079598883 | -13007210629 | January base | 17754221786 | 07431449429 | 09419706317 | 10559422143 | 13970624004 | 1533923729 | 18296441479 | 14318726638 | 12233338671 | 13174813176 | |||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IMEX | Central | -03735112979 | -02398100266 | 00533779554 | -00006387604 | -19062201837 | -3940399 | -21819164585 | -09962562461 | Transform Annual Growth | cvpFGDP$_IMEX | Central | -00574475466 | -15669083769 | Pandemic | 17986022234 | 06358352459 | 10998947573 | 03752442079 | 03759520935 | 00496751219 | -03786332106 | 08103230917 | 11823671661 | 03531495954 | |||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IDEU | Central | 18878382403 | -09668474617 | 03371786209 | 0483210256 | -0047198012 | -26172511227 | -12905609117 | -04107398878 | Transform Annual Growth | cvpFGDP$_IDEU | Central | 05585261716 | -06226209775 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IGBR | Central | 24823649001 | -0739135003 | 16777739007 | 06643894657 | 06533113941 | -07999236088 | -02333238672 | 02507136905 | Transform Annual Growth | cvpFGDP$_IGBR | Central | 13152062693 | 02846413002 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 18846225607 | -6057333778 | -68183843711 | -15904255744 | 16096256256 | Transform Annual Growth | cvpFGDP$_IBRA | Central | 11023091785 | -21884237028 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -18145761976 | -87426651892 | -00254038564 | 6392235324 | Transform Annual Growth | cvpFGDP$_ICHN | Central | 61225476607 | 01019172133 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 03752442079 | 03759520935 | 00496751219 | -03786332106 | 08103230917 | Transform Annual Growth | cvpFGDP$_IEUZN | Central | 11823671661 | 03531495954 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IWRLD | Pandemic | 30159788147 | 22796482557 | 24591371048 | 20779599357 | -0821068591 | -32466569486 | -09134483601 | 14536598724 | 2445594268 | -00205231371 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_US | Pandemic | 30961395462 | 20138186099 | 21035065819 | 20798192573 | -07791884072 | -28691380159 | -19527497926 | -02389473664 | 23303837447 | -02321135313 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Pandemic | 26155633695 | 20471054063 | 17999622217 | -11119794418 | -25355286898 | -22605799716 | -28490450305 | -02896175105 | 12079598883 | -13007210629 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IMEX | Pandemic | -03735112979 | -02398100266 | 00533779554 | -00006387604 | -19062201837 | -3940399 | -21819164585 | -09962562461 | -00574475466 | -15669083769 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IDEU | Pandemic | 18878382403 | -09668474617 | 03371786209 | 0483210256 | -0047198012 | -26172511227 | -12905609117 | -04107398878 | 05585261716 | -06226209775 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IGBR | Pandemic | 24823649001 | -0739135003 | 16777739007 | 06643894657 | 06533113941 | -07999236088 | -02333238672 | 02507136905 | 13152062693 | 02846413002 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IBRA | Pandemic | -00237677886 | 19153104432 | 24592196357 | 18846225607 | -6057333778 | -68183843711 | -15904255744 | 16096256256 | 11023091785 | -21884237028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_ICHN | Pandemic | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -18145761976 | -87426651892 | -00254038564 | 6392235324 | 61225476607 | 01019172133 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IEUZN | Pandemic | 17986022234 | 06358352459 | 10998947573 | 03752442079 | 03759520935 | 00496751219 | -03786332106 | 08103230917 | 11823671661 | 03531495954 |
January | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 29451354542 | 22599606628 | 24139793469 | 24684818352 | 272065679 | 29246961109 | 26772534017 | 2610698539 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24572687311 | 26327068769 | ||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 21981110559 | 14854478326 | 21637882274 | 15212644402 | 1240462 | Transform Annual Growth | blFGDP$_US | Central | 23378491108 | 18444415498 | ||||||||||||||||||||||||||||
2019Q1 | 29451354542 | 30961395462 | 78364853704 | -00237677886 | 24823649001 | 17754221786 | Transform Annual Growth | blFGDP$_ICHN | Central | 78364853704 | 52562170871 | 49639920827 | 60986346254 | 71996449976 | 66464447608 | 5516591118 | 57641098471 | Transform Annual Growth | blFGDP$_ICHN | Central | 61482608188 | 61879167766 | |||||||||||||||||||||||||||
2019Q2 | 22599606628 | 20138186099 | 52562170871 | 19153104432 | -0739135003 | 07431449429 | Transform Annual Growth | blFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 2035391119 | 23545717496 | 25048602217 | 25545421579 | Transform Annual Growth | blFGDP$_IBRA | Central | 11023093516 | 22038851574 | |||||||||||||||||||||||||||
2019Q3 | 24139793469 | 21035065819 | 49639920827 | 24592196357 | 16777739007 | 09419706317 | Transform Annual Growth | blFGDP$_IGBR | Central | 24823649001 | -0739135003 | 16777739007 | 06643901326 | 12466257645 | 11263116978 | 10681874364 | 10996765728 | Transform Annual Growth | blFGDP$_IGBR | Central | 13152063114 | 10119832734 | |||||||||||||||||||||||||||
2019Q4 | 24684818352 | 21981110559 | 60986346254 | 1884625331 | 06643901326 | 10559422143 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17754221786 | 07431449429 | 09419706317 | 10559422143 | 13970624004 | 1533923729 | 18296441479 | 14318726638 | Transform Annual Growth | blFGDP$_IEUZN | Central | 12233338671 | 13174813176 | |||||||||||||||||||||||||||
2020Q1 | 272065679 | 14854478326 | 71996449976 | 2035391119 | 12466257645 | 13970624004 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 29246961109 | 21637882274 | 66464447608 | 23545717496 | 11263116978 | 1533923729 | |||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 26772534017 | 15212644402 | 5516591118 | 25048602217 | 10681874364 | 18296441479 | 1 | ||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 2610698539 | 1240462 | 57641098471 | 25545421579 | 10996765728 | 14318726638 | 1 | ||||||||||||||||||||||||||||||||||||||||||
1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 1 | |||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | 1 | |||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | 1 | |||||||||||||||||||||||||||||||||||||||||||
2019 | 24572687311 | 23378491108 | 61482608188 | 11023093516 | 13152063114 | 12233338671 | |||||||||||||||||||||||||||||||||||||||||||
2020 | 26327068769 | 18444415498 | 61879167766 | 22038851574 | 10119832734 | 13174813176 | |||||||||||||||||||||||||||||||||||||||||||
February | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019Q1 | 2019Q2 | ||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 30161892099 | 22802828188 | 24594084962 | 22008966022 | 14267975445 | 35673397653 | 3130360587 | 26477025015 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24535720549 | 24438471492 | ||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20798192573 | 11808986302 | 18383570453 | 18399532081 | 14396669192 | Transform Annual Growth | blFGDP$_US | Central | 23303837447 | 1737510215 | ||||||||||||||||||||||||||||
2019Q1 | 30161892099 | 30961395462 | 81649173964 | -00237677886 | 24823649001 | 17986022234 | Transform Annual Growth | blFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -01693269995 | 114621259414 | 8243216 | 57641098471 | Transform Annual Growth | blFGDP$_ICHN | Central | 61225476607 | 53847938302 | |||||||||||||||||||||||||||
2019Q2 | 22802828188 | 20138186099 | 52832664449 | 19153104432 | -0739135003 | 06358352459 | Transform Annual Growth | blFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 2035391119 | 23545717496 | 25048602217 | 25545421579 | Transform Annual Growth | blFGDP$_IBRA | Central | 11023093516 | 22038851574 | |||||||||||||||||||||||||||
2019Q3 | 24594084962 | 21035065819 | 52959086245 | 24592196357 | 16777739007 | 10998947573 | Transform Annual Growth | blFGDP$_IGBR | Central | 24823649001 | -0739135003 | 16777739007 | 06643897131 | 10679572806 | 1302977792 | 10712364192 | 1131447151 | Transform Annual Growth | blFGDP$_IGBR | Central | 13152062849 | 10028602649 | |||||||||||||||||||||||||||
2019Q4 | 22008966022 | 20798192573 | 5081292422 | 1884625331 | 06643897131 | 03752442079 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 03752442079 | 17050563006 | 16351220412 | 16699656597 | 14255519771 | Transform Annual Growth | blFGDP$_IEUZN | Central | 11823671661 | 1277684485 | |||||||||||||||||||||||||||
2020Q1 | 14267975445 | 11808986302 | -01693269995 | 2035391119 | 10679572806 | 17050563006 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 35673397653 | 18383570453 | 114621259414 | 23545717496 | 1302977792 | 16351220412 | |||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 3130360587 | 18399532081 | 8243216 | 25048602217 | 10712364192 | 16699656597 | 1 | ||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 26477025015 | 14396669192 | 57641098471 | 25545421579 | 1131447151 | 14255519771 | 1 | ||||||||||||||||||||||||||||||||||||||||||
1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 1 | |||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | 1 | |||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | 1 | |||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 24535720549 | 23303837447 | 61225476607 | 11023093516 | 13152062849 | 11823671661 | |||||||||||||||||||||||||||||||||||||||||||
2019Q2 | 24438471492 | 1737510215 | 53847938302 | 22038851574 | 10028602649 | 1277684485 | |||||||||||||||||||||||||||||||||||||||||||
March | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 30435599871 | 23558387781 | 24375040067 | 1701955775 | 07134330493 | 16088352258 | 35025062659 | 28314211454 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24493075475 | 18629862191 | ||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20951800832 | 10792377387 | -03629441718 | 17452447165 | 24113300406 | Transform Annual Growth | blFGDP$_US | Central | 23313535291 | 13471543008 | ||||||||||||||||||||||||||||
2019Q1 | 30435599871 | 30961395462 | 81649173964 | 0 | 25893471992 | 17986022234 | Transform Annual Growth | blFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -0916830864 | 50939502296 | 114125001473 | 57641098471 | Transform Annual Growth | blFGDP$_ICHN | Central | 61225476607 | 44051562126 | |||||||||||||||||||||||||||
2019Q2 | 23558387781 | 20138186099 | 52832664449 | 21088484653 | -04326963218 | 06358352459 | Transform Annual Growth | blFGDP$_IBRA | Central | 0 | 21088484653 | 25309159859 | 20368839529 | 13204907937 | 19612066518 | 24768647224 | 25597150807 | Transform Annual Growth | blFGDP$_IBRA | Central | 11327391421 | 19967072205 | |||||||||||||||||||||||||||
2019Q3 | 24375040067 | 21035065819 | 52959086245 | 25309159859 | 19881876478 | 10998947573 | Transform Annual Growth | blFGDP$_IGBR | Central | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 06010071267 | 04808646914 | 12479154327 | 11215100886 | Transform Annual Growth | blFGDP$_IGBR | Central | 14029645318 | 07039544518 | |||||||||||||||||||||||||||
2019Q4 | 1701955775 | 20951800832 | 5081292422 | 20368839529 | 00955519539 | 023526783 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 023526783 | 06533523093 | 07718419397 | 12075824693 | 13342808024 | Transform Annual Growth | blFGDP$_IEUZN | Central | 11735219155 | 0763453073 | |||||||||||||||||||||||||||
2020Q1 | 07134330493 | 10792377387 | -0916830864 | 13204907937 | 06010071267 | 06533523093 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 16088352258 | -03629441718 | 50939502296 | 19612066518 | 04808646914 | 07718419397 | |||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 35025062659 | 17452447165 | 114125001473 | 24768647224 | 12479154327 | 12075824693 | 1 | ||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 28314211454 | 24113300406 | 57641098471 | 25597150807 | 11215100886 | 13342808024 | 1 | ||||||||||||||||||||||||||||||||||||||||||
1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 1 | |||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | 1 | |||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | 1 | |||||||||||||||||||||||||||||||||||||||||||
2019 | 24493075475 | 23313535291 | 61225476607 | 11327391421 | 14029645318 | 11735219155 | |||||||||||||||||||||||||||||||||||||||||||
2020 | 18629862191 | 13471543008 | 44051562126 | 19967072205 | 07039544518 | 0763453073 | |||||||||||||||||||||||||||||||||||||||||||
Pandemic | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 30435599871 | 23555223464 | 24368647931 | 16948755801 | -64626256402 | -01452879884 | 364230161 | 31919100165 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24487184631 | -02913403409 | ||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20951800832 | -12649625419 | -3866587391 | -05250627901 | 12952466239 | Transform Annual Growth | blFGDP$_US | Central | 23313535291 | -02697321313 | ||||||||||||||||||||||||||||
2019Q1 | 30435599871 | 30961395462 | 81649173964 | 0 | 25893471992 | 17986022234 | Transform Annual Growth | blFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -271595817928 | 213939810451 | 288661390234 | 126527577187 | Transform Annual Growth | blFGDP$_ICHN | Central | 61225476607 | 16783204982 | |||||||||||||||||||||||||||
2019Q2 | 23555223464 | 20138186099 | 52832664449 | 21088484653 | -04326963218 | 06358352459 | Transform Annual Growth | blFGDP$_IBRA | Central | 0 | 21088484653 | 25309159859 | 20368839529 | -49699609713 | -59050479329 | -14301609311 | 29311858824 | Transform Annual Growth | blFGDP$_IBRA | Central | 11327391421 | -15810356391 | |||||||||||||||||||||||||||
2019Q3 | 24368647931 | 21035065819 | 52959086245 | 25309159859 | 19881876478 | 10998947573 | Transform Annual Growth | blFGDP$_IGBR | Central | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 0 | -38926164109 | -50898073001 | -24773578171 | Transform Annual Growth | blFGDP$_IGBR | Central | 14029645318 | -13025752939 | |||||||||||||||||||||||||||
2019Q4 | 16948755801 | 20951800832 | 5081292422 | 20368839529 | 00955519539 | 023526783 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 023526783 | -56773778158 | -74279753282 | -0805227426 | 16043293021 | Transform Annual Growth | blFGDP$_IEUZN | Central | 11735219155 | -26504236812 | |||||||||||||||||||||||||||
2020Q1 | -64626256402 | -12649625419 | -271595817928 | -49699609713 | 0 | -56773778158 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | -01452879884 | -3866587391 | 213939810451 | -59050479329 | -38926164109 | -74279753282 | |||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 364230161 | -05250627901 | 288661390234 | -14301609311 | -50898073001 | -0805227426 | |||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 31919100165 | 12952466239 | 126527577187 | 29311858824 | -24773578171 | 16043293021 | |||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | ||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | ||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | ||||||||||||||||||||||||||||||||||||||||||||
2019 | 24487184631 | 23313535291 | 61225476607 | 11327391421 | 14029645318 | 11735219155 | |||||||||||||||||||||||||||||||||||||||||||
2020 | -02913403409 | -02697321313 | 16783204982 | -15810356391 | -13025752939 | -26504236812 |
2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||
World | January base | 29 | 23 | 24 | 25 | 27 | 29 | 27 | 26 | 25 | 26 | ||||||||||||
March base | 30 | 23 | 24 | 17 | 10 | 32 | 31 | 27 | 24 | 22 | |||||||||||||
Pandemic | 30 | 23 | 25 | 21 | -08 | -32 | -09 | 15 | 24 | -00 | |||||||||||||
United States | January base | 31 | 20 | 21 | 22 | 15 | 22 | 15 | 12 | 23 | 18 | ||||||||||||
March base | 31 | 20 | 21 | 21 | 10 | 08 | 18 | 21 | 23 | 15 | |||||||||||||
Pandemic | 31 | 20 | 21 | 21 | -08 | -29 | -20 | -02 | 23 | -02 | |||||||||||||
Japan | January base | 26 | 20 | 18 | -11 | 05 | 10 | 08 | 05 | 12 | 06 | ||||||||||||
March base | 26 | 19 | 05 | -63 | -00 | 10 | 09 | 07 | 08 | -07 | |||||||||||||
Pandemic | 26 | 20 | 18 | -11 | -25 | -23 | -28 | -03 | 12 | -13 | |||||||||||||
Mexico | January base | -04 | -02 | 01 | 10 | 10 | 21 | 21 | 22 | 00 | 12 | ||||||||||||
March base | -04 | -02 | 01 | -00 | 08 | 18 | 14 | 18 | -01 | 08 | |||||||||||||
Pandemic | -04 | -02 | 01 | -00 | -19 | -39 | -22 | -10 | -01 | -16 | |||||||||||||
Germany | January base | 19 | -10 | 03 | 07 | 10 | 17 | 20 | 15 | 06 | 10 | ||||||||||||
March base | 19 | -10 | 08 | 01 | 03 | 07 | 08 | 13 | 06 | 05 | |||||||||||||
Pandemic | 19 | -10 | 03 | 05 | -00 | -26 | -13 | -04 | 06 | -06 | |||||||||||||
United Kingdom | January base | 25 | -07 | 17 | 07 | 12 | 11 | 11 | 11 | 13 | 10 | ||||||||||||
March base | 26 | -04 | 20 | 01 | 07 | 09 | 12 | 10 | 14 | 08 | |||||||||||||
Pandemic | 25 | -07 | 17 | 07 | 07 | -08 | -02 | 03 | 13 | 03 | |||||||||||||
Brazil | January base | -00 | 19 | 25 | 19 | 20 | 24 | 25 | 26 | 11 | 22 | ||||||||||||
March base | -00 | 19 | 25 | 19 | 16 | 23 | 29 | 26 | 11 | 21 | |||||||||||||
Pandemic | -00 | 19 | 25 | 19 | -61 | -68 | -16 | 16 | 11 | -22 | |||||||||||||
China | January base | 78 | 53 | 50 | 61 | 72 | 66 | 55 | 58 | 61 | 62 | ||||||||||||
March base | 82 | 53 | 53 | 51 | -08 | 115 | 82 | 58 | 61 | 52 | |||||||||||||
Pandemic | 82 | 53 | 53 | 51 | -18 | -87 | -00 | 64 | 61 | 01 | |||||||||||||
Euro Zone | January base | 18 | 07 | 09 | 11 | 14 | 15 | 18 | 14 | 12 | 13 | ||||||||||||
March base | 18 | 06 | 11 | 02 | 13 | 13 | 14 | 14 | 12 | 10 | |||||||||||||
Pandemic | 18 | 06 | 11 | 04 | 04 | 00 | -04 | 08 | 12 | 04 |
Virus Changes the Outlook | |||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||
World | January base | 27 | 29 | 27 | 26 | 25 | 26 | ||||||||
February base | 14 | 36 | 31 | 26 | 25 | 24 | |||||||||
March prelim base | 07 | 16 | 35 | 28 | 24 | 19 | |||||||||
Pandemic | -65 | -01 | 36 | 32 | 24 | -03 | |||||||||
United States | January base | 15 | 22 | 15 | 12 | 23 | 18 | ||||||||
February base | 12 | 18 | 18 | 14 | 23 | 17 | |||||||||
March prelim base | 11 | -04 | 17 | 24 | 23 | 13 | |||||||||
Pandemic | -13 | -39 | -05 | 13 | 23 | -03 | |||||||||
China | January base | 72 | 66 | 55 | 58 | 61 | 62 | ||||||||
February base | -02 | 115 | 82 | 58 | 61 | 54 | |||||||||
March base | -09 | 51 | 114 | 58 | 61 | 44 | |||||||||
Pandemic | -272 | 214 | 289 | 127 | 61 | 17 | |||||||||
Brazil | January base | 20 | 24 | 25 | 26 | 11 | 22 | ||||||||
February base | 20 | 24 | 25 | 26 | 11 | 22 | |||||||||
March prelim base | 13 | 20 | 25 | 26 | 11 | 20 | |||||||||
Pandemic | -50 | -59 | -14 | 29 | 11 | -16 | |||||||||
United Kingdom | January base | 12 | 11 | 11 | 11 | 13 | 10 | ||||||||
February base | 11 | 13 | 11 | 11 | 13 | 10 | |||||||||
March base | 06 | 05 | 12 | 11 | 14 | 07 | |||||||||
Pandemic | 00 | -39 | -51 | -25 | 14 | -13 | |||||||||
Euro Zone | January base | 14 | 15 | 18 | 14 | 12 | 13 | ||||||||
February base | 17 | 16 | 17 | 14 | 12 | 13 | |||||||||
March prelim base | 07 | 08 | 12 | 13 | 12 | 08 | |||||||||
Pandemic | -57 | -74 | -08 | 16 | 12 | -27 |
Global Recession Under Pandemic Scenario | |||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||
World | January base | 27 | 29 | 27 | 26 | 25 | 26 | ||||||||
March base | 07 | 16 | 35 | 28 | 24 | 19 | |||||||||
April base | -109 | -221 | 199 | 45 | 24 | -42 | |||||||||
United States | January base | 15 | 22 | 15 | 12 | 23 | 18 | ||||||||
March base | 11 | -04 | 17 | 24 | 23 | 13 | |||||||||
April base | -81 | -302 | 166 | 04 | 23 | -58 | |||||||||
China | January base | 72 | 66 | 55 | 58 | 61 | 62 | ||||||||
March base | -09 | 51 | 114 | 58 | 61 | 44 | |||||||||
April base | -290 | 149 | 277 | 130 | 61 | -01 | |||||||||
Brazil | January base | 20 | 24 | 25 | 26 | 11 | 22 | ||||||||
March base | 13 | 20 | 25 | 26 | 11 | 20 | |||||||||
April base | -88 | -243 | 04 | 70 | 11 | -61 | |||||||||
United Kingdom | January base | 12 | 11 | 11 | 11 | 13 | 10 | ||||||||
March base | 06 | 05 | 12 | 11 | 14 | 07 | |||||||||
April base | -30 | -367 | 258 | 58 | 14 | -56 | |||||||||
Euro Zone | January base | 14 | 15 | 18 | 14 | 12 | 13 | ||||||||
March base | 07 | 08 | 12 | 13 | 12 | 08 | |||||||||
April base | -148 | -400 | 593 | 16 | 12 | -70 |
April 2020 3
0102030405060708090
03 05 07 09 10 12 14 16 18
InvestingHiring
of respondents to Moodyrsquos Analytics business survey that are hellip
Source Moodyrsquos Analytics
Businesses Batten Down the Hatches
April 2020 4
-25
-15
-5
5March April May June July August Sep-Dec
Enter Accom Transp Wholesale
Manufact Misc Real Est Energy
Constr Educ Finance Public admin
Prof Other service Info Healthcare
Total
Business Lockdowns Hit HardDeviation from typical US GDP ann ppts by industry 2020
Source Moodyrsquos Analytics
April 2020 5
010002000300040005000600070008000
67 70 72 75 78 81 84 87 90 93 96 99 02 05 08 11 14 17
267 million cumulativelysince crisis began theweek of March 14th
Unemployment insurance claims ths
Sources Employment amp Training Administration Moodyrsquos Analytics
Unemployment Surges
April 2020 6
22
24
26
28
30
32
34
36
Jan Feb Mar Apr
Smaller Nest Eggs
Sources Wilshire 5000 Federal Reserve Moodyrsquos Analytics
Wilshire 5000
Value of publicly trade stocks $ tril
April 2020 7
85
90
95
100
105
110
-4
0
4
8
12
16
20
17Q1 18Q1 19Q1 20Q1
Global balance (L)Global demand (R)Global supply (R)
Global Oil GlutMil barrels per day
Sources International Energy Agency Moodyrsquos Analytics
April 2020 8
-30-25-20-15-10-505
10
Jan-19 Apr-19 Jun-19 Sep-19 Dec-19 Aug-20
Start ups with high propensity to hire chg yr ago
Sources Census Department Moodyrsquos Analytics
Business Start Ups Plunge
Global Recession2
April 2020 10
Unprecedented Global Economic DownturnhellipEconomies in red are expected to suffer a recession in 2020
Source Moodyrsquos Analytics
April 2020 11
hellipThat Is Intensifying
2020Q1 2020Q2 2020Q3 2020Q4 2019 2020January base 27 29 27 26 25 26March base 07 16 35 28 24 19April base -109 -221 199 45 24 -42January base 15 22 15 12 23 18March base 11 -04 17 24 23 13April base -81 -302 166 04 23 -58January base 72 66 55 58 61 62March base -09 51 114 58 61 44April base -290 149 277 130 61 -01January base 20 24 25 26 11 22March base 13 20 25 26 11 20April base -88 -243 04 70 11 -61January base 12 11 11 11 13 10March base 06 05 12 11 14 07April base -30 -367 258 58 14 -56January base 14 15 18 14 12 13March base 07 08 12 13 12 08April base -148 -400 593 16 12 -70
Brazil
United Kingdom
Euro Zone
World
United States
China
Real GDP growth annualized change
Source Moodyrsquos Analytics
April 2020 12
-10-8-6-4-202468
0 2 4 6 8 10 12
1980 1990 20012007 2020
A Swoosh Recovery Real GDP change since beginning of recessionhellip
Sources BEA Moodyrsquos Analytics
X-axis is qtrs since beginning of recession
13April 2020
-40
-30
-20
-10
0
10
20
19 20 21 22 23 24
Baseline (50ile)S0 (4ile)S4 (96ile)
Output to Collapse With Gradual RecoveryInflation adjusted GDP annualized quarterly growth
Source Moodyrsquos Analytics
April 2020 14
0
5
10
15
20
25
30 40 50 60 70 80 90 00 10 20
Financial crisisFed slays inflation
1930s Depression
WW II
COVID crisis April 2020
Not Since the Great DepressionUS unemployment rate
Sources Federal Reserve BEA Moodyrsquos Analytics
15April 2020
02468
101214161820
19 20 21 22 23 24
Baseline (50ile)
S0 (4ile)
S4 (96ile)
Unemployment to SpikeU-3 unemployment rate quarterly average
Source Moodyrsquos Analytics
April 2020 16
Job Market Will Struggle to Recover
Sources BLS Moodyrsquos Analytics
05 04 06 06 04
-171
81
-06 -03
00 10 13 14 14 13 12
-20
-15
-10
-5
0
5
10
3
5
7
9
11
13
15
19 20 21 22
Employment Change (Mil R)Unemployment Rate (L)
April 2020 17
Regional Risk Factors for COVID-19
Virus Exposure
Commodities
Demographics
Global Interconnectedness (TradeTravel)
Tourism
FinanceInvestment
April 2020 18
Large Coastal Urban Areas Are Hit HardestWeighted avg Z-score across rankings 0 = metro area average
gt025
-025 to lt0lt-025
0 to lt025
Source Moodyrsquos Analytics
April 2020 19
Active Listings Collapse Across Major Metros
Sources Realtorcom Moodyrsquos Analytics
-45 -40 -35 -30 -25 -20 -15 -10 -5 0
PhoenixMilwaukeeSan DiegoSan JosePhiladelphiaCincinnatiDenverRiversideProvidenceSeattle
Active listing count yr ago
April 2020 20
US Real Estate Prices Slump
Sources FHFA Moodyrsquos Analytics
75
80
85
90
95
100
105
19 20 21 22
FHFA HPI
Moodyrsquos Analytics CPPI
Index 2019Q4 = 100 April baseline
April 2020 21
Home Prices Could Fall Fasthellip
Sources BEA Moodyrsquos Analytics
FHFA all-transactions index forecasts from March 2020 V2 vintage year ago
-15
-10
-5
0
5
10
15
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
BaselineScenario 1Scenario 3Scenario 4
April 2020 22
hellipAs Commercial Properties Are Hit From All Sides
Sources Reis Moodyrsquos Analytics
Commercial property price index yr ago
-40
-30
-20
-10
0
10
20
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
BaselineScenario 1Scenario 3Scenario 4
April 2020 23
House Prices SlumphellipForeclosures Increase
Sources FHFA MBA Moodyrsquos Analytics
0
500
1000
1500
2000
2500
60
70
80
90
100
110
120
05 10 15 20 25
FHFA HPI Index 2020Q1 = 100 (L)
Foreclosures startedths SA (R)
April baseline forecast
April 2020 24
Price Declines Vary Throughout the CountryBaseline forecast FHFA purchase-only index for 2021Q1 year ago
Sources FHFA Moodyrsquos Analytics
Known Unknowns3
April 2020 26
01000002000003000004000005000006000007000008000009000001000000
05000
10000150002000025000300003500040000
01-M
ar
04-M
ar
07-M
ar
10-M
ar
13-M
ar
16-M
ar
19-M
ar
22-M
ar
25-M
ar
28-M
ar
31-M
ar
03-A
pr
06-A
pr
09-A
pr
12-A
pr
15-A
pr
18-A
pr
21-A
pr
24-A
pr
Daily Cases (L) Cumulative Cases (R )
US New Daily Cases Hovering Around 30000Number of confirmed COVID-19 cases
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 27
0
10
20
30
40
50
60
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60
Italy S Korea EU USDay 1 DatesItaly Feb 23S Korea Feb 20US March 3 EU Feb 23
Growth Rate of COVID Cases FallingDaily growth of COVID-19 cases days since 100 confirmed cases 3-day MA
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 28
Epidemiological Assumptions
S1 Scenario
bull lt1 mil confirmed US infectionsbull New infections peak in Aprilbull 5-6 case fatality ratebull 8 hospitalization ratebull Infections abate by Junebull Surplus of hospital bedsbull Surplus of ICU bedsbull Surplus of ventilators
Baseline Forecast
bull 1-3 mil confirmed US infectionsbull New infections peak in Maybull 7-11 case fatality ratebull 10 hospitalization ratebull Infections abate by Julybull Surplus of hospital bedsbull Small surplus of ICU bedsbull Small surplus of ventilators
S3 Scenario
bull 5-6 mil confirmed US infectionsbull New infections peak in Junebull 12-16 case fatality ratebull 15 hospitalization ratebull Infections abate by Septemberbull Small deficit of hospital bedsbull Large deficit of ICU bedsbull Large deficit of ventilators
April 2020 29
010002000300040005000600070008000
95 00 05 10 15
C B Ba Baa A Aa Aaa
Federal Reserve Must Shore Up the Firewall
Sources Moodyrsquos Investor Service Moodyrsquos Analytics
Corporate debt outstanding by rating $ bil
April 2020 30
0123456789
10
03 05 07 09 11 13 15 17 19 21 23 25
Up Up and AwayAssets held outright on the Fedrsquos balance sheet $ tril
Source Moodyrsquos Analytics
April 2020 31
Lawmakers Act But Need to Do More
Sources CRFB Moodyrsquos Analytics
Cost of Coronavirus Aid Relief amp Economic Security (CARES) Act
$510 BilLoans amp Loan
Guarantees for Large Firms amp Governments
$377 BilSmall Business Loans amp Grants
$290 BilOne-time Checks
$180 BilHealth
$150 BilAid to States
$72 BilTransp Grants
$280 BilBusiness Tax Cuts
$45 BilFEMA
$42 BilSafety Nets
$32 BilEducation$260 Bil
Unemployment Insurance
$25 BilOther
April 2020 32
Running Out of Fiscal Space
Source Moodyrsquos Analytics
Sovereign borrowing capacity given current yields projected output growth and primary balance
-500
50100150200250300350400450
0 50 100 150 200 250
Circle size=Real GDP US$Y-axis Fiscal spaceX-axis Debt-to-GDP ratioAs of 2020Q1 (ex COVID-19 policies)
China
US
Japan
ItalyFrance Greece
Russia
UK
Argentina
Germany
Turkey S Africa Egypt
Spain
IndiaBrazil
Mexico
Canada
April 2020 33
US Risk Matrix
Source Moodyrsquos Analytics
April 2020 34
Questions amp
AnswersQuestions Contact us at helpeconomycom
April 2020 35
Coronavirus Liveeventsmoodysiocoronavirus coronavirusmoodyscom
Full webinars schedule eventsmoodysioeventsemeamoodyscom
MoodyrsquosWebinars
April 2020 36
Please complete our surveyWe Want to Hear From You
A survey will appear on your screen at the end of our presentation Please take a few moments to complete it
and let us know how we can continue to improve
moodyscom
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Contact Us Economics amp Business Analytics Offices
April 2020 38
copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved
CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC ANDOR ITS CREDIT RATINGS AFFILIATES ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MATERIALS PRODUCTS SERVICES AND INFORMATION PUBLISHED BY MOODYrsquoS (COLLECTIVELY ldquoPUBLICATIONSrdquo) MAY INCLUDE SUCH CURRENT OPINIONS MOODYrsquoS INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS INVESTORS SERVICE CREDIT RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS NON-CREDIT ASSESSMENTS (ldquoASSESSMENTSrdquo) AND OTHER OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC ANDOR ITS AFFILIATES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER
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MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK
All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information
NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING ASSESSMENT OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER
Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any credit rating agreed to pay to Moodyrsquos Investors Service Inc for credit ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and Moodyrsquos investors Service also maintain policies and procedures to address the independence of Moodyrsquos Investors Service credit ratings and credit rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold credit ratings from Moodyrsquos Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo
Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors
Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any credit rating agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements
BLFGDP$_IWRLD | |
BLFGDP$_US | |
BLFGDP$_ICHN | |
BLFGDP$_IBRA | |
BLFGDP$_IGBR | |
BLFGDP$_IEUZN |
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | |||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 1004457845 | 10044578163 | 09921251807 | 09921251807 | -00439644998 | -00439645008 | 08490892284 | 08490892282 | 02987390528 | 02987390528 | 06602394397 | 06602394358 | 16040993663 | 16040993566 | 2020 | 21709930613 | 21709969799 | 15414354913 | 15414354614 | -07102897285 | -07102894824 | 08324283964 | 08324259976 | 04515958007 | 04515958007 | 07953949612 | 07953950128 | 21497054247 | 21497054504 | 52185934247 | 52185934247 | 10459481224 | 10459483101 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 32074829495 | 32074831252 | 08275731969 | 08275731787 | 10125815712 | 1012581938 | 18025324464 | 18025300718 | 07063814764 | 07063814764 | 09321922665 | 09321922955 | 23481470825 | 23481471214 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 31264533681 | 3126453553 | 18283102998 | 18283103389 | 08666505872 | 08666514849 | 14194129347 | 14194048288 | 08334022824 | 08334022824 | 12477941124 | 12477943726 | 29204265431 | 29204266796 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 27331374943 | 27331990841 | 20834052245 | 20834047228 | 06663085528 | 06663096538 | 18384431899 | 18384280067 | 13146543316 | 13146543316 | 09915534109 | 09915536456 | 26058164488 | 26058165097 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IWRLD | Central | 1004457845 | 32074829495 | 31264533681 | 27331374943 | Transform Annual Growth | blFGDP$_IWRLD | Central | 21709930613 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 10044578163 | 32074831252 | 3126453553 | 27331990841 | Local | 21709969799 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_US | Central | 09921251807 | 08275731969 | 18283102998 | 20834052245 | Transform Annual Growth | blFGDP$_US | Central | 15414354913 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 09921251807 | 08275731787 | 18283103389 | 20834047228 | Local | 15414354614 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Central | -00439644998 | 10125815712 | 08666505872 | 06663085528 | Transform Annual Growth | blFGDP$_IJPN | Central | -07102897285 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | -00439645008 | 1012581938 | 08666514849 | 06663096538 | Local | -07102894824 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IMEX | Central | 08490892284 | 18025324464 | 14194129347 | 18384431899 | Transform Annual Growth | blFGDP$_IMEX | Central | 08324283964 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 08490892282 | 18025300718 | 14194048288 | 18384280067 | Local | 08324259976 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IDEU | Central | 02987390528 | 07063814764 | 08334022824 | 13146543316 | Transform Annual Growth | blFGDP$_IDEU | Central | 04515958007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 02987390528 | 07063814764 | 08334022824 | 13146543316 | Local | 04515958007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IGBR | Central | 06602394397 | 09321922665 | 12477941124 | 09915534109 | Transform Annual Growth | blFGDP$_IGBR | Central | 07953949612 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 06602394358 | 09321922955 | 12477943726 | 09915536456 | Local | 07953950128 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IBRA | Central | 16040993663 | 23481470825 | 29204265431 | 26058164488 | Transform Annual Growth | blFGDP$_IBRA | Central | 21497054247 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 16040993566 | 23481471214 | 29204266796 | 26058165097 | Local | 21497054504 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 272065679 | 14854478326 | 04765669035 | 10081169396 | 10172628117 | 12466257645 | 2035391119 | 2020 | 26327068769 | 18444415498 | 05810706316 | 12256906248 | 10222414849 | 10119832734 | 22038851574 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 29246961109 | 21637882274 | 10099936598 | 20906101983 | 16794358524 | 11263116978 | 23545717496 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 26772534017 | 15212644402 | 08024032016 | 20970805994 | 19893661165 | 10681874364 | 25048602217 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 2610698539 | 1240462 | 04808646914 | 21918401913 | 14932062066 | 10996765728 | 25545421579 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IWRLD | Central | 272065679 | 29246961109 | 26772534017 | 2610698539 | Transform Annual Growth | blFGDP$_IWRLD | Central | 26327068769 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_US | Central | 14854478326 | 21637882274 | 15212644402 | 1240462 | Transform Annual Growth | blFGDP$_US | Central | 18444415498 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Central | 04765669035 | 10099936598 | 08024032016 | 04808646914 | Transform Annual Growth | blFGDP$_IJPN | Central | 05810706316 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IMEX | Central | 10081169396 | 20906101983 | 20970805994 | 21918401913 | Transform Annual Growth | blFGDP$_IMEX | Central | 12256906248 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IDEU | Central | 10172628117 | 16794358524 | 19893661165 | 14932062066 | Transform Annual Growth | blFGDP$_IDEU | Central | 10222414849 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IGBR | Central | 12466257645 | 11263116978 | 10681874364 | 10996765728 | Transform Annual Growth | blFGDP$_IGBR | Central | 10119832734 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IBRA | Central | 2035391119 | 23545717496 | 25048602217 | 25545421579 | Transform Annual Growth | blFGDP$_IBRA | Central | 22038851574 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | Current | 1004457845 | 32074829495 | 31264533681 | 27331374943 | 21709930613 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 272065679 | 29246961109 | 26772534017 | 2610698539 | 26327068769 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_US | Current | 09921251807 | 08275731969 | 18283102998 | 20834052245 | 15414354913 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 14854478326 | 21637882274 | 15212644402 | 1240462 | 18444415498 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IJPN | Current | -00439644998 | 10125815712 | 08666505872 | 06663085528 | -07102897285 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 04765669035 | 10099936598 | 08024032016 | 04808646914 | 05810706316 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IMEX | Current | 08490892284 | 18025324464 | 14194129347 | 18384431899 | 08324283964 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 10081169396 | 20906101983 | 20970805994 | 21918401913 | 12256906248 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IDEU | Current | 02987390528 | 07063814764 | 08334022824 | 13146543316 | 04515958007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 10172628117 | 16794358524 | 19893661165 | 14932062066 | 10222414849 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IGBR | Current | 06602394397 | 09321922665 | 12477941124 | 09915534109 | 07953949612 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 12466257645 | 11263116978 | 10681874364 | 10996765728 | 10119832734 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IBRA | Current | 16040993663 | 23481470825 | 29204265431 | 26058164488 | 21497054247 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 2035391119 | 23545717496 | 25048602217 | 25545421579 | 22038851574 |
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019 | 2020 | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 24351159023 | 21709930613 | Transform Annual Growth | blFGDP$_IWRLD | Central | 30284213704 | 23417301002 | 23990821589 | 16664397734 | 1004457845 | 32074829495 | 31264533681 | 27331374943 | |||||||||||||||||||||||||||||||||||||||||||||||
Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Local | 24351159023 | 21709969799 | Local | 30284213704 | 23417301002 | 23990821589 | 16664397734 | 10044578163 | 32074831252 | 3126453553 | 27331990841 | ||||||||||||||||||||||||||||||||||||||||||
2019 | 24351159023 | 24351159023 | 23313535291 | 23313535291 | 07546323236 | 07546323236 | -005744748 | -005744748 | 05986711898 | 05986711898 | 14029645318 | 14029645318 | 11023093516 | 11023093516 | 61225476607 | 61225476607 | 11735219155 | 11735219155 | Transform Annual Growth | blFGDP$_US | Central | 23313535291 | 15414354913 | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20951800832 | 09921251807 | 08275731969 | 18283102998 | 20834052245 | |||||||||||||||||||||||||||||||||||||
2020 | 21709930613 | 21709969799 | 15414354913 | 15414354614 | -07102897285 | -07102894824 | 08324283964 | 08324259976 | 04515958007 | 04515958007 | 07953949612 | 07953950128 | 21497054247 | 21497054504 | 52185934247 | 52185934247 | 10459481224 | 10459483101 | Local | 23313535291 | 15414354614 | Local | 30961395462 | 20138186099 | 21035065819 | 20951800832 | 09921251807 | 08275731787 | 18283103389 | 20834047228 | |||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Central | 07546323236 | -07102897285 | Transform Annual Growth | blFGDP$_IJPN | Central | 26108675557 | 1928453754 | 04856673069 | -62909369088 | -00439644998 | 10125815712 | 08666505872 | 06663085528 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Local | 07546323236 | -07102894824 | Local | 26108675557 | 1928453754 | 04856673069 | -62909369088 | -00439645008 | 1012581938 | 08666514849 | 06663096538 | |||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IMEX | Central | -005744748 | 08324283964 | Transform Annual Growth | blFGDP$_IMEX | Central | -03735112979 | -02398100266 | 00533779554 | -00006376933 | 08490892284 | 18025324464 | 14194129347 | 18384431898 | |||||||||||||||||||||||||||||||||||||||||||||||
Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Local | -005744748 | 08324259976 | Local | -03735112979 | -02398100266 | 00533779554 | -00006376933 | 08490892282 | 18025300718 | 14194048288 | 18384280067 | ||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 30284213704 | 30284213704 | 30961395462 | 30961395462 | 26108675557 | 26108675557 | -03735112979 | -03735112979 | 19164480743 | 19164480743 | 25893471992 | 25893471992 | -00237677886 | -00237677886 | 81649173964 | 81649173964 | 17986022234 | 17986022234 | Transform Annual Growth | blFGDP$_IDEU | Central | 05986711898 | 04515958007 | Transform Annual Growth | blFGDP$_IDEU | Central | 19164480743 | -09667798486 | 07878544616 | 01119058205 | 02987390528 | 07063814764 | 08334022824 | 13146543316 | |||||||||||||||||||||||||||||||||||||
2019Q2 | 23417301002 | 23417301002 | 20138186099 | 20138186099 | 1928453754 | 1928453754 | -02398100266 | -02398100266 | -09667798486 | -09667798486 | -04326963218 | -04326963218 | 19153104432 | 19153104432 | 52832664449 | 52832664449 | 06358352459 | 06358352459 | Local | 05986711898 | 04515958007 | Local | 19164480743 | -09667798486 | 07878544616 | 01119058205 | 02987390528 | 07063814764 | 08334022824 | 13146543316 | |||||||||||||||||||||||||||||||||||||||||
2019Q3 | 23990821589 | 23990821589 | 21035065819 | 21035065819 | 04856673069 | 04856673069 | 00533779554 | 00533779554 | 07878544616 | 07878544616 | 19881876478 | 19881876478 | 24592196357 | 24592196357 | 52959086245 | 52959086245 | 10998947573 | 10998947573 | Transform Annual Growth | blFGDP$_IGBR | Central | 14029645318 | 07953949612 | Transform Annual Growth | blFGDP$_IGBR | Central | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 06602394397 | 09321922665 | 12477941124 | 09915534109 | |||||||||||||||||||||||||||||||||||||
2019Q4 | 16664397734 | 16664397734 | 20951800832 | 20951800832 | -62909369088 | -62909369088 | -00006376933 | -00006376933 | 01119058205 | 01119058205 | 00955519539 | 00955519539 | 1884625331 | 1884625331 | 5081292422 | 5081292422 | 023526783 | 023526783 | Local | 14029645318 | 07953950128 | Local | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 06602394358 | 09321922955 | 12477943726 | 09915536456 | |||||||||||||||||||||||||||||||||||||||||
2020Q1 | 1004457845 | 10044578163 | 09921251807 | 09921251807 | -00439644998 | -00439645008 | 08490892284 | 08490892282 | 02987390528 | 02987390528 | 06602394397 | 06602394358 | 16040993663 | 16040993566 | -07976031984 | -07976031984 | 13072031191 | 13072029534 | Transform Annual Growth | blFGDP$_IBRA | Central | 11023093516 | 21497054247 | Transform Annual Growth | blFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 16040993663 | 23481470825 | 29204265431 | 26058164488 | |||||||||||||||||||||||||||||||||||||
2020Q2 | 32074829495 | 32074831252 | 08275731969 | 08275731787 | 10125815712 | 1012581938 | 18025324464 | 18025300718 | 07063814764 | 07063814764 | 09321922665 | 09321922955 | 23481470825 | 23481471214 | 114621259414 | 114621259414 | 12804875265 | 12804882285 | Local | 11023093516 | 21497054504 | Local | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 16040993566 | 23481471214 | 29204266796 | 26058165097 | |||||||||||||||||||||||||||||||||||||||||
2020Q3 | 31264533681 | 3126453553 | 18283102998 | 18283103389 | 08666505872 | 08666514849 | 14194129347 | 14194048288 | 08334022824 | 08334022824 | 12477941124 | 12477943726 | 29204265431 | 29204266796 | 8243216 | 8243216 | 13849193065 | 13849201636 | Transform Annual Growth | blFGDP$_ICHN | Central | 61225476607 | 52185934247 | Transform Annual Growth | blFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -07976031984 | 114621259414 | 8243216 | 57641098471 | |||||||||||||||||||||||||||||||||||||
2020Q4 | 27331374943 | 27331990841 | 20834052245 | 20834047228 | 06663085528 | 06663096538 | 18384431898 | 18384280067 | 13146543316 | 13146543316 | 09915534109 | 09915536456 | 26058164488 | 26058165097 | 57641098471 | 57641098471 | 13600290043 | 13600288501 | Local | 61225476607 | 52185934247 | Local | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -07976031984 | 114621259414 | 8243216 | 57641098471 | |||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IEUZN | Central | 11735219155 | 10459481224 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 023526783 | 13072031191 | 12804875265 | 13849193065 | 13600290043 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Local | 11735219155 | 10459483101 | Local | 17986022234 | 06358352459 | 10998947573 | 023526783 | 13072029534 | 12804882285 | 13849201636 | 13600288501 | |||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | 2019 | 2020 | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 24572687311 | 23378491108 | 12088413762 | 00063845975 | 05719546493 | 13152063114 | 11023093516 | 61482608188 | 12233338671 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24572687311 | 26327068769 | Transform Annual Growth | blFGDP$_IWRLD | Central | 29451354542 | 22599606628 | 24139793469 | 24684818352 | 272065679 | 29246961109 | 26772534017 | 2610698539 | ||||||||||||||||||||||||||||||||||||||||||||||
2020 | 26327068769 | 18444415498 | 05810706316 | 12256906248 | 10222414849 | 10119832734 | 22038851574 | 61879167766 | 13174813176 | Transform Annual Growth | blFGDP$_US | Central | 23378491108 | 18444415498 | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 21981110559 | 14854478326 | 21637882274 | 15212644402 | 1240462 | ||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Central | 12088413762 | 05810706316 | Transform Annual Growth | blFGDP$_IJPN | Central | 26155633695 | 20471054063 | 17999622217 | -10982174064 | 04765669035 | 10099936598 | 08024032016 | 04808646914 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | blFGDP$_IMEX | Central | 00063845975 | 12256906248 | Transform Annual Growth | blFGDP$_IMEX | Central | -03735112979 | -02398100266 | 00533779554 | 10252658827 | 10081169396 | 20906101983 | 20970805994 | 21918401913 | |||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IDEU | Central | 05719546493 | 10222414849 | Transform Annual Growth | blFGDP$_IDEU | Central | 18878382403 | -09668474617 | 03371786209 | 06979229504 | 10172628117 | 16794358524 | 19893661165 | 14932062066 | |||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_IGBR | Central | 13152063114 | 10119832734 | Transform Annual Growth | blFGDP$_IGBR | Central | 24823649001 | -0739135003 | 16777739007 | 06643901326 | 12466257645 | 11263116978 | 10681874364 | 10996765728 | |||||||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 29451354542 | 30961395462 | 26155633695 | -03735112979 | 18878382403 | 24823649001 | -00237677886 | 78364853704 | 17754221786 | Transform Annual Growth | blFGDP$_IBRA | Central | 11023093516 | 22038851574 | Transform Annual Growth | blFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 2035391119 | 23545717496 | 25048602217 | 25545421579 | ||||||||||||||||||||||||||||||||||||||||||||||
2019Q2 | 22599606628 | 20138186099 | 20471054063 | -02398100266 | -09668474617 | -0739135003 | 19153104432 | 52562170871 | 07431449429 | Transform Annual Growth | blFGDP$_ICHN | Central | 61482608188 | 61879167766 | Transform Annual Growth | blFGDP$_ICHN | Central | 78364853704 | 52562170871 | 49639920827 | 60986346254 | 71996449976 | 66464447608 | 5516591118 | 57641098471 | ||||||||||||||||||||||||||||||||||||||||||||||
2019Q3 | 24139793469 | 21035065819 | 17999622217 | 00533779554 | 03371786209 | 16777739007 | 24592196357 | 49639920827 | 09419706317 | Transform Annual Growth | blFGDP$_IEUZN | Central | 12233338671 | 13174813176 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17754221786 | 07431449429 | 09419706317 | 10559422143 | 13970624004 | 1533923729 | 18296441479 | 14318726638 | ||||||||||||||||||||||||||||||||||||||||||||||
2019Q4 | 24684818352 | 21981110559 | -10982174064 | 10252658827 | 06979229504 | 06643901326 | 1884625331 | 60986346254 | 10559422143 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 272065679 | 14854478326 | 04765669035 | 10081169396 | 10172628117 | 12466257645 | 2035391119 | 71996449976 | 13970624004 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 29246961109 | 21637882274 | 10099936598 | 20906101983 | 16794358524 | 11263116978 | 23545717496 | 66464447608 | 1533923729 | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 26772534017 | 15212644402 | 08024032016 | 20970805994 | 19893661165 | 10681874364 | 25048602217 | 5516591118 | 18296441479 | blFGDP$_IWRLD | blFGDP$_IWRLD | March base | 30284213704 | 23417301002 | 23990821589 | 16664397734 | 1004457845 | 32074829495 | 31264533681 | 27331374943 | 24351159023 | 21709930613 | |||||||||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 2610698539 | 1240462 | 04808646914 | 21918401913 | 14932062066 | 10996765728 | 25545421579 | 57641098471 | 14318726638 | January base | 29451354542 | 22599606628 | 24139793469 | 24684818352 | 272065679 | 29246961109 | 26772534017 | 2610698539 | 24572687311 | 26327068769 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Pandemic | 30159788147 | 22796482557 | 24591371048 | 20779599357 | -0821068591 | -32466569486 | -09134483601 | 14536598724 | 2445594268 | -00205231371 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_US | blFGDP$_US | March base | 30961395462 | 20138186099 | 21035065819 | 20951800832 | 09921251807 | 08275731969 | 18283102998 | 20834052245 | 23313535291 | 15414354913 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | January base | 30961395462 | 20138186099 | 21035065819 | 21981110559 | 14854478326 | 21637882274 | 15212644402 | 1240462 | 23378491108 | 18444415498 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
cvpFGDP$_IWRLD | cvpFGDP$_US | cvpFGDP$_IJPN | cvpFGDP$_IMEX | cvpFGDP$_IDEU | cvpFGDP$_IGBR | cvpFGDP$_IBRA | cvpFGDP$_ICHN | cvpFGDP$_IEUZN | Pandemic | 30961395462 | 20138186099 | 21035065819 | 20798192573 | -07791884072 | -28691380159 | -19527497926 | -02389473664 | 23303837447 | -02321135313 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | blFGDP$_IJPN | blFGDP$_IJPN | March base | 26108675557 | 1928453754 | 04856673069 | -62909369088 | -00439644998 | 10125815712 | 08666505872 | 06663085528 | 07546323236 | -07102897285 | ||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 30159788147 | 30961395462 | 26155633695 | -03735112979 | 18878382403 | 24823649001 | -00237677886 | 81649173964 | 17986022234 | January base | 26155633695 | 20471054063 | 17999622217 | -10982174064 | 04765669035 | 10099936598 | 08024032016 | 04808646914 | 12088413762 | 05810706316 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q2 | 22796482557 | 20138186099 | 20471054063 | -02398100266 | -09668474617 | -0739135003 | 19153104432 | 52832664449 | 06358352459 | Pandemic | 26155633695 | 20471054063 | 17999622217 | -11119794418 | -25355286898 | -22605799716 | -28490450305 | -02896175105 | 12079598883 | -13007210629 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q3 | 24591371048 | 21035065819 | 17999622217 | 00533779554 | 03371786209 | 16777739007 | 24592196357 | 52959086245 | 10998947573 | blFGDP$_IMEX | blFGDP$_IMEX | March base | -03735112979 | -02398100266 | 00533779554 | -00006376933 | 08490892284 | 18025324464 | 14194129347 | 18384431898 | -005744748 | 08324283964 | |||||||||||||||||||||||||||||||||||||||||||||||||
2019Q4 | 20779599357 | 20798192573 | -11119794418 | -00006387604 | 0483210256 | 06643894657 | 18846225607 | 5081292422 | 03752442079 | January base | -03735112979 | -02398100266 | 00533779554 | 10252658827 | 10081169396 | 20906101983 | 20970805994 | 21918401913 | 00063845975 | 12256906248 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | -0821068591 | -07791884072 | -25355286898 | -19062201837 | -0047198012 | 06533113941 | -6057333778 | -18145761976 | 03759520935 | Pandemic | -03735112979 | -02398100266 | 00533779554 | -00006387604 | -19062201837 | -3940399 | -21819164585 | -09962562461 | -00574475466 | -15669083769 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q2 | -32466569486 | -28691380159 | -22605799716 | -3940399 | -26172511227 | -07999236088 | -68183843711 | -87426651892 | 00496751219 | blFGDP$_IDEU | blFGDP$_IDEU | March base | 19164480743 | -09667798486 | 07878544616 | 01119058205 | 02987390528 | 07063814764 | 08334022824 | 13146543316 | 05986711898 | 04515958007 | |||||||||||||||||||||||||||||||||||||||||||||||||
2020Q3 | -09134483601 | -19527497926 | -28490450305 | -21819164585 | -12905609117 | -02333238672 | -15904255744 | -00254038564 | -03786332106 | January base | 18878382403 | -09668474617 | 03371786209 | 06979229504 | 10172628117 | 16794358524 | 19893661165 | 14932062066 | 05719546493 | 10222414849 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 14536598724 | -02389473664 | -02896175105 | -09962562461 | -04107398878 | 02507136905 | 16096256256 | 6392235324 | 08103230917 | Pandemic | 18878382403 | -09668474617 | 03371786209 | 0483210256 | -0047198012 | -26172511227 | -12905609117 | -04107398878 | 05585261716 | -06226209775 | |||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IGBR | blFGDP$_IGBR | March base | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 06602394397 | 09321922665 | 12477941124 | 09915534109 | 14029645318 | 07953949612 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | January base | 24823649001 | -0739135003 | 16777739007 | 06643901326 | 12466257645 | 11263116978 | 10681874364 | 10996765728 | 13152063114 | 10119832734 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
cvpFGDP$_IWRLD | cvpFGDP$_US | cvpFGDP$_IJPN | cvpFGDP$_IMEX | cvpFGDP$_IDEU | cvpFGDP$_IGBR | cvpFGDP$_IBRA | cvpFGDP$_ICHN | cvpFGDP$_IEUZN | Pandemic | 24823649001 | -0739135003 | 16777739007 | 06643894657 | 06533113941 | -07999236088 | -02333238672 | 02507136905 | 13152062693 | 02846413002 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | blFGDP$_IBRA | blFGDP$_IBRA | March base | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 16040993663 | 23481470825 | 29204265431 | 26058164488 | 11023093516 | 21497054247 | ||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2445594268 | 23303837447 | 12079598883 | -00574475466 | 05585261716 | 13152062693 | 11023091785 | 61225476607 | 11823671661 | January base | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 2035391119 | 23545717496 | 25048602217 | 25545421579 | 11023093516 | 22038851574 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | -00205231371 | -02321135313 | -13007210629 | -15669083769 | -06226209775 | 02846413002 | -21884237028 | 01019172133 | 03531495954 | Pandemic | -00237677886 | 19153104432 | 24592196357 | 18846225607 | -6057333778 | -68183843711 | -15904255744 | 16096256256 | 11023091785 | -21884237028 | |||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_ICHN | blFGDP$_ICHN | March base | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -07976031984 | 114621259414 | 8243216 | 57641098471 | 61225476607 | 52185934247 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | January base | 78364853704 | 52562170871 | 49639920827 | 60986346254 | 71996449976 | 66464447608 | 5516591118 | 57641098471 | 61482608188 | 61879167766 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IWRLD | Central | 30159788147 | 22796482557 | 24591371048 | 20779599357 | -0821068591 | -32466569486 | -09134483601 | 14536598724 | Transform Annual Growth | cvpFGDP$_IWRLD | Central | 2445594268 | -00205231371 | Pandemic | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -18145761976 | -87426651892 | -00254038564 | 6392235324 | 61225476607 | 01019172133 | |||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20798192573 | -07791884072 | -28691380159 | -19527497926 | -02389473664 | Transform Annual Growth | cvpFGDP$_US | Central | 23303837447 | -02321135313 | blFGDP$_IEUZN | blFGDP$_IEUZN | March base | 17986022234 | 06358352459 | 10998947573 | 023526783 | 13072031191 | 12804875265 | 13849193065 | 13600290043 | 11735219155 | 10459481224 | |||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IJPN | Central | 26155633695 | 20471054063 | 17999622217 | -11119794418 | -25355286898 | -22605799716 | -28490450305 | -02896175105 | Transform Annual Growth | cvpFGDP$_IJPN | Central | 12079598883 | -13007210629 | January base | 17754221786 | 07431449429 | 09419706317 | 10559422143 | 13970624004 | 1533923729 | 18296441479 | 14318726638 | 12233338671 | 13174813176 | |||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IMEX | Central | -03735112979 | -02398100266 | 00533779554 | -00006387604 | -19062201837 | -3940399 | -21819164585 | -09962562461 | Transform Annual Growth | cvpFGDP$_IMEX | Central | -00574475466 | -15669083769 | Pandemic | 17986022234 | 06358352459 | 10998947573 | 03752442079 | 03759520935 | 00496751219 | -03786332106 | 08103230917 | 11823671661 | 03531495954 | |||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IDEU | Central | 18878382403 | -09668474617 | 03371786209 | 0483210256 | -0047198012 | -26172511227 | -12905609117 | -04107398878 | Transform Annual Growth | cvpFGDP$_IDEU | Central | 05585261716 | -06226209775 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IGBR | Central | 24823649001 | -0739135003 | 16777739007 | 06643894657 | 06533113941 | -07999236088 | -02333238672 | 02507136905 | Transform Annual Growth | cvpFGDP$_IGBR | Central | 13152062693 | 02846413002 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 18846225607 | -6057333778 | -68183843711 | -15904255744 | 16096256256 | Transform Annual Growth | cvpFGDP$_IBRA | Central | 11023091785 | -21884237028 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -18145761976 | -87426651892 | -00254038564 | 6392235324 | Transform Annual Growth | cvpFGDP$_ICHN | Central | 61225476607 | 01019172133 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 03752442079 | 03759520935 | 00496751219 | -03786332106 | 08103230917 | Transform Annual Growth | cvpFGDP$_IEUZN | Central | 11823671661 | 03531495954 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IWRLD | Pandemic | 30159788147 | 22796482557 | 24591371048 | 20779599357 | -0821068591 | -32466569486 | -09134483601 | 14536598724 | 2445594268 | -00205231371 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_US | Pandemic | 30961395462 | 20138186099 | 21035065819 | 20798192573 | -07791884072 | -28691380159 | -19527497926 | -02389473664 | 23303837447 | -02321135313 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Pandemic | 26155633695 | 20471054063 | 17999622217 | -11119794418 | -25355286898 | -22605799716 | -28490450305 | -02896175105 | 12079598883 | -13007210629 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IMEX | Pandemic | -03735112979 | -02398100266 | 00533779554 | -00006387604 | -19062201837 | -3940399 | -21819164585 | -09962562461 | -00574475466 | -15669083769 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IDEU | Pandemic | 18878382403 | -09668474617 | 03371786209 | 0483210256 | -0047198012 | -26172511227 | -12905609117 | -04107398878 | 05585261716 | -06226209775 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IGBR | Pandemic | 24823649001 | -0739135003 | 16777739007 | 06643894657 | 06533113941 | -07999236088 | -02333238672 | 02507136905 | 13152062693 | 02846413002 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IBRA | Pandemic | -00237677886 | 19153104432 | 24592196357 | 18846225607 | -6057333778 | -68183843711 | -15904255744 | 16096256256 | 11023091785 | -21884237028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_ICHN | Pandemic | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -18145761976 | -87426651892 | -00254038564 | 6392235324 | 61225476607 | 01019172133 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IEUZN | Pandemic | 17986022234 | 06358352459 | 10998947573 | 03752442079 | 03759520935 | 00496751219 | -03786332106 | 08103230917 | 11823671661 | 03531495954 |
January | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 29451354542 | 22599606628 | 24139793469 | 24684818352 | 272065679 | 29246961109 | 26772534017 | 2610698539 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24572687311 | 26327068769 | ||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 21981110559 | 14854478326 | 21637882274 | 15212644402 | 1240462 | Transform Annual Growth | blFGDP$_US | Central | 23378491108 | 18444415498 | ||||||||||||||||||||||||||||
2019Q1 | 29451354542 | 30961395462 | 78364853704 | -00237677886 | 24823649001 | 17754221786 | Transform Annual Growth | blFGDP$_ICHN | Central | 78364853704 | 52562170871 | 49639920827 | 60986346254 | 71996449976 | 66464447608 | 5516591118 | 57641098471 | Transform Annual Growth | blFGDP$_ICHN | Central | 61482608188 | 61879167766 | |||||||||||||||||||||||||||
2019Q2 | 22599606628 | 20138186099 | 52562170871 | 19153104432 | -0739135003 | 07431449429 | Transform Annual Growth | blFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 2035391119 | 23545717496 | 25048602217 | 25545421579 | Transform Annual Growth | blFGDP$_IBRA | Central | 11023093516 | 22038851574 | |||||||||||||||||||||||||||
2019Q3 | 24139793469 | 21035065819 | 49639920827 | 24592196357 | 16777739007 | 09419706317 | Transform Annual Growth | blFGDP$_IGBR | Central | 24823649001 | -0739135003 | 16777739007 | 06643901326 | 12466257645 | 11263116978 | 10681874364 | 10996765728 | Transform Annual Growth | blFGDP$_IGBR | Central | 13152063114 | 10119832734 | |||||||||||||||||||||||||||
2019Q4 | 24684818352 | 21981110559 | 60986346254 | 1884625331 | 06643901326 | 10559422143 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17754221786 | 07431449429 | 09419706317 | 10559422143 | 13970624004 | 1533923729 | 18296441479 | 14318726638 | Transform Annual Growth | blFGDP$_IEUZN | Central | 12233338671 | 13174813176 | |||||||||||||||||||||||||||
2020Q1 | 272065679 | 14854478326 | 71996449976 | 2035391119 | 12466257645 | 13970624004 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 29246961109 | 21637882274 | 66464447608 | 23545717496 | 11263116978 | 1533923729 | |||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 26772534017 | 15212644402 | 5516591118 | 25048602217 | 10681874364 | 18296441479 | 1 | ||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 2610698539 | 1240462 | 57641098471 | 25545421579 | 10996765728 | 14318726638 | 1 | ||||||||||||||||||||||||||||||||||||||||||
1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 1 | |||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | 1 | |||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | 1 | |||||||||||||||||||||||||||||||||||||||||||
2019 | 24572687311 | 23378491108 | 61482608188 | 11023093516 | 13152063114 | 12233338671 | |||||||||||||||||||||||||||||||||||||||||||
2020 | 26327068769 | 18444415498 | 61879167766 | 22038851574 | 10119832734 | 13174813176 | |||||||||||||||||||||||||||||||||||||||||||
February | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019Q1 | 2019Q2 | ||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 30161892099 | 22802828188 | 24594084962 | 22008966022 | 14267975445 | 35673397653 | 3130360587 | 26477025015 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24535720549 | 24438471492 | ||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20798192573 | 11808986302 | 18383570453 | 18399532081 | 14396669192 | Transform Annual Growth | blFGDP$_US | Central | 23303837447 | 1737510215 | ||||||||||||||||||||||||||||
2019Q1 | 30161892099 | 30961395462 | 81649173964 | -00237677886 | 24823649001 | 17986022234 | Transform Annual Growth | blFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -01693269995 | 114621259414 | 8243216 | 57641098471 | Transform Annual Growth | blFGDP$_ICHN | Central | 61225476607 | 53847938302 | |||||||||||||||||||||||||||
2019Q2 | 22802828188 | 20138186099 | 52832664449 | 19153104432 | -0739135003 | 06358352459 | Transform Annual Growth | blFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 2035391119 | 23545717496 | 25048602217 | 25545421579 | Transform Annual Growth | blFGDP$_IBRA | Central | 11023093516 | 22038851574 | |||||||||||||||||||||||||||
2019Q3 | 24594084962 | 21035065819 | 52959086245 | 24592196357 | 16777739007 | 10998947573 | Transform Annual Growth | blFGDP$_IGBR | Central | 24823649001 | -0739135003 | 16777739007 | 06643897131 | 10679572806 | 1302977792 | 10712364192 | 1131447151 | Transform Annual Growth | blFGDP$_IGBR | Central | 13152062849 | 10028602649 | |||||||||||||||||||||||||||
2019Q4 | 22008966022 | 20798192573 | 5081292422 | 1884625331 | 06643897131 | 03752442079 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 03752442079 | 17050563006 | 16351220412 | 16699656597 | 14255519771 | Transform Annual Growth | blFGDP$_IEUZN | Central | 11823671661 | 1277684485 | |||||||||||||||||||||||||||
2020Q1 | 14267975445 | 11808986302 | -01693269995 | 2035391119 | 10679572806 | 17050563006 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 35673397653 | 18383570453 | 114621259414 | 23545717496 | 1302977792 | 16351220412 | |||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 3130360587 | 18399532081 | 8243216 | 25048602217 | 10712364192 | 16699656597 | 1 | ||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 26477025015 | 14396669192 | 57641098471 | 25545421579 | 1131447151 | 14255519771 | 1 | ||||||||||||||||||||||||||||||||||||||||||
1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 1 | |||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | 1 | |||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | 1 | |||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 24535720549 | 23303837447 | 61225476607 | 11023093516 | 13152062849 | 11823671661 | |||||||||||||||||||||||||||||||||||||||||||
2019Q2 | 24438471492 | 1737510215 | 53847938302 | 22038851574 | 10028602649 | 1277684485 | |||||||||||||||||||||||||||||||||||||||||||
March | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 30435599871 | 23558387781 | 24375040067 | 1701955775 | 07134330493 | 16088352258 | 35025062659 | 28314211454 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24493075475 | 18629862191 | ||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20951800832 | 10792377387 | -03629441718 | 17452447165 | 24113300406 | Transform Annual Growth | blFGDP$_US | Central | 23313535291 | 13471543008 | ||||||||||||||||||||||||||||
2019Q1 | 30435599871 | 30961395462 | 81649173964 | 0 | 25893471992 | 17986022234 | Transform Annual Growth | blFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -0916830864 | 50939502296 | 114125001473 | 57641098471 | Transform Annual Growth | blFGDP$_ICHN | Central | 61225476607 | 44051562126 | |||||||||||||||||||||||||||
2019Q2 | 23558387781 | 20138186099 | 52832664449 | 21088484653 | -04326963218 | 06358352459 | Transform Annual Growth | blFGDP$_IBRA | Central | 0 | 21088484653 | 25309159859 | 20368839529 | 13204907937 | 19612066518 | 24768647224 | 25597150807 | Transform Annual Growth | blFGDP$_IBRA | Central | 11327391421 | 19967072205 | |||||||||||||||||||||||||||
2019Q3 | 24375040067 | 21035065819 | 52959086245 | 25309159859 | 19881876478 | 10998947573 | Transform Annual Growth | blFGDP$_IGBR | Central | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 06010071267 | 04808646914 | 12479154327 | 11215100886 | Transform Annual Growth | blFGDP$_IGBR | Central | 14029645318 | 07039544518 | |||||||||||||||||||||||||||
2019Q4 | 1701955775 | 20951800832 | 5081292422 | 20368839529 | 00955519539 | 023526783 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 023526783 | 06533523093 | 07718419397 | 12075824693 | 13342808024 | Transform Annual Growth | blFGDP$_IEUZN | Central | 11735219155 | 0763453073 | |||||||||||||||||||||||||||
2020Q1 | 07134330493 | 10792377387 | -0916830864 | 13204907937 | 06010071267 | 06533523093 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 16088352258 | -03629441718 | 50939502296 | 19612066518 | 04808646914 | 07718419397 | |||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 35025062659 | 17452447165 | 114125001473 | 24768647224 | 12479154327 | 12075824693 | 1 | ||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 28314211454 | 24113300406 | 57641098471 | 25597150807 | 11215100886 | 13342808024 | 1 | ||||||||||||||||||||||||||||||||||||||||||
1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 1 | |||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | 1 | |||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | 1 | |||||||||||||||||||||||||||||||||||||||||||
2019 | 24493075475 | 23313535291 | 61225476607 | 11327391421 | 14029645318 | 11735219155 | |||||||||||||||||||||||||||||||||||||||||||
2020 | 18629862191 | 13471543008 | 44051562126 | 19967072205 | 07039544518 | 0763453073 | |||||||||||||||||||||||||||||||||||||||||||
Pandemic | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 30435599871 | 23555223464 | 24368647931 | 16948755801 | -64626256402 | -01452879884 | 364230161 | 31919100165 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24487184631 | -02913403409 | ||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20951800832 | -12649625419 | -3866587391 | -05250627901 | 12952466239 | Transform Annual Growth | blFGDP$_US | Central | 23313535291 | -02697321313 | ||||||||||||||||||||||||||||
2019Q1 | 30435599871 | 30961395462 | 81649173964 | 0 | 25893471992 | 17986022234 | Transform Annual Growth | blFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -271595817928 | 213939810451 | 288661390234 | 126527577187 | Transform Annual Growth | blFGDP$_ICHN | Central | 61225476607 | 16783204982 | |||||||||||||||||||||||||||
2019Q2 | 23555223464 | 20138186099 | 52832664449 | 21088484653 | -04326963218 | 06358352459 | Transform Annual Growth | blFGDP$_IBRA | Central | 0 | 21088484653 | 25309159859 | 20368839529 | -49699609713 | -59050479329 | -14301609311 | 29311858824 | Transform Annual Growth | blFGDP$_IBRA | Central | 11327391421 | -15810356391 | |||||||||||||||||||||||||||
2019Q3 | 24368647931 | 21035065819 | 52959086245 | 25309159859 | 19881876478 | 10998947573 | Transform Annual Growth | blFGDP$_IGBR | Central | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 0 | -38926164109 | -50898073001 | -24773578171 | Transform Annual Growth | blFGDP$_IGBR | Central | 14029645318 | -13025752939 | |||||||||||||||||||||||||||
2019Q4 | 16948755801 | 20951800832 | 5081292422 | 20368839529 | 00955519539 | 023526783 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 023526783 | -56773778158 | -74279753282 | -0805227426 | 16043293021 | Transform Annual Growth | blFGDP$_IEUZN | Central | 11735219155 | -26504236812 | |||||||||||||||||||||||||||
2020Q1 | -64626256402 | -12649625419 | -271595817928 | -49699609713 | 0 | -56773778158 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | -01452879884 | -3866587391 | 213939810451 | -59050479329 | -38926164109 | -74279753282 | |||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 364230161 | -05250627901 | 288661390234 | -14301609311 | -50898073001 | -0805227426 | |||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 31919100165 | 12952466239 | 126527577187 | 29311858824 | -24773578171 | 16043293021 | |||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | ||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | ||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | ||||||||||||||||||||||||||||||||||||||||||||
2019 | 24487184631 | 23313535291 | 61225476607 | 11327391421 | 14029645318 | 11735219155 | |||||||||||||||||||||||||||||||||||||||||||
2020 | -02913403409 | -02697321313 | 16783204982 | -15810356391 | -13025752939 | -26504236812 |
2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||
World | January base | 29 | 23 | 24 | 25 | 27 | 29 | 27 | 26 | 25 | 26 | ||||||||||||
March base | 30 | 23 | 24 | 17 | 10 | 32 | 31 | 27 | 24 | 22 | |||||||||||||
Pandemic | 30 | 23 | 25 | 21 | -08 | -32 | -09 | 15 | 24 | -00 | |||||||||||||
United States | January base | 31 | 20 | 21 | 22 | 15 | 22 | 15 | 12 | 23 | 18 | ||||||||||||
March base | 31 | 20 | 21 | 21 | 10 | 08 | 18 | 21 | 23 | 15 | |||||||||||||
Pandemic | 31 | 20 | 21 | 21 | -08 | -29 | -20 | -02 | 23 | -02 | |||||||||||||
Japan | January base | 26 | 20 | 18 | -11 | 05 | 10 | 08 | 05 | 12 | 06 | ||||||||||||
March base | 26 | 19 | 05 | -63 | -00 | 10 | 09 | 07 | 08 | -07 | |||||||||||||
Pandemic | 26 | 20 | 18 | -11 | -25 | -23 | -28 | -03 | 12 | -13 | |||||||||||||
Mexico | January base | -04 | -02 | 01 | 10 | 10 | 21 | 21 | 22 | 00 | 12 | ||||||||||||
March base | -04 | -02 | 01 | -00 | 08 | 18 | 14 | 18 | -01 | 08 | |||||||||||||
Pandemic | -04 | -02 | 01 | -00 | -19 | -39 | -22 | -10 | -01 | -16 | |||||||||||||
Germany | January base | 19 | -10 | 03 | 07 | 10 | 17 | 20 | 15 | 06 | 10 | ||||||||||||
March base | 19 | -10 | 08 | 01 | 03 | 07 | 08 | 13 | 06 | 05 | |||||||||||||
Pandemic | 19 | -10 | 03 | 05 | -00 | -26 | -13 | -04 | 06 | -06 | |||||||||||||
United Kingdom | January base | 25 | -07 | 17 | 07 | 12 | 11 | 11 | 11 | 13 | 10 | ||||||||||||
March base | 26 | -04 | 20 | 01 | 07 | 09 | 12 | 10 | 14 | 08 | |||||||||||||
Pandemic | 25 | -07 | 17 | 07 | 07 | -08 | -02 | 03 | 13 | 03 | |||||||||||||
Brazil | January base | -00 | 19 | 25 | 19 | 20 | 24 | 25 | 26 | 11 | 22 | ||||||||||||
March base | -00 | 19 | 25 | 19 | 16 | 23 | 29 | 26 | 11 | 21 | |||||||||||||
Pandemic | -00 | 19 | 25 | 19 | -61 | -68 | -16 | 16 | 11 | -22 | |||||||||||||
China | January base | 78 | 53 | 50 | 61 | 72 | 66 | 55 | 58 | 61 | 62 | ||||||||||||
March base | 82 | 53 | 53 | 51 | -08 | 115 | 82 | 58 | 61 | 52 | |||||||||||||
Pandemic | 82 | 53 | 53 | 51 | -18 | -87 | -00 | 64 | 61 | 01 | |||||||||||||
Euro Zone | January base | 18 | 07 | 09 | 11 | 14 | 15 | 18 | 14 | 12 | 13 | ||||||||||||
March base | 18 | 06 | 11 | 02 | 13 | 13 | 14 | 14 | 12 | 10 | |||||||||||||
Pandemic | 18 | 06 | 11 | 04 | 04 | 00 | -04 | 08 | 12 | 04 |
Virus Changes the Outlook | |||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||
World | January base | 27 | 29 | 27 | 26 | 25 | 26 | ||||||||
February base | 14 | 36 | 31 | 26 | 25 | 24 | |||||||||
March prelim base | 07 | 16 | 35 | 28 | 24 | 19 | |||||||||
Pandemic | -65 | -01 | 36 | 32 | 24 | -03 | |||||||||
United States | January base | 15 | 22 | 15 | 12 | 23 | 18 | ||||||||
February base | 12 | 18 | 18 | 14 | 23 | 17 | |||||||||
March prelim base | 11 | -04 | 17 | 24 | 23 | 13 | |||||||||
Pandemic | -13 | -39 | -05 | 13 | 23 | -03 | |||||||||
China | January base | 72 | 66 | 55 | 58 | 61 | 62 | ||||||||
February base | -02 | 115 | 82 | 58 | 61 | 54 | |||||||||
March base | -09 | 51 | 114 | 58 | 61 | 44 | |||||||||
Pandemic | -272 | 214 | 289 | 127 | 61 | 17 | |||||||||
Brazil | January base | 20 | 24 | 25 | 26 | 11 | 22 | ||||||||
February base | 20 | 24 | 25 | 26 | 11 | 22 | |||||||||
March prelim base | 13 | 20 | 25 | 26 | 11 | 20 | |||||||||
Pandemic | -50 | -59 | -14 | 29 | 11 | -16 | |||||||||
United Kingdom | January base | 12 | 11 | 11 | 11 | 13 | 10 | ||||||||
February base | 11 | 13 | 11 | 11 | 13 | 10 | |||||||||
March base | 06 | 05 | 12 | 11 | 14 | 07 | |||||||||
Pandemic | 00 | -39 | -51 | -25 | 14 | -13 | |||||||||
Euro Zone | January base | 14 | 15 | 18 | 14 | 12 | 13 | ||||||||
February base | 17 | 16 | 17 | 14 | 12 | 13 | |||||||||
March prelim base | 07 | 08 | 12 | 13 | 12 | 08 | |||||||||
Pandemic | -57 | -74 | -08 | 16 | 12 | -27 |
Global Recession Under Pandemic Scenario | |||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||
World | January base | 27 | 29 | 27 | 26 | 25 | 26 | ||||||||
March base | 07 | 16 | 35 | 28 | 24 | 19 | |||||||||
April base | -109 | -221 | 199 | 45 | 24 | -42 | |||||||||
United States | January base | 15 | 22 | 15 | 12 | 23 | 18 | ||||||||
March base | 11 | -04 | 17 | 24 | 23 | 13 | |||||||||
April base | -81 | -302 | 166 | 04 | 23 | -58 | |||||||||
China | January base | 72 | 66 | 55 | 58 | 61 | 62 | ||||||||
March base | -09 | 51 | 114 | 58 | 61 | 44 | |||||||||
April base | -290 | 149 | 277 | 130 | 61 | -01 | |||||||||
Brazil | January base | 20 | 24 | 25 | 26 | 11 | 22 | ||||||||
March base | 13 | 20 | 25 | 26 | 11 | 20 | |||||||||
April base | -88 | -243 | 04 | 70 | 11 | -61 | |||||||||
United Kingdom | January base | 12 | 11 | 11 | 11 | 13 | 10 | ||||||||
March base | 06 | 05 | 12 | 11 | 14 | 07 | |||||||||
April base | -30 | -367 | 258 | 58 | 14 | -56 | |||||||||
Euro Zone | January base | 14 | 15 | 18 | 14 | 12 | 13 | ||||||||
March base | 07 | 08 | 12 | 13 | 12 | 08 | |||||||||
April base | -148 | -400 | 593 | 16 | 12 | -70 |
April 2020 4
-25
-15
-5
5March April May June July August Sep-Dec
Enter Accom Transp Wholesale
Manufact Misc Real Est Energy
Constr Educ Finance Public admin
Prof Other service Info Healthcare
Total
Business Lockdowns Hit HardDeviation from typical US GDP ann ppts by industry 2020
Source Moodyrsquos Analytics
April 2020 5
010002000300040005000600070008000
67 70 72 75 78 81 84 87 90 93 96 99 02 05 08 11 14 17
267 million cumulativelysince crisis began theweek of March 14th
Unemployment insurance claims ths
Sources Employment amp Training Administration Moodyrsquos Analytics
Unemployment Surges
April 2020 6
22
24
26
28
30
32
34
36
Jan Feb Mar Apr
Smaller Nest Eggs
Sources Wilshire 5000 Federal Reserve Moodyrsquos Analytics
Wilshire 5000
Value of publicly trade stocks $ tril
April 2020 7
85
90
95
100
105
110
-4
0
4
8
12
16
20
17Q1 18Q1 19Q1 20Q1
Global balance (L)Global demand (R)Global supply (R)
Global Oil GlutMil barrels per day
Sources International Energy Agency Moodyrsquos Analytics
April 2020 8
-30-25-20-15-10-505
10
Jan-19 Apr-19 Jun-19 Sep-19 Dec-19 Aug-20
Start ups with high propensity to hire chg yr ago
Sources Census Department Moodyrsquos Analytics
Business Start Ups Plunge
Global Recession2
April 2020 10
Unprecedented Global Economic DownturnhellipEconomies in red are expected to suffer a recession in 2020
Source Moodyrsquos Analytics
April 2020 11
hellipThat Is Intensifying
2020Q1 2020Q2 2020Q3 2020Q4 2019 2020January base 27 29 27 26 25 26March base 07 16 35 28 24 19April base -109 -221 199 45 24 -42January base 15 22 15 12 23 18March base 11 -04 17 24 23 13April base -81 -302 166 04 23 -58January base 72 66 55 58 61 62March base -09 51 114 58 61 44April base -290 149 277 130 61 -01January base 20 24 25 26 11 22March base 13 20 25 26 11 20April base -88 -243 04 70 11 -61January base 12 11 11 11 13 10March base 06 05 12 11 14 07April base -30 -367 258 58 14 -56January base 14 15 18 14 12 13March base 07 08 12 13 12 08April base -148 -400 593 16 12 -70
Brazil
United Kingdom
Euro Zone
World
United States
China
Real GDP growth annualized change
Source Moodyrsquos Analytics
April 2020 12
-10-8-6-4-202468
0 2 4 6 8 10 12
1980 1990 20012007 2020
A Swoosh Recovery Real GDP change since beginning of recessionhellip
Sources BEA Moodyrsquos Analytics
X-axis is qtrs since beginning of recession
13April 2020
-40
-30
-20
-10
0
10
20
19 20 21 22 23 24
Baseline (50ile)S0 (4ile)S4 (96ile)
Output to Collapse With Gradual RecoveryInflation adjusted GDP annualized quarterly growth
Source Moodyrsquos Analytics
April 2020 14
0
5
10
15
20
25
30 40 50 60 70 80 90 00 10 20
Financial crisisFed slays inflation
1930s Depression
WW II
COVID crisis April 2020
Not Since the Great DepressionUS unemployment rate
Sources Federal Reserve BEA Moodyrsquos Analytics
15April 2020
02468
101214161820
19 20 21 22 23 24
Baseline (50ile)
S0 (4ile)
S4 (96ile)
Unemployment to SpikeU-3 unemployment rate quarterly average
Source Moodyrsquos Analytics
April 2020 16
Job Market Will Struggle to Recover
Sources BLS Moodyrsquos Analytics
05 04 06 06 04
-171
81
-06 -03
00 10 13 14 14 13 12
-20
-15
-10
-5
0
5
10
3
5
7
9
11
13
15
19 20 21 22
Employment Change (Mil R)Unemployment Rate (L)
April 2020 17
Regional Risk Factors for COVID-19
Virus Exposure
Commodities
Demographics
Global Interconnectedness (TradeTravel)
Tourism
FinanceInvestment
April 2020 18
Large Coastal Urban Areas Are Hit HardestWeighted avg Z-score across rankings 0 = metro area average
gt025
-025 to lt0lt-025
0 to lt025
Source Moodyrsquos Analytics
April 2020 19
Active Listings Collapse Across Major Metros
Sources Realtorcom Moodyrsquos Analytics
-45 -40 -35 -30 -25 -20 -15 -10 -5 0
PhoenixMilwaukeeSan DiegoSan JosePhiladelphiaCincinnatiDenverRiversideProvidenceSeattle
Active listing count yr ago
April 2020 20
US Real Estate Prices Slump
Sources FHFA Moodyrsquos Analytics
75
80
85
90
95
100
105
19 20 21 22
FHFA HPI
Moodyrsquos Analytics CPPI
Index 2019Q4 = 100 April baseline
April 2020 21
Home Prices Could Fall Fasthellip
Sources BEA Moodyrsquos Analytics
FHFA all-transactions index forecasts from March 2020 V2 vintage year ago
-15
-10
-5
0
5
10
15
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
BaselineScenario 1Scenario 3Scenario 4
April 2020 22
hellipAs Commercial Properties Are Hit From All Sides
Sources Reis Moodyrsquos Analytics
Commercial property price index yr ago
-40
-30
-20
-10
0
10
20
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
BaselineScenario 1Scenario 3Scenario 4
April 2020 23
House Prices SlumphellipForeclosures Increase
Sources FHFA MBA Moodyrsquos Analytics
0
500
1000
1500
2000
2500
60
70
80
90
100
110
120
05 10 15 20 25
FHFA HPI Index 2020Q1 = 100 (L)
Foreclosures startedths SA (R)
April baseline forecast
April 2020 24
Price Declines Vary Throughout the CountryBaseline forecast FHFA purchase-only index for 2021Q1 year ago
Sources FHFA Moodyrsquos Analytics
Known Unknowns3
April 2020 26
01000002000003000004000005000006000007000008000009000001000000
05000
10000150002000025000300003500040000
01-M
ar
04-M
ar
07-M
ar
10-M
ar
13-M
ar
16-M
ar
19-M
ar
22-M
ar
25-M
ar
28-M
ar
31-M
ar
03-A
pr
06-A
pr
09-A
pr
12-A
pr
15-A
pr
18-A
pr
21-A
pr
24-A
pr
Daily Cases (L) Cumulative Cases (R )
US New Daily Cases Hovering Around 30000Number of confirmed COVID-19 cases
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 27
0
10
20
30
40
50
60
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60
Italy S Korea EU USDay 1 DatesItaly Feb 23S Korea Feb 20US March 3 EU Feb 23
Growth Rate of COVID Cases FallingDaily growth of COVID-19 cases days since 100 confirmed cases 3-day MA
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 28
Epidemiological Assumptions
S1 Scenario
bull lt1 mil confirmed US infectionsbull New infections peak in Aprilbull 5-6 case fatality ratebull 8 hospitalization ratebull Infections abate by Junebull Surplus of hospital bedsbull Surplus of ICU bedsbull Surplus of ventilators
Baseline Forecast
bull 1-3 mil confirmed US infectionsbull New infections peak in Maybull 7-11 case fatality ratebull 10 hospitalization ratebull Infections abate by Julybull Surplus of hospital bedsbull Small surplus of ICU bedsbull Small surplus of ventilators
S3 Scenario
bull 5-6 mil confirmed US infectionsbull New infections peak in Junebull 12-16 case fatality ratebull 15 hospitalization ratebull Infections abate by Septemberbull Small deficit of hospital bedsbull Large deficit of ICU bedsbull Large deficit of ventilators
April 2020 29
010002000300040005000600070008000
95 00 05 10 15
C B Ba Baa A Aa Aaa
Federal Reserve Must Shore Up the Firewall
Sources Moodyrsquos Investor Service Moodyrsquos Analytics
Corporate debt outstanding by rating $ bil
April 2020 30
0123456789
10
03 05 07 09 11 13 15 17 19 21 23 25
Up Up and AwayAssets held outright on the Fedrsquos balance sheet $ tril
Source Moodyrsquos Analytics
April 2020 31
Lawmakers Act But Need to Do More
Sources CRFB Moodyrsquos Analytics
Cost of Coronavirus Aid Relief amp Economic Security (CARES) Act
$510 BilLoans amp Loan
Guarantees for Large Firms amp Governments
$377 BilSmall Business Loans amp Grants
$290 BilOne-time Checks
$180 BilHealth
$150 BilAid to States
$72 BilTransp Grants
$280 BilBusiness Tax Cuts
$45 BilFEMA
$42 BilSafety Nets
$32 BilEducation$260 Bil
Unemployment Insurance
$25 BilOther
April 2020 32
Running Out of Fiscal Space
Source Moodyrsquos Analytics
Sovereign borrowing capacity given current yields projected output growth and primary balance
-500
50100150200250300350400450
0 50 100 150 200 250
Circle size=Real GDP US$Y-axis Fiscal spaceX-axis Debt-to-GDP ratioAs of 2020Q1 (ex COVID-19 policies)
China
US
Japan
ItalyFrance Greece
Russia
UK
Argentina
Germany
Turkey S Africa Egypt
Spain
IndiaBrazil
Mexico
Canada
April 2020 33
US Risk Matrix
Source Moodyrsquos Analytics
April 2020 34
Questions amp
AnswersQuestions Contact us at helpeconomycom
April 2020 35
Coronavirus Liveeventsmoodysiocoronavirus coronavirusmoodyscom
Full webinars schedule eventsmoodysioeventsemeamoodyscom
MoodyrsquosWebinars
April 2020 36
Please complete our surveyWe Want to Hear From You
A survey will appear on your screen at the end of our presentation Please take a few moments to complete it
and let us know how we can continue to improve
moodyscom
West Chester EBA-HQ+16102355299121 North Walnut Street Suite 500West Chester PA 19380USA
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Contact Us Economics amp Business Analytics Offices
April 2020 38
copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved
CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC ANDOR ITS CREDIT RATINGS AFFILIATES ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MATERIALS PRODUCTS SERVICES AND INFORMATION PUBLISHED BY MOODYrsquoS (COLLECTIVELY ldquoPUBLICATIONSrdquo) MAY INCLUDE SUCH CURRENT OPINIONS MOODYrsquoS INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS INVESTORS SERVICE CREDIT RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS NON-CREDIT ASSESSMENTS (ldquoASSESSMENTSrdquo) AND OTHER OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC ANDOR ITS AFFILIATES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK
All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information
NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING ASSESSMENT OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER
Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any credit rating agreed to pay to Moodyrsquos Investors Service Inc for credit ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and Moodyrsquos investors Service also maintain policies and procedures to address the independence of Moodyrsquos Investors Service credit ratings and credit rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold credit ratings from Moodyrsquos Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo
Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors
Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any credit rating agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements
BLFGDP$_IWRLD | |
BLFGDP$_US | |
BLFGDP$_ICHN | |
BLFGDP$_IBRA | |
BLFGDP$_IGBR | |
BLFGDP$_IEUZN |
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | |||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 1004457845 | 10044578163 | 09921251807 | 09921251807 | -00439644998 | -00439645008 | 08490892284 | 08490892282 | 02987390528 | 02987390528 | 06602394397 | 06602394358 | 16040993663 | 16040993566 | 2020 | 21709930613 | 21709969799 | 15414354913 | 15414354614 | -07102897285 | -07102894824 | 08324283964 | 08324259976 | 04515958007 | 04515958007 | 07953949612 | 07953950128 | 21497054247 | 21497054504 | 52185934247 | 52185934247 | 10459481224 | 10459483101 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 32074829495 | 32074831252 | 08275731969 | 08275731787 | 10125815712 | 1012581938 | 18025324464 | 18025300718 | 07063814764 | 07063814764 | 09321922665 | 09321922955 | 23481470825 | 23481471214 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 31264533681 | 3126453553 | 18283102998 | 18283103389 | 08666505872 | 08666514849 | 14194129347 | 14194048288 | 08334022824 | 08334022824 | 12477941124 | 12477943726 | 29204265431 | 29204266796 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 27331374943 | 27331990841 | 20834052245 | 20834047228 | 06663085528 | 06663096538 | 18384431899 | 18384280067 | 13146543316 | 13146543316 | 09915534109 | 09915536456 | 26058164488 | 26058165097 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IWRLD | Central | 1004457845 | 32074829495 | 31264533681 | 27331374943 | Transform Annual Growth | blFGDP$_IWRLD | Central | 21709930613 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 10044578163 | 32074831252 | 3126453553 | 27331990841 | Local | 21709969799 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_US | Central | 09921251807 | 08275731969 | 18283102998 | 20834052245 | Transform Annual Growth | blFGDP$_US | Central | 15414354913 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 09921251807 | 08275731787 | 18283103389 | 20834047228 | Local | 15414354614 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Central | -00439644998 | 10125815712 | 08666505872 | 06663085528 | Transform Annual Growth | blFGDP$_IJPN | Central | -07102897285 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | -00439645008 | 1012581938 | 08666514849 | 06663096538 | Local | -07102894824 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IMEX | Central | 08490892284 | 18025324464 | 14194129347 | 18384431899 | Transform Annual Growth | blFGDP$_IMEX | Central | 08324283964 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 08490892282 | 18025300718 | 14194048288 | 18384280067 | Local | 08324259976 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IDEU | Central | 02987390528 | 07063814764 | 08334022824 | 13146543316 | Transform Annual Growth | blFGDP$_IDEU | Central | 04515958007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 02987390528 | 07063814764 | 08334022824 | 13146543316 | Local | 04515958007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IGBR | Central | 06602394397 | 09321922665 | 12477941124 | 09915534109 | Transform Annual Growth | blFGDP$_IGBR | Central | 07953949612 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 06602394358 | 09321922955 | 12477943726 | 09915536456 | Local | 07953950128 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IBRA | Central | 16040993663 | 23481470825 | 29204265431 | 26058164488 | Transform Annual Growth | blFGDP$_IBRA | Central | 21497054247 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 16040993566 | 23481471214 | 29204266796 | 26058165097 | Local | 21497054504 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 272065679 | 14854478326 | 04765669035 | 10081169396 | 10172628117 | 12466257645 | 2035391119 | 2020 | 26327068769 | 18444415498 | 05810706316 | 12256906248 | 10222414849 | 10119832734 | 22038851574 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 29246961109 | 21637882274 | 10099936598 | 20906101983 | 16794358524 | 11263116978 | 23545717496 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 26772534017 | 15212644402 | 08024032016 | 20970805994 | 19893661165 | 10681874364 | 25048602217 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 2610698539 | 1240462 | 04808646914 | 21918401913 | 14932062066 | 10996765728 | 25545421579 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IWRLD | Central | 272065679 | 29246961109 | 26772534017 | 2610698539 | Transform Annual Growth | blFGDP$_IWRLD | Central | 26327068769 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_US | Central | 14854478326 | 21637882274 | 15212644402 | 1240462 | Transform Annual Growth | blFGDP$_US | Central | 18444415498 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Central | 04765669035 | 10099936598 | 08024032016 | 04808646914 | Transform Annual Growth | blFGDP$_IJPN | Central | 05810706316 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IMEX | Central | 10081169396 | 20906101983 | 20970805994 | 21918401913 | Transform Annual Growth | blFGDP$_IMEX | Central | 12256906248 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IDEU | Central | 10172628117 | 16794358524 | 19893661165 | 14932062066 | Transform Annual Growth | blFGDP$_IDEU | Central | 10222414849 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IGBR | Central | 12466257645 | 11263116978 | 10681874364 | 10996765728 | Transform Annual Growth | blFGDP$_IGBR | Central | 10119832734 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IBRA | Central | 2035391119 | 23545717496 | 25048602217 | 25545421579 | Transform Annual Growth | blFGDP$_IBRA | Central | 22038851574 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | Current | 1004457845 | 32074829495 | 31264533681 | 27331374943 | 21709930613 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 272065679 | 29246961109 | 26772534017 | 2610698539 | 26327068769 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_US | Current | 09921251807 | 08275731969 | 18283102998 | 20834052245 | 15414354913 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 14854478326 | 21637882274 | 15212644402 | 1240462 | 18444415498 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IJPN | Current | -00439644998 | 10125815712 | 08666505872 | 06663085528 | -07102897285 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 04765669035 | 10099936598 | 08024032016 | 04808646914 | 05810706316 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IMEX | Current | 08490892284 | 18025324464 | 14194129347 | 18384431899 | 08324283964 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 10081169396 | 20906101983 | 20970805994 | 21918401913 | 12256906248 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IDEU | Current | 02987390528 | 07063814764 | 08334022824 | 13146543316 | 04515958007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 10172628117 | 16794358524 | 19893661165 | 14932062066 | 10222414849 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IGBR | Current | 06602394397 | 09321922665 | 12477941124 | 09915534109 | 07953949612 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 12466257645 | 11263116978 | 10681874364 | 10996765728 | 10119832734 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IBRA | Current | 16040993663 | 23481470825 | 29204265431 | 26058164488 | 21497054247 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 2035391119 | 23545717496 | 25048602217 | 25545421579 | 22038851574 |
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019 | 2020 | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 24351159023 | 21709930613 | Transform Annual Growth | blFGDP$_IWRLD | Central | 30284213704 | 23417301002 | 23990821589 | 16664397734 | 1004457845 | 32074829495 | 31264533681 | 27331374943 | |||||||||||||||||||||||||||||||||||||||||||||||
Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Local | 24351159023 | 21709969799 | Local | 30284213704 | 23417301002 | 23990821589 | 16664397734 | 10044578163 | 32074831252 | 3126453553 | 27331990841 | ||||||||||||||||||||||||||||||||||||||||||
2019 | 24351159023 | 24351159023 | 23313535291 | 23313535291 | 07546323236 | 07546323236 | -005744748 | -005744748 | 05986711898 | 05986711898 | 14029645318 | 14029645318 | 11023093516 | 11023093516 | 61225476607 | 61225476607 | 11735219155 | 11735219155 | Transform Annual Growth | blFGDP$_US | Central | 23313535291 | 15414354913 | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20951800832 | 09921251807 | 08275731969 | 18283102998 | 20834052245 | |||||||||||||||||||||||||||||||||||||
2020 | 21709930613 | 21709969799 | 15414354913 | 15414354614 | -07102897285 | -07102894824 | 08324283964 | 08324259976 | 04515958007 | 04515958007 | 07953949612 | 07953950128 | 21497054247 | 21497054504 | 52185934247 | 52185934247 | 10459481224 | 10459483101 | Local | 23313535291 | 15414354614 | Local | 30961395462 | 20138186099 | 21035065819 | 20951800832 | 09921251807 | 08275731787 | 18283103389 | 20834047228 | |||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Central | 07546323236 | -07102897285 | Transform Annual Growth | blFGDP$_IJPN | Central | 26108675557 | 1928453754 | 04856673069 | -62909369088 | -00439644998 | 10125815712 | 08666505872 | 06663085528 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Local | 07546323236 | -07102894824 | Local | 26108675557 | 1928453754 | 04856673069 | -62909369088 | -00439645008 | 1012581938 | 08666514849 | 06663096538 | |||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IMEX | Central | -005744748 | 08324283964 | Transform Annual Growth | blFGDP$_IMEX | Central | -03735112979 | -02398100266 | 00533779554 | -00006376933 | 08490892284 | 18025324464 | 14194129347 | 18384431898 | |||||||||||||||||||||||||||||||||||||||||||||||
Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Local | -005744748 | 08324259976 | Local | -03735112979 | -02398100266 | 00533779554 | -00006376933 | 08490892282 | 18025300718 | 14194048288 | 18384280067 | ||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 30284213704 | 30284213704 | 30961395462 | 30961395462 | 26108675557 | 26108675557 | -03735112979 | -03735112979 | 19164480743 | 19164480743 | 25893471992 | 25893471992 | -00237677886 | -00237677886 | 81649173964 | 81649173964 | 17986022234 | 17986022234 | Transform Annual Growth | blFGDP$_IDEU | Central | 05986711898 | 04515958007 | Transform Annual Growth | blFGDP$_IDEU | Central | 19164480743 | -09667798486 | 07878544616 | 01119058205 | 02987390528 | 07063814764 | 08334022824 | 13146543316 | |||||||||||||||||||||||||||||||||||||
2019Q2 | 23417301002 | 23417301002 | 20138186099 | 20138186099 | 1928453754 | 1928453754 | -02398100266 | -02398100266 | -09667798486 | -09667798486 | -04326963218 | -04326963218 | 19153104432 | 19153104432 | 52832664449 | 52832664449 | 06358352459 | 06358352459 | Local | 05986711898 | 04515958007 | Local | 19164480743 | -09667798486 | 07878544616 | 01119058205 | 02987390528 | 07063814764 | 08334022824 | 13146543316 | |||||||||||||||||||||||||||||||||||||||||
2019Q3 | 23990821589 | 23990821589 | 21035065819 | 21035065819 | 04856673069 | 04856673069 | 00533779554 | 00533779554 | 07878544616 | 07878544616 | 19881876478 | 19881876478 | 24592196357 | 24592196357 | 52959086245 | 52959086245 | 10998947573 | 10998947573 | Transform Annual Growth | blFGDP$_IGBR | Central | 14029645318 | 07953949612 | Transform Annual Growth | blFGDP$_IGBR | Central | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 06602394397 | 09321922665 | 12477941124 | 09915534109 | |||||||||||||||||||||||||||||||||||||
2019Q4 | 16664397734 | 16664397734 | 20951800832 | 20951800832 | -62909369088 | -62909369088 | -00006376933 | -00006376933 | 01119058205 | 01119058205 | 00955519539 | 00955519539 | 1884625331 | 1884625331 | 5081292422 | 5081292422 | 023526783 | 023526783 | Local | 14029645318 | 07953950128 | Local | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 06602394358 | 09321922955 | 12477943726 | 09915536456 | |||||||||||||||||||||||||||||||||||||||||
2020Q1 | 1004457845 | 10044578163 | 09921251807 | 09921251807 | -00439644998 | -00439645008 | 08490892284 | 08490892282 | 02987390528 | 02987390528 | 06602394397 | 06602394358 | 16040993663 | 16040993566 | -07976031984 | -07976031984 | 13072031191 | 13072029534 | Transform Annual Growth | blFGDP$_IBRA | Central | 11023093516 | 21497054247 | Transform Annual Growth | blFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 16040993663 | 23481470825 | 29204265431 | 26058164488 | |||||||||||||||||||||||||||||||||||||
2020Q2 | 32074829495 | 32074831252 | 08275731969 | 08275731787 | 10125815712 | 1012581938 | 18025324464 | 18025300718 | 07063814764 | 07063814764 | 09321922665 | 09321922955 | 23481470825 | 23481471214 | 114621259414 | 114621259414 | 12804875265 | 12804882285 | Local | 11023093516 | 21497054504 | Local | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 16040993566 | 23481471214 | 29204266796 | 26058165097 | |||||||||||||||||||||||||||||||||||||||||
2020Q3 | 31264533681 | 3126453553 | 18283102998 | 18283103389 | 08666505872 | 08666514849 | 14194129347 | 14194048288 | 08334022824 | 08334022824 | 12477941124 | 12477943726 | 29204265431 | 29204266796 | 8243216 | 8243216 | 13849193065 | 13849201636 | Transform Annual Growth | blFGDP$_ICHN | Central | 61225476607 | 52185934247 | Transform Annual Growth | blFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -07976031984 | 114621259414 | 8243216 | 57641098471 | |||||||||||||||||||||||||||||||||||||
2020Q4 | 27331374943 | 27331990841 | 20834052245 | 20834047228 | 06663085528 | 06663096538 | 18384431898 | 18384280067 | 13146543316 | 13146543316 | 09915534109 | 09915536456 | 26058164488 | 26058165097 | 57641098471 | 57641098471 | 13600290043 | 13600288501 | Local | 61225476607 | 52185934247 | Local | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -07976031984 | 114621259414 | 8243216 | 57641098471 | |||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IEUZN | Central | 11735219155 | 10459481224 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 023526783 | 13072031191 | 12804875265 | 13849193065 | 13600290043 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Local | 11735219155 | 10459483101 | Local | 17986022234 | 06358352459 | 10998947573 | 023526783 | 13072029534 | 12804882285 | 13849201636 | 13600288501 | |||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | 2019 | 2020 | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 24572687311 | 23378491108 | 12088413762 | 00063845975 | 05719546493 | 13152063114 | 11023093516 | 61482608188 | 12233338671 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24572687311 | 26327068769 | Transform Annual Growth | blFGDP$_IWRLD | Central | 29451354542 | 22599606628 | 24139793469 | 24684818352 | 272065679 | 29246961109 | 26772534017 | 2610698539 | ||||||||||||||||||||||||||||||||||||||||||||||
2020 | 26327068769 | 18444415498 | 05810706316 | 12256906248 | 10222414849 | 10119832734 | 22038851574 | 61879167766 | 13174813176 | Transform Annual Growth | blFGDP$_US | Central | 23378491108 | 18444415498 | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 21981110559 | 14854478326 | 21637882274 | 15212644402 | 1240462 | ||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Central | 12088413762 | 05810706316 | Transform Annual Growth | blFGDP$_IJPN | Central | 26155633695 | 20471054063 | 17999622217 | -10982174064 | 04765669035 | 10099936598 | 08024032016 | 04808646914 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | blFGDP$_IMEX | Central | 00063845975 | 12256906248 | Transform Annual Growth | blFGDP$_IMEX | Central | -03735112979 | -02398100266 | 00533779554 | 10252658827 | 10081169396 | 20906101983 | 20970805994 | 21918401913 | |||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IDEU | Central | 05719546493 | 10222414849 | Transform Annual Growth | blFGDP$_IDEU | Central | 18878382403 | -09668474617 | 03371786209 | 06979229504 | 10172628117 | 16794358524 | 19893661165 | 14932062066 | |||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_IGBR | Central | 13152063114 | 10119832734 | Transform Annual Growth | blFGDP$_IGBR | Central | 24823649001 | -0739135003 | 16777739007 | 06643901326 | 12466257645 | 11263116978 | 10681874364 | 10996765728 | |||||||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 29451354542 | 30961395462 | 26155633695 | -03735112979 | 18878382403 | 24823649001 | -00237677886 | 78364853704 | 17754221786 | Transform Annual Growth | blFGDP$_IBRA | Central | 11023093516 | 22038851574 | Transform Annual Growth | blFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 2035391119 | 23545717496 | 25048602217 | 25545421579 | ||||||||||||||||||||||||||||||||||||||||||||||
2019Q2 | 22599606628 | 20138186099 | 20471054063 | -02398100266 | -09668474617 | -0739135003 | 19153104432 | 52562170871 | 07431449429 | Transform Annual Growth | blFGDP$_ICHN | Central | 61482608188 | 61879167766 | Transform Annual Growth | blFGDP$_ICHN | Central | 78364853704 | 52562170871 | 49639920827 | 60986346254 | 71996449976 | 66464447608 | 5516591118 | 57641098471 | ||||||||||||||||||||||||||||||||||||||||||||||
2019Q3 | 24139793469 | 21035065819 | 17999622217 | 00533779554 | 03371786209 | 16777739007 | 24592196357 | 49639920827 | 09419706317 | Transform Annual Growth | blFGDP$_IEUZN | Central | 12233338671 | 13174813176 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17754221786 | 07431449429 | 09419706317 | 10559422143 | 13970624004 | 1533923729 | 18296441479 | 14318726638 | ||||||||||||||||||||||||||||||||||||||||||||||
2019Q4 | 24684818352 | 21981110559 | -10982174064 | 10252658827 | 06979229504 | 06643901326 | 1884625331 | 60986346254 | 10559422143 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 272065679 | 14854478326 | 04765669035 | 10081169396 | 10172628117 | 12466257645 | 2035391119 | 71996449976 | 13970624004 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 29246961109 | 21637882274 | 10099936598 | 20906101983 | 16794358524 | 11263116978 | 23545717496 | 66464447608 | 1533923729 | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 26772534017 | 15212644402 | 08024032016 | 20970805994 | 19893661165 | 10681874364 | 25048602217 | 5516591118 | 18296441479 | blFGDP$_IWRLD | blFGDP$_IWRLD | March base | 30284213704 | 23417301002 | 23990821589 | 16664397734 | 1004457845 | 32074829495 | 31264533681 | 27331374943 | 24351159023 | 21709930613 | |||||||||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 2610698539 | 1240462 | 04808646914 | 21918401913 | 14932062066 | 10996765728 | 25545421579 | 57641098471 | 14318726638 | January base | 29451354542 | 22599606628 | 24139793469 | 24684818352 | 272065679 | 29246961109 | 26772534017 | 2610698539 | 24572687311 | 26327068769 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Pandemic | 30159788147 | 22796482557 | 24591371048 | 20779599357 | -0821068591 | -32466569486 | -09134483601 | 14536598724 | 2445594268 | -00205231371 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_US | blFGDP$_US | March base | 30961395462 | 20138186099 | 21035065819 | 20951800832 | 09921251807 | 08275731969 | 18283102998 | 20834052245 | 23313535291 | 15414354913 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | January base | 30961395462 | 20138186099 | 21035065819 | 21981110559 | 14854478326 | 21637882274 | 15212644402 | 1240462 | 23378491108 | 18444415498 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
cvpFGDP$_IWRLD | cvpFGDP$_US | cvpFGDP$_IJPN | cvpFGDP$_IMEX | cvpFGDP$_IDEU | cvpFGDP$_IGBR | cvpFGDP$_IBRA | cvpFGDP$_ICHN | cvpFGDP$_IEUZN | Pandemic | 30961395462 | 20138186099 | 21035065819 | 20798192573 | -07791884072 | -28691380159 | -19527497926 | -02389473664 | 23303837447 | -02321135313 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | blFGDP$_IJPN | blFGDP$_IJPN | March base | 26108675557 | 1928453754 | 04856673069 | -62909369088 | -00439644998 | 10125815712 | 08666505872 | 06663085528 | 07546323236 | -07102897285 | ||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 30159788147 | 30961395462 | 26155633695 | -03735112979 | 18878382403 | 24823649001 | -00237677886 | 81649173964 | 17986022234 | January base | 26155633695 | 20471054063 | 17999622217 | -10982174064 | 04765669035 | 10099936598 | 08024032016 | 04808646914 | 12088413762 | 05810706316 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q2 | 22796482557 | 20138186099 | 20471054063 | -02398100266 | -09668474617 | -0739135003 | 19153104432 | 52832664449 | 06358352459 | Pandemic | 26155633695 | 20471054063 | 17999622217 | -11119794418 | -25355286898 | -22605799716 | -28490450305 | -02896175105 | 12079598883 | -13007210629 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q3 | 24591371048 | 21035065819 | 17999622217 | 00533779554 | 03371786209 | 16777739007 | 24592196357 | 52959086245 | 10998947573 | blFGDP$_IMEX | blFGDP$_IMEX | March base | -03735112979 | -02398100266 | 00533779554 | -00006376933 | 08490892284 | 18025324464 | 14194129347 | 18384431898 | -005744748 | 08324283964 | |||||||||||||||||||||||||||||||||||||||||||||||||
2019Q4 | 20779599357 | 20798192573 | -11119794418 | -00006387604 | 0483210256 | 06643894657 | 18846225607 | 5081292422 | 03752442079 | January base | -03735112979 | -02398100266 | 00533779554 | 10252658827 | 10081169396 | 20906101983 | 20970805994 | 21918401913 | 00063845975 | 12256906248 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | -0821068591 | -07791884072 | -25355286898 | -19062201837 | -0047198012 | 06533113941 | -6057333778 | -18145761976 | 03759520935 | Pandemic | -03735112979 | -02398100266 | 00533779554 | -00006387604 | -19062201837 | -3940399 | -21819164585 | -09962562461 | -00574475466 | -15669083769 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q2 | -32466569486 | -28691380159 | -22605799716 | -3940399 | -26172511227 | -07999236088 | -68183843711 | -87426651892 | 00496751219 | blFGDP$_IDEU | blFGDP$_IDEU | March base | 19164480743 | -09667798486 | 07878544616 | 01119058205 | 02987390528 | 07063814764 | 08334022824 | 13146543316 | 05986711898 | 04515958007 | |||||||||||||||||||||||||||||||||||||||||||||||||
2020Q3 | -09134483601 | -19527497926 | -28490450305 | -21819164585 | -12905609117 | -02333238672 | -15904255744 | -00254038564 | -03786332106 | January base | 18878382403 | -09668474617 | 03371786209 | 06979229504 | 10172628117 | 16794358524 | 19893661165 | 14932062066 | 05719546493 | 10222414849 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 14536598724 | -02389473664 | -02896175105 | -09962562461 | -04107398878 | 02507136905 | 16096256256 | 6392235324 | 08103230917 | Pandemic | 18878382403 | -09668474617 | 03371786209 | 0483210256 | -0047198012 | -26172511227 | -12905609117 | -04107398878 | 05585261716 | -06226209775 | |||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IGBR | blFGDP$_IGBR | March base | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 06602394397 | 09321922665 | 12477941124 | 09915534109 | 14029645318 | 07953949612 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | January base | 24823649001 | -0739135003 | 16777739007 | 06643901326 | 12466257645 | 11263116978 | 10681874364 | 10996765728 | 13152063114 | 10119832734 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
cvpFGDP$_IWRLD | cvpFGDP$_US | cvpFGDP$_IJPN | cvpFGDP$_IMEX | cvpFGDP$_IDEU | cvpFGDP$_IGBR | cvpFGDP$_IBRA | cvpFGDP$_ICHN | cvpFGDP$_IEUZN | Pandemic | 24823649001 | -0739135003 | 16777739007 | 06643894657 | 06533113941 | -07999236088 | -02333238672 | 02507136905 | 13152062693 | 02846413002 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | blFGDP$_IBRA | blFGDP$_IBRA | March base | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 16040993663 | 23481470825 | 29204265431 | 26058164488 | 11023093516 | 21497054247 | ||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2445594268 | 23303837447 | 12079598883 | -00574475466 | 05585261716 | 13152062693 | 11023091785 | 61225476607 | 11823671661 | January base | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 2035391119 | 23545717496 | 25048602217 | 25545421579 | 11023093516 | 22038851574 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | -00205231371 | -02321135313 | -13007210629 | -15669083769 | -06226209775 | 02846413002 | -21884237028 | 01019172133 | 03531495954 | Pandemic | -00237677886 | 19153104432 | 24592196357 | 18846225607 | -6057333778 | -68183843711 | -15904255744 | 16096256256 | 11023091785 | -21884237028 | |||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_ICHN | blFGDP$_ICHN | March base | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -07976031984 | 114621259414 | 8243216 | 57641098471 | 61225476607 | 52185934247 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | January base | 78364853704 | 52562170871 | 49639920827 | 60986346254 | 71996449976 | 66464447608 | 5516591118 | 57641098471 | 61482608188 | 61879167766 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IWRLD | Central | 30159788147 | 22796482557 | 24591371048 | 20779599357 | -0821068591 | -32466569486 | -09134483601 | 14536598724 | Transform Annual Growth | cvpFGDP$_IWRLD | Central | 2445594268 | -00205231371 | Pandemic | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -18145761976 | -87426651892 | -00254038564 | 6392235324 | 61225476607 | 01019172133 | |||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20798192573 | -07791884072 | -28691380159 | -19527497926 | -02389473664 | Transform Annual Growth | cvpFGDP$_US | Central | 23303837447 | -02321135313 | blFGDP$_IEUZN | blFGDP$_IEUZN | March base | 17986022234 | 06358352459 | 10998947573 | 023526783 | 13072031191 | 12804875265 | 13849193065 | 13600290043 | 11735219155 | 10459481224 | |||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IJPN | Central | 26155633695 | 20471054063 | 17999622217 | -11119794418 | -25355286898 | -22605799716 | -28490450305 | -02896175105 | Transform Annual Growth | cvpFGDP$_IJPN | Central | 12079598883 | -13007210629 | January base | 17754221786 | 07431449429 | 09419706317 | 10559422143 | 13970624004 | 1533923729 | 18296441479 | 14318726638 | 12233338671 | 13174813176 | |||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IMEX | Central | -03735112979 | -02398100266 | 00533779554 | -00006387604 | -19062201837 | -3940399 | -21819164585 | -09962562461 | Transform Annual Growth | cvpFGDP$_IMEX | Central | -00574475466 | -15669083769 | Pandemic | 17986022234 | 06358352459 | 10998947573 | 03752442079 | 03759520935 | 00496751219 | -03786332106 | 08103230917 | 11823671661 | 03531495954 | |||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IDEU | Central | 18878382403 | -09668474617 | 03371786209 | 0483210256 | -0047198012 | -26172511227 | -12905609117 | -04107398878 | Transform Annual Growth | cvpFGDP$_IDEU | Central | 05585261716 | -06226209775 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IGBR | Central | 24823649001 | -0739135003 | 16777739007 | 06643894657 | 06533113941 | -07999236088 | -02333238672 | 02507136905 | Transform Annual Growth | cvpFGDP$_IGBR | Central | 13152062693 | 02846413002 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 18846225607 | -6057333778 | -68183843711 | -15904255744 | 16096256256 | Transform Annual Growth | cvpFGDP$_IBRA | Central | 11023091785 | -21884237028 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -18145761976 | -87426651892 | -00254038564 | 6392235324 | Transform Annual Growth | cvpFGDP$_ICHN | Central | 61225476607 | 01019172133 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 03752442079 | 03759520935 | 00496751219 | -03786332106 | 08103230917 | Transform Annual Growth | cvpFGDP$_IEUZN | Central | 11823671661 | 03531495954 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IWRLD | Pandemic | 30159788147 | 22796482557 | 24591371048 | 20779599357 | -0821068591 | -32466569486 | -09134483601 | 14536598724 | 2445594268 | -00205231371 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_US | Pandemic | 30961395462 | 20138186099 | 21035065819 | 20798192573 | -07791884072 | -28691380159 | -19527497926 | -02389473664 | 23303837447 | -02321135313 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Pandemic | 26155633695 | 20471054063 | 17999622217 | -11119794418 | -25355286898 | -22605799716 | -28490450305 | -02896175105 | 12079598883 | -13007210629 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IMEX | Pandemic | -03735112979 | -02398100266 | 00533779554 | -00006387604 | -19062201837 | -3940399 | -21819164585 | -09962562461 | -00574475466 | -15669083769 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IDEU | Pandemic | 18878382403 | -09668474617 | 03371786209 | 0483210256 | -0047198012 | -26172511227 | -12905609117 | -04107398878 | 05585261716 | -06226209775 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IGBR | Pandemic | 24823649001 | -0739135003 | 16777739007 | 06643894657 | 06533113941 | -07999236088 | -02333238672 | 02507136905 | 13152062693 | 02846413002 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IBRA | Pandemic | -00237677886 | 19153104432 | 24592196357 | 18846225607 | -6057333778 | -68183843711 | -15904255744 | 16096256256 | 11023091785 | -21884237028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_ICHN | Pandemic | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -18145761976 | -87426651892 | -00254038564 | 6392235324 | 61225476607 | 01019172133 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IEUZN | Pandemic | 17986022234 | 06358352459 | 10998947573 | 03752442079 | 03759520935 | 00496751219 | -03786332106 | 08103230917 | 11823671661 | 03531495954 |
January | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 29451354542 | 22599606628 | 24139793469 | 24684818352 | 272065679 | 29246961109 | 26772534017 | 2610698539 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24572687311 | 26327068769 | ||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 21981110559 | 14854478326 | 21637882274 | 15212644402 | 1240462 | Transform Annual Growth | blFGDP$_US | Central | 23378491108 | 18444415498 | ||||||||||||||||||||||||||||
2019Q1 | 29451354542 | 30961395462 | 78364853704 | -00237677886 | 24823649001 | 17754221786 | Transform Annual Growth | blFGDP$_ICHN | Central | 78364853704 | 52562170871 | 49639920827 | 60986346254 | 71996449976 | 66464447608 | 5516591118 | 57641098471 | Transform Annual Growth | blFGDP$_ICHN | Central | 61482608188 | 61879167766 | |||||||||||||||||||||||||||
2019Q2 | 22599606628 | 20138186099 | 52562170871 | 19153104432 | -0739135003 | 07431449429 | Transform Annual Growth | blFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 2035391119 | 23545717496 | 25048602217 | 25545421579 | Transform Annual Growth | blFGDP$_IBRA | Central | 11023093516 | 22038851574 | |||||||||||||||||||||||||||
2019Q3 | 24139793469 | 21035065819 | 49639920827 | 24592196357 | 16777739007 | 09419706317 | Transform Annual Growth | blFGDP$_IGBR | Central | 24823649001 | -0739135003 | 16777739007 | 06643901326 | 12466257645 | 11263116978 | 10681874364 | 10996765728 | Transform Annual Growth | blFGDP$_IGBR | Central | 13152063114 | 10119832734 | |||||||||||||||||||||||||||
2019Q4 | 24684818352 | 21981110559 | 60986346254 | 1884625331 | 06643901326 | 10559422143 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17754221786 | 07431449429 | 09419706317 | 10559422143 | 13970624004 | 1533923729 | 18296441479 | 14318726638 | Transform Annual Growth | blFGDP$_IEUZN | Central | 12233338671 | 13174813176 | |||||||||||||||||||||||||||
2020Q1 | 272065679 | 14854478326 | 71996449976 | 2035391119 | 12466257645 | 13970624004 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 29246961109 | 21637882274 | 66464447608 | 23545717496 | 11263116978 | 1533923729 | |||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 26772534017 | 15212644402 | 5516591118 | 25048602217 | 10681874364 | 18296441479 | 1 | ||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 2610698539 | 1240462 | 57641098471 | 25545421579 | 10996765728 | 14318726638 | 1 | ||||||||||||||||||||||||||||||||||||||||||
1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 1 | |||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | 1 | |||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | 1 | |||||||||||||||||||||||||||||||||||||||||||
2019 | 24572687311 | 23378491108 | 61482608188 | 11023093516 | 13152063114 | 12233338671 | |||||||||||||||||||||||||||||||||||||||||||
2020 | 26327068769 | 18444415498 | 61879167766 | 22038851574 | 10119832734 | 13174813176 | |||||||||||||||||||||||||||||||||||||||||||
February | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019Q1 | 2019Q2 | ||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 30161892099 | 22802828188 | 24594084962 | 22008966022 | 14267975445 | 35673397653 | 3130360587 | 26477025015 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24535720549 | 24438471492 | ||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20798192573 | 11808986302 | 18383570453 | 18399532081 | 14396669192 | Transform Annual Growth | blFGDP$_US | Central | 23303837447 | 1737510215 | ||||||||||||||||||||||||||||
2019Q1 | 30161892099 | 30961395462 | 81649173964 | -00237677886 | 24823649001 | 17986022234 | Transform Annual Growth | blFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -01693269995 | 114621259414 | 8243216 | 57641098471 | Transform Annual Growth | blFGDP$_ICHN | Central | 61225476607 | 53847938302 | |||||||||||||||||||||||||||
2019Q2 | 22802828188 | 20138186099 | 52832664449 | 19153104432 | -0739135003 | 06358352459 | Transform Annual Growth | blFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 2035391119 | 23545717496 | 25048602217 | 25545421579 | Transform Annual Growth | blFGDP$_IBRA | Central | 11023093516 | 22038851574 | |||||||||||||||||||||||||||
2019Q3 | 24594084962 | 21035065819 | 52959086245 | 24592196357 | 16777739007 | 10998947573 | Transform Annual Growth | blFGDP$_IGBR | Central | 24823649001 | -0739135003 | 16777739007 | 06643897131 | 10679572806 | 1302977792 | 10712364192 | 1131447151 | Transform Annual Growth | blFGDP$_IGBR | Central | 13152062849 | 10028602649 | |||||||||||||||||||||||||||
2019Q4 | 22008966022 | 20798192573 | 5081292422 | 1884625331 | 06643897131 | 03752442079 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 03752442079 | 17050563006 | 16351220412 | 16699656597 | 14255519771 | Transform Annual Growth | blFGDP$_IEUZN | Central | 11823671661 | 1277684485 | |||||||||||||||||||||||||||
2020Q1 | 14267975445 | 11808986302 | -01693269995 | 2035391119 | 10679572806 | 17050563006 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 35673397653 | 18383570453 | 114621259414 | 23545717496 | 1302977792 | 16351220412 | |||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 3130360587 | 18399532081 | 8243216 | 25048602217 | 10712364192 | 16699656597 | 1 | ||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 26477025015 | 14396669192 | 57641098471 | 25545421579 | 1131447151 | 14255519771 | 1 | ||||||||||||||||||||||||||||||||||||||||||
1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 1 | |||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | 1 | |||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | 1 | |||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 24535720549 | 23303837447 | 61225476607 | 11023093516 | 13152062849 | 11823671661 | |||||||||||||||||||||||||||||||||||||||||||
2019Q2 | 24438471492 | 1737510215 | 53847938302 | 22038851574 | 10028602649 | 1277684485 | |||||||||||||||||||||||||||||||||||||||||||
March | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 30435599871 | 23558387781 | 24375040067 | 1701955775 | 07134330493 | 16088352258 | 35025062659 | 28314211454 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24493075475 | 18629862191 | ||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20951800832 | 10792377387 | -03629441718 | 17452447165 | 24113300406 | Transform Annual Growth | blFGDP$_US | Central | 23313535291 | 13471543008 | ||||||||||||||||||||||||||||
2019Q1 | 30435599871 | 30961395462 | 81649173964 | 0 | 25893471992 | 17986022234 | Transform Annual Growth | blFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -0916830864 | 50939502296 | 114125001473 | 57641098471 | Transform Annual Growth | blFGDP$_ICHN | Central | 61225476607 | 44051562126 | |||||||||||||||||||||||||||
2019Q2 | 23558387781 | 20138186099 | 52832664449 | 21088484653 | -04326963218 | 06358352459 | Transform Annual Growth | blFGDP$_IBRA | Central | 0 | 21088484653 | 25309159859 | 20368839529 | 13204907937 | 19612066518 | 24768647224 | 25597150807 | Transform Annual Growth | blFGDP$_IBRA | Central | 11327391421 | 19967072205 | |||||||||||||||||||||||||||
2019Q3 | 24375040067 | 21035065819 | 52959086245 | 25309159859 | 19881876478 | 10998947573 | Transform Annual Growth | blFGDP$_IGBR | Central | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 06010071267 | 04808646914 | 12479154327 | 11215100886 | Transform Annual Growth | blFGDP$_IGBR | Central | 14029645318 | 07039544518 | |||||||||||||||||||||||||||
2019Q4 | 1701955775 | 20951800832 | 5081292422 | 20368839529 | 00955519539 | 023526783 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 023526783 | 06533523093 | 07718419397 | 12075824693 | 13342808024 | Transform Annual Growth | blFGDP$_IEUZN | Central | 11735219155 | 0763453073 | |||||||||||||||||||||||||||
2020Q1 | 07134330493 | 10792377387 | -0916830864 | 13204907937 | 06010071267 | 06533523093 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 16088352258 | -03629441718 | 50939502296 | 19612066518 | 04808646914 | 07718419397 | |||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 35025062659 | 17452447165 | 114125001473 | 24768647224 | 12479154327 | 12075824693 | 1 | ||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 28314211454 | 24113300406 | 57641098471 | 25597150807 | 11215100886 | 13342808024 | 1 | ||||||||||||||||||||||||||||||||||||||||||
1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 1 | |||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | 1 | |||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | 1 | |||||||||||||||||||||||||||||||||||||||||||
2019 | 24493075475 | 23313535291 | 61225476607 | 11327391421 | 14029645318 | 11735219155 | |||||||||||||||||||||||||||||||||||||||||||
2020 | 18629862191 | 13471543008 | 44051562126 | 19967072205 | 07039544518 | 0763453073 | |||||||||||||||||||||||||||||||||||||||||||
Pandemic | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 30435599871 | 23555223464 | 24368647931 | 16948755801 | -64626256402 | -01452879884 | 364230161 | 31919100165 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24487184631 | -02913403409 | ||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20951800832 | -12649625419 | -3866587391 | -05250627901 | 12952466239 | Transform Annual Growth | blFGDP$_US | Central | 23313535291 | -02697321313 | ||||||||||||||||||||||||||||
2019Q1 | 30435599871 | 30961395462 | 81649173964 | 0 | 25893471992 | 17986022234 | Transform Annual Growth | blFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -271595817928 | 213939810451 | 288661390234 | 126527577187 | Transform Annual Growth | blFGDP$_ICHN | Central | 61225476607 | 16783204982 | |||||||||||||||||||||||||||
2019Q2 | 23555223464 | 20138186099 | 52832664449 | 21088484653 | -04326963218 | 06358352459 | Transform Annual Growth | blFGDP$_IBRA | Central | 0 | 21088484653 | 25309159859 | 20368839529 | -49699609713 | -59050479329 | -14301609311 | 29311858824 | Transform Annual Growth | blFGDP$_IBRA | Central | 11327391421 | -15810356391 | |||||||||||||||||||||||||||
2019Q3 | 24368647931 | 21035065819 | 52959086245 | 25309159859 | 19881876478 | 10998947573 | Transform Annual Growth | blFGDP$_IGBR | Central | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 0 | -38926164109 | -50898073001 | -24773578171 | Transform Annual Growth | blFGDP$_IGBR | Central | 14029645318 | -13025752939 | |||||||||||||||||||||||||||
2019Q4 | 16948755801 | 20951800832 | 5081292422 | 20368839529 | 00955519539 | 023526783 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 023526783 | -56773778158 | -74279753282 | -0805227426 | 16043293021 | Transform Annual Growth | blFGDP$_IEUZN | Central | 11735219155 | -26504236812 | |||||||||||||||||||||||||||
2020Q1 | -64626256402 | -12649625419 | -271595817928 | -49699609713 | 0 | -56773778158 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | -01452879884 | -3866587391 | 213939810451 | -59050479329 | -38926164109 | -74279753282 | |||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 364230161 | -05250627901 | 288661390234 | -14301609311 | -50898073001 | -0805227426 | |||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 31919100165 | 12952466239 | 126527577187 | 29311858824 | -24773578171 | 16043293021 | |||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | ||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | ||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | ||||||||||||||||||||||||||||||||||||||||||||
2019 | 24487184631 | 23313535291 | 61225476607 | 11327391421 | 14029645318 | 11735219155 | |||||||||||||||||||||||||||||||||||||||||||
2020 | -02913403409 | -02697321313 | 16783204982 | -15810356391 | -13025752939 | -26504236812 |
2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||
World | January base | 29 | 23 | 24 | 25 | 27 | 29 | 27 | 26 | 25 | 26 | ||||||||||||
March base | 30 | 23 | 24 | 17 | 10 | 32 | 31 | 27 | 24 | 22 | |||||||||||||
Pandemic | 30 | 23 | 25 | 21 | -08 | -32 | -09 | 15 | 24 | -00 | |||||||||||||
United States | January base | 31 | 20 | 21 | 22 | 15 | 22 | 15 | 12 | 23 | 18 | ||||||||||||
March base | 31 | 20 | 21 | 21 | 10 | 08 | 18 | 21 | 23 | 15 | |||||||||||||
Pandemic | 31 | 20 | 21 | 21 | -08 | -29 | -20 | -02 | 23 | -02 | |||||||||||||
Japan | January base | 26 | 20 | 18 | -11 | 05 | 10 | 08 | 05 | 12 | 06 | ||||||||||||
March base | 26 | 19 | 05 | -63 | -00 | 10 | 09 | 07 | 08 | -07 | |||||||||||||
Pandemic | 26 | 20 | 18 | -11 | -25 | -23 | -28 | -03 | 12 | -13 | |||||||||||||
Mexico | January base | -04 | -02 | 01 | 10 | 10 | 21 | 21 | 22 | 00 | 12 | ||||||||||||
March base | -04 | -02 | 01 | -00 | 08 | 18 | 14 | 18 | -01 | 08 | |||||||||||||
Pandemic | -04 | -02 | 01 | -00 | -19 | -39 | -22 | -10 | -01 | -16 | |||||||||||||
Germany | January base | 19 | -10 | 03 | 07 | 10 | 17 | 20 | 15 | 06 | 10 | ||||||||||||
March base | 19 | -10 | 08 | 01 | 03 | 07 | 08 | 13 | 06 | 05 | |||||||||||||
Pandemic | 19 | -10 | 03 | 05 | -00 | -26 | -13 | -04 | 06 | -06 | |||||||||||||
United Kingdom | January base | 25 | -07 | 17 | 07 | 12 | 11 | 11 | 11 | 13 | 10 | ||||||||||||
March base | 26 | -04 | 20 | 01 | 07 | 09 | 12 | 10 | 14 | 08 | |||||||||||||
Pandemic | 25 | -07 | 17 | 07 | 07 | -08 | -02 | 03 | 13 | 03 | |||||||||||||
Brazil | January base | -00 | 19 | 25 | 19 | 20 | 24 | 25 | 26 | 11 | 22 | ||||||||||||
March base | -00 | 19 | 25 | 19 | 16 | 23 | 29 | 26 | 11 | 21 | |||||||||||||
Pandemic | -00 | 19 | 25 | 19 | -61 | -68 | -16 | 16 | 11 | -22 | |||||||||||||
China | January base | 78 | 53 | 50 | 61 | 72 | 66 | 55 | 58 | 61 | 62 | ||||||||||||
March base | 82 | 53 | 53 | 51 | -08 | 115 | 82 | 58 | 61 | 52 | |||||||||||||
Pandemic | 82 | 53 | 53 | 51 | -18 | -87 | -00 | 64 | 61 | 01 | |||||||||||||
Euro Zone | January base | 18 | 07 | 09 | 11 | 14 | 15 | 18 | 14 | 12 | 13 | ||||||||||||
March base | 18 | 06 | 11 | 02 | 13 | 13 | 14 | 14 | 12 | 10 | |||||||||||||
Pandemic | 18 | 06 | 11 | 04 | 04 | 00 | -04 | 08 | 12 | 04 |
Virus Changes the Outlook | |||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||
World | January base | 27 | 29 | 27 | 26 | 25 | 26 | ||||||||
February base | 14 | 36 | 31 | 26 | 25 | 24 | |||||||||
March prelim base | 07 | 16 | 35 | 28 | 24 | 19 | |||||||||
Pandemic | -65 | -01 | 36 | 32 | 24 | -03 | |||||||||
United States | January base | 15 | 22 | 15 | 12 | 23 | 18 | ||||||||
February base | 12 | 18 | 18 | 14 | 23 | 17 | |||||||||
March prelim base | 11 | -04 | 17 | 24 | 23 | 13 | |||||||||
Pandemic | -13 | -39 | -05 | 13 | 23 | -03 | |||||||||
China | January base | 72 | 66 | 55 | 58 | 61 | 62 | ||||||||
February base | -02 | 115 | 82 | 58 | 61 | 54 | |||||||||
March base | -09 | 51 | 114 | 58 | 61 | 44 | |||||||||
Pandemic | -272 | 214 | 289 | 127 | 61 | 17 | |||||||||
Brazil | January base | 20 | 24 | 25 | 26 | 11 | 22 | ||||||||
February base | 20 | 24 | 25 | 26 | 11 | 22 | |||||||||
March prelim base | 13 | 20 | 25 | 26 | 11 | 20 | |||||||||
Pandemic | -50 | -59 | -14 | 29 | 11 | -16 | |||||||||
United Kingdom | January base | 12 | 11 | 11 | 11 | 13 | 10 | ||||||||
February base | 11 | 13 | 11 | 11 | 13 | 10 | |||||||||
March base | 06 | 05 | 12 | 11 | 14 | 07 | |||||||||
Pandemic | 00 | -39 | -51 | -25 | 14 | -13 | |||||||||
Euro Zone | January base | 14 | 15 | 18 | 14 | 12 | 13 | ||||||||
February base | 17 | 16 | 17 | 14 | 12 | 13 | |||||||||
March prelim base | 07 | 08 | 12 | 13 | 12 | 08 | |||||||||
Pandemic | -57 | -74 | -08 | 16 | 12 | -27 |
Global Recession Under Pandemic Scenario | |||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||
World | January base | 27 | 29 | 27 | 26 | 25 | 26 | ||||||||
March base | 07 | 16 | 35 | 28 | 24 | 19 | |||||||||
April base | -109 | -221 | 199 | 45 | 24 | -42 | |||||||||
United States | January base | 15 | 22 | 15 | 12 | 23 | 18 | ||||||||
March base | 11 | -04 | 17 | 24 | 23 | 13 | |||||||||
April base | -81 | -302 | 166 | 04 | 23 | -58 | |||||||||
China | January base | 72 | 66 | 55 | 58 | 61 | 62 | ||||||||
March base | -09 | 51 | 114 | 58 | 61 | 44 | |||||||||
April base | -290 | 149 | 277 | 130 | 61 | -01 | |||||||||
Brazil | January base | 20 | 24 | 25 | 26 | 11 | 22 | ||||||||
March base | 13 | 20 | 25 | 26 | 11 | 20 | |||||||||
April base | -88 | -243 | 04 | 70 | 11 | -61 | |||||||||
United Kingdom | January base | 12 | 11 | 11 | 11 | 13 | 10 | ||||||||
March base | 06 | 05 | 12 | 11 | 14 | 07 | |||||||||
April base | -30 | -367 | 258 | 58 | 14 | -56 | |||||||||
Euro Zone | January base | 14 | 15 | 18 | 14 | 12 | 13 | ||||||||
March base | 07 | 08 | 12 | 13 | 12 | 08 | |||||||||
April base | -148 | -400 | 593 | 16 | 12 | -70 |
April 2020 5
010002000300040005000600070008000
67 70 72 75 78 81 84 87 90 93 96 99 02 05 08 11 14 17
267 million cumulativelysince crisis began theweek of March 14th
Unemployment insurance claims ths
Sources Employment amp Training Administration Moodyrsquos Analytics
Unemployment Surges
April 2020 6
22
24
26
28
30
32
34
36
Jan Feb Mar Apr
Smaller Nest Eggs
Sources Wilshire 5000 Federal Reserve Moodyrsquos Analytics
Wilshire 5000
Value of publicly trade stocks $ tril
April 2020 7
85
90
95
100
105
110
-4
0
4
8
12
16
20
17Q1 18Q1 19Q1 20Q1
Global balance (L)Global demand (R)Global supply (R)
Global Oil GlutMil barrels per day
Sources International Energy Agency Moodyrsquos Analytics
April 2020 8
-30-25-20-15-10-505
10
Jan-19 Apr-19 Jun-19 Sep-19 Dec-19 Aug-20
Start ups with high propensity to hire chg yr ago
Sources Census Department Moodyrsquos Analytics
Business Start Ups Plunge
Global Recession2
April 2020 10
Unprecedented Global Economic DownturnhellipEconomies in red are expected to suffer a recession in 2020
Source Moodyrsquos Analytics
April 2020 11
hellipThat Is Intensifying
2020Q1 2020Q2 2020Q3 2020Q4 2019 2020January base 27 29 27 26 25 26March base 07 16 35 28 24 19April base -109 -221 199 45 24 -42January base 15 22 15 12 23 18March base 11 -04 17 24 23 13April base -81 -302 166 04 23 -58January base 72 66 55 58 61 62March base -09 51 114 58 61 44April base -290 149 277 130 61 -01January base 20 24 25 26 11 22March base 13 20 25 26 11 20April base -88 -243 04 70 11 -61January base 12 11 11 11 13 10March base 06 05 12 11 14 07April base -30 -367 258 58 14 -56January base 14 15 18 14 12 13March base 07 08 12 13 12 08April base -148 -400 593 16 12 -70
Brazil
United Kingdom
Euro Zone
World
United States
China
Real GDP growth annualized change
Source Moodyrsquos Analytics
April 2020 12
-10-8-6-4-202468
0 2 4 6 8 10 12
1980 1990 20012007 2020
A Swoosh Recovery Real GDP change since beginning of recessionhellip
Sources BEA Moodyrsquos Analytics
X-axis is qtrs since beginning of recession
13April 2020
-40
-30
-20
-10
0
10
20
19 20 21 22 23 24
Baseline (50ile)S0 (4ile)S4 (96ile)
Output to Collapse With Gradual RecoveryInflation adjusted GDP annualized quarterly growth
Source Moodyrsquos Analytics
April 2020 14
0
5
10
15
20
25
30 40 50 60 70 80 90 00 10 20
Financial crisisFed slays inflation
1930s Depression
WW II
COVID crisis April 2020
Not Since the Great DepressionUS unemployment rate
Sources Federal Reserve BEA Moodyrsquos Analytics
15April 2020
02468
101214161820
19 20 21 22 23 24
Baseline (50ile)
S0 (4ile)
S4 (96ile)
Unemployment to SpikeU-3 unemployment rate quarterly average
Source Moodyrsquos Analytics
April 2020 16
Job Market Will Struggle to Recover
Sources BLS Moodyrsquos Analytics
05 04 06 06 04
-171
81
-06 -03
00 10 13 14 14 13 12
-20
-15
-10
-5
0
5
10
3
5
7
9
11
13
15
19 20 21 22
Employment Change (Mil R)Unemployment Rate (L)
April 2020 17
Regional Risk Factors for COVID-19
Virus Exposure
Commodities
Demographics
Global Interconnectedness (TradeTravel)
Tourism
FinanceInvestment
April 2020 18
Large Coastal Urban Areas Are Hit HardestWeighted avg Z-score across rankings 0 = metro area average
gt025
-025 to lt0lt-025
0 to lt025
Source Moodyrsquos Analytics
April 2020 19
Active Listings Collapse Across Major Metros
Sources Realtorcom Moodyrsquos Analytics
-45 -40 -35 -30 -25 -20 -15 -10 -5 0
PhoenixMilwaukeeSan DiegoSan JosePhiladelphiaCincinnatiDenverRiversideProvidenceSeattle
Active listing count yr ago
April 2020 20
US Real Estate Prices Slump
Sources FHFA Moodyrsquos Analytics
75
80
85
90
95
100
105
19 20 21 22
FHFA HPI
Moodyrsquos Analytics CPPI
Index 2019Q4 = 100 April baseline
April 2020 21
Home Prices Could Fall Fasthellip
Sources BEA Moodyrsquos Analytics
FHFA all-transactions index forecasts from March 2020 V2 vintage year ago
-15
-10
-5
0
5
10
15
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
BaselineScenario 1Scenario 3Scenario 4
April 2020 22
hellipAs Commercial Properties Are Hit From All Sides
Sources Reis Moodyrsquos Analytics
Commercial property price index yr ago
-40
-30
-20
-10
0
10
20
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
BaselineScenario 1Scenario 3Scenario 4
April 2020 23
House Prices SlumphellipForeclosures Increase
Sources FHFA MBA Moodyrsquos Analytics
0
500
1000
1500
2000
2500
60
70
80
90
100
110
120
05 10 15 20 25
FHFA HPI Index 2020Q1 = 100 (L)
Foreclosures startedths SA (R)
April baseline forecast
April 2020 24
Price Declines Vary Throughout the CountryBaseline forecast FHFA purchase-only index for 2021Q1 year ago
Sources FHFA Moodyrsquos Analytics
Known Unknowns3
April 2020 26
01000002000003000004000005000006000007000008000009000001000000
05000
10000150002000025000300003500040000
01-M
ar
04-M
ar
07-M
ar
10-M
ar
13-M
ar
16-M
ar
19-M
ar
22-M
ar
25-M
ar
28-M
ar
31-M
ar
03-A
pr
06-A
pr
09-A
pr
12-A
pr
15-A
pr
18-A
pr
21-A
pr
24-A
pr
Daily Cases (L) Cumulative Cases (R )
US New Daily Cases Hovering Around 30000Number of confirmed COVID-19 cases
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 27
0
10
20
30
40
50
60
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60
Italy S Korea EU USDay 1 DatesItaly Feb 23S Korea Feb 20US March 3 EU Feb 23
Growth Rate of COVID Cases FallingDaily growth of COVID-19 cases days since 100 confirmed cases 3-day MA
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 28
Epidemiological Assumptions
S1 Scenario
bull lt1 mil confirmed US infectionsbull New infections peak in Aprilbull 5-6 case fatality ratebull 8 hospitalization ratebull Infections abate by Junebull Surplus of hospital bedsbull Surplus of ICU bedsbull Surplus of ventilators
Baseline Forecast
bull 1-3 mil confirmed US infectionsbull New infections peak in Maybull 7-11 case fatality ratebull 10 hospitalization ratebull Infections abate by Julybull Surplus of hospital bedsbull Small surplus of ICU bedsbull Small surplus of ventilators
S3 Scenario
bull 5-6 mil confirmed US infectionsbull New infections peak in Junebull 12-16 case fatality ratebull 15 hospitalization ratebull Infections abate by Septemberbull Small deficit of hospital bedsbull Large deficit of ICU bedsbull Large deficit of ventilators
April 2020 29
010002000300040005000600070008000
95 00 05 10 15
C B Ba Baa A Aa Aaa
Federal Reserve Must Shore Up the Firewall
Sources Moodyrsquos Investor Service Moodyrsquos Analytics
Corporate debt outstanding by rating $ bil
April 2020 30
0123456789
10
03 05 07 09 11 13 15 17 19 21 23 25
Up Up and AwayAssets held outright on the Fedrsquos balance sheet $ tril
Source Moodyrsquos Analytics
April 2020 31
Lawmakers Act But Need to Do More
Sources CRFB Moodyrsquos Analytics
Cost of Coronavirus Aid Relief amp Economic Security (CARES) Act
$510 BilLoans amp Loan
Guarantees for Large Firms amp Governments
$377 BilSmall Business Loans amp Grants
$290 BilOne-time Checks
$180 BilHealth
$150 BilAid to States
$72 BilTransp Grants
$280 BilBusiness Tax Cuts
$45 BilFEMA
$42 BilSafety Nets
$32 BilEducation$260 Bil
Unemployment Insurance
$25 BilOther
April 2020 32
Running Out of Fiscal Space
Source Moodyrsquos Analytics
Sovereign borrowing capacity given current yields projected output growth and primary balance
-500
50100150200250300350400450
0 50 100 150 200 250
Circle size=Real GDP US$Y-axis Fiscal spaceX-axis Debt-to-GDP ratioAs of 2020Q1 (ex COVID-19 policies)
China
US
Japan
ItalyFrance Greece
Russia
UK
Argentina
Germany
Turkey S Africa Egypt
Spain
IndiaBrazil
Mexico
Canada
April 2020 33
US Risk Matrix
Source Moodyrsquos Analytics
April 2020 34
Questions amp
AnswersQuestions Contact us at helpeconomycom
April 2020 35
Coronavirus Liveeventsmoodysiocoronavirus coronavirusmoodyscom
Full webinars schedule eventsmoodysioeventsemeamoodyscom
MoodyrsquosWebinars
April 2020 36
Please complete our surveyWe Want to Hear From You
A survey will appear on your screen at the end of our presentation Please take a few moments to complete it
and let us know how we can continue to improve
moodyscom
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Contact Us Economics amp Business Analytics Offices
April 2020 38
copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved
CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC ANDOR ITS CREDIT RATINGS AFFILIATES ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MATERIALS PRODUCTS SERVICES AND INFORMATION PUBLISHED BY MOODYrsquoS (COLLECTIVELY ldquoPUBLICATIONSrdquo) MAY INCLUDE SUCH CURRENT OPINIONS MOODYrsquoS INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS INVESTORS SERVICE CREDIT RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS NON-CREDIT ASSESSMENTS (ldquoASSESSMENTSrdquo) AND OTHER OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC ANDOR ITS AFFILIATES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK
All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information
NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING ASSESSMENT OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER
Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any credit rating agreed to pay to Moodyrsquos Investors Service Inc for credit ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and Moodyrsquos investors Service also maintain policies and procedures to address the independence of Moodyrsquos Investors Service credit ratings and credit rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold credit ratings from Moodyrsquos Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo
Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors
Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any credit rating agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements
BLFGDP$_IWRLD | |
BLFGDP$_US | |
BLFGDP$_ICHN | |
BLFGDP$_IBRA | |
BLFGDP$_IGBR | |
BLFGDP$_IEUZN |
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | |||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 1004457845 | 10044578163 | 09921251807 | 09921251807 | -00439644998 | -00439645008 | 08490892284 | 08490892282 | 02987390528 | 02987390528 | 06602394397 | 06602394358 | 16040993663 | 16040993566 | 2020 | 21709930613 | 21709969799 | 15414354913 | 15414354614 | -07102897285 | -07102894824 | 08324283964 | 08324259976 | 04515958007 | 04515958007 | 07953949612 | 07953950128 | 21497054247 | 21497054504 | 52185934247 | 52185934247 | 10459481224 | 10459483101 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 32074829495 | 32074831252 | 08275731969 | 08275731787 | 10125815712 | 1012581938 | 18025324464 | 18025300718 | 07063814764 | 07063814764 | 09321922665 | 09321922955 | 23481470825 | 23481471214 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 31264533681 | 3126453553 | 18283102998 | 18283103389 | 08666505872 | 08666514849 | 14194129347 | 14194048288 | 08334022824 | 08334022824 | 12477941124 | 12477943726 | 29204265431 | 29204266796 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 27331374943 | 27331990841 | 20834052245 | 20834047228 | 06663085528 | 06663096538 | 18384431899 | 18384280067 | 13146543316 | 13146543316 | 09915534109 | 09915536456 | 26058164488 | 26058165097 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IWRLD | Central | 1004457845 | 32074829495 | 31264533681 | 27331374943 | Transform Annual Growth | blFGDP$_IWRLD | Central | 21709930613 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 10044578163 | 32074831252 | 3126453553 | 27331990841 | Local | 21709969799 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_US | Central | 09921251807 | 08275731969 | 18283102998 | 20834052245 | Transform Annual Growth | blFGDP$_US | Central | 15414354913 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 09921251807 | 08275731787 | 18283103389 | 20834047228 | Local | 15414354614 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Central | -00439644998 | 10125815712 | 08666505872 | 06663085528 | Transform Annual Growth | blFGDP$_IJPN | Central | -07102897285 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | -00439645008 | 1012581938 | 08666514849 | 06663096538 | Local | -07102894824 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IMEX | Central | 08490892284 | 18025324464 | 14194129347 | 18384431899 | Transform Annual Growth | blFGDP$_IMEX | Central | 08324283964 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 08490892282 | 18025300718 | 14194048288 | 18384280067 | Local | 08324259976 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IDEU | Central | 02987390528 | 07063814764 | 08334022824 | 13146543316 | Transform Annual Growth | blFGDP$_IDEU | Central | 04515958007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 02987390528 | 07063814764 | 08334022824 | 13146543316 | Local | 04515958007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IGBR | Central | 06602394397 | 09321922665 | 12477941124 | 09915534109 | Transform Annual Growth | blFGDP$_IGBR | Central | 07953949612 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 06602394358 | 09321922955 | 12477943726 | 09915536456 | Local | 07953950128 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IBRA | Central | 16040993663 | 23481470825 | 29204265431 | 26058164488 | Transform Annual Growth | blFGDP$_IBRA | Central | 21497054247 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 16040993566 | 23481471214 | 29204266796 | 26058165097 | Local | 21497054504 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 272065679 | 14854478326 | 04765669035 | 10081169396 | 10172628117 | 12466257645 | 2035391119 | 2020 | 26327068769 | 18444415498 | 05810706316 | 12256906248 | 10222414849 | 10119832734 | 22038851574 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 29246961109 | 21637882274 | 10099936598 | 20906101983 | 16794358524 | 11263116978 | 23545717496 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 26772534017 | 15212644402 | 08024032016 | 20970805994 | 19893661165 | 10681874364 | 25048602217 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 2610698539 | 1240462 | 04808646914 | 21918401913 | 14932062066 | 10996765728 | 25545421579 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IWRLD | Central | 272065679 | 29246961109 | 26772534017 | 2610698539 | Transform Annual Growth | blFGDP$_IWRLD | Central | 26327068769 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_US | Central | 14854478326 | 21637882274 | 15212644402 | 1240462 | Transform Annual Growth | blFGDP$_US | Central | 18444415498 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Central | 04765669035 | 10099936598 | 08024032016 | 04808646914 | Transform Annual Growth | blFGDP$_IJPN | Central | 05810706316 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IMEX | Central | 10081169396 | 20906101983 | 20970805994 | 21918401913 | Transform Annual Growth | blFGDP$_IMEX | Central | 12256906248 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IDEU | Central | 10172628117 | 16794358524 | 19893661165 | 14932062066 | Transform Annual Growth | blFGDP$_IDEU | Central | 10222414849 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IGBR | Central | 12466257645 | 11263116978 | 10681874364 | 10996765728 | Transform Annual Growth | blFGDP$_IGBR | Central | 10119832734 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IBRA | Central | 2035391119 | 23545717496 | 25048602217 | 25545421579 | Transform Annual Growth | blFGDP$_IBRA | Central | 22038851574 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | Current | 1004457845 | 32074829495 | 31264533681 | 27331374943 | 21709930613 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 272065679 | 29246961109 | 26772534017 | 2610698539 | 26327068769 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_US | Current | 09921251807 | 08275731969 | 18283102998 | 20834052245 | 15414354913 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 14854478326 | 21637882274 | 15212644402 | 1240462 | 18444415498 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IJPN | Current | -00439644998 | 10125815712 | 08666505872 | 06663085528 | -07102897285 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 04765669035 | 10099936598 | 08024032016 | 04808646914 | 05810706316 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IMEX | Current | 08490892284 | 18025324464 | 14194129347 | 18384431899 | 08324283964 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 10081169396 | 20906101983 | 20970805994 | 21918401913 | 12256906248 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IDEU | Current | 02987390528 | 07063814764 | 08334022824 | 13146543316 | 04515958007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 10172628117 | 16794358524 | 19893661165 | 14932062066 | 10222414849 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IGBR | Current | 06602394397 | 09321922665 | 12477941124 | 09915534109 | 07953949612 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 12466257645 | 11263116978 | 10681874364 | 10996765728 | 10119832734 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IBRA | Current | 16040993663 | 23481470825 | 29204265431 | 26058164488 | 21497054247 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 2035391119 | 23545717496 | 25048602217 | 25545421579 | 22038851574 |
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019 | 2020 | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 24351159023 | 21709930613 | Transform Annual Growth | blFGDP$_IWRLD | Central | 30284213704 | 23417301002 | 23990821589 | 16664397734 | 1004457845 | 32074829495 | 31264533681 | 27331374943 | |||||||||||||||||||||||||||||||||||||||||||||||
Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Local | 24351159023 | 21709969799 | Local | 30284213704 | 23417301002 | 23990821589 | 16664397734 | 10044578163 | 32074831252 | 3126453553 | 27331990841 | ||||||||||||||||||||||||||||||||||||||||||
2019 | 24351159023 | 24351159023 | 23313535291 | 23313535291 | 07546323236 | 07546323236 | -005744748 | -005744748 | 05986711898 | 05986711898 | 14029645318 | 14029645318 | 11023093516 | 11023093516 | 61225476607 | 61225476607 | 11735219155 | 11735219155 | Transform Annual Growth | blFGDP$_US | Central | 23313535291 | 15414354913 | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20951800832 | 09921251807 | 08275731969 | 18283102998 | 20834052245 | |||||||||||||||||||||||||||||||||||||
2020 | 21709930613 | 21709969799 | 15414354913 | 15414354614 | -07102897285 | -07102894824 | 08324283964 | 08324259976 | 04515958007 | 04515958007 | 07953949612 | 07953950128 | 21497054247 | 21497054504 | 52185934247 | 52185934247 | 10459481224 | 10459483101 | Local | 23313535291 | 15414354614 | Local | 30961395462 | 20138186099 | 21035065819 | 20951800832 | 09921251807 | 08275731787 | 18283103389 | 20834047228 | |||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Central | 07546323236 | -07102897285 | Transform Annual Growth | blFGDP$_IJPN | Central | 26108675557 | 1928453754 | 04856673069 | -62909369088 | -00439644998 | 10125815712 | 08666505872 | 06663085528 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Local | 07546323236 | -07102894824 | Local | 26108675557 | 1928453754 | 04856673069 | -62909369088 | -00439645008 | 1012581938 | 08666514849 | 06663096538 | |||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IMEX | Central | -005744748 | 08324283964 | Transform Annual Growth | blFGDP$_IMEX | Central | -03735112979 | -02398100266 | 00533779554 | -00006376933 | 08490892284 | 18025324464 | 14194129347 | 18384431898 | |||||||||||||||||||||||||||||||||||||||||||||||
Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Local | -005744748 | 08324259976 | Local | -03735112979 | -02398100266 | 00533779554 | -00006376933 | 08490892282 | 18025300718 | 14194048288 | 18384280067 | ||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 30284213704 | 30284213704 | 30961395462 | 30961395462 | 26108675557 | 26108675557 | -03735112979 | -03735112979 | 19164480743 | 19164480743 | 25893471992 | 25893471992 | -00237677886 | -00237677886 | 81649173964 | 81649173964 | 17986022234 | 17986022234 | Transform Annual Growth | blFGDP$_IDEU | Central | 05986711898 | 04515958007 | Transform Annual Growth | blFGDP$_IDEU | Central | 19164480743 | -09667798486 | 07878544616 | 01119058205 | 02987390528 | 07063814764 | 08334022824 | 13146543316 | |||||||||||||||||||||||||||||||||||||
2019Q2 | 23417301002 | 23417301002 | 20138186099 | 20138186099 | 1928453754 | 1928453754 | -02398100266 | -02398100266 | -09667798486 | -09667798486 | -04326963218 | -04326963218 | 19153104432 | 19153104432 | 52832664449 | 52832664449 | 06358352459 | 06358352459 | Local | 05986711898 | 04515958007 | Local | 19164480743 | -09667798486 | 07878544616 | 01119058205 | 02987390528 | 07063814764 | 08334022824 | 13146543316 | |||||||||||||||||||||||||||||||||||||||||
2019Q3 | 23990821589 | 23990821589 | 21035065819 | 21035065819 | 04856673069 | 04856673069 | 00533779554 | 00533779554 | 07878544616 | 07878544616 | 19881876478 | 19881876478 | 24592196357 | 24592196357 | 52959086245 | 52959086245 | 10998947573 | 10998947573 | Transform Annual Growth | blFGDP$_IGBR | Central | 14029645318 | 07953949612 | Transform Annual Growth | blFGDP$_IGBR | Central | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 06602394397 | 09321922665 | 12477941124 | 09915534109 | |||||||||||||||||||||||||||||||||||||
2019Q4 | 16664397734 | 16664397734 | 20951800832 | 20951800832 | -62909369088 | -62909369088 | -00006376933 | -00006376933 | 01119058205 | 01119058205 | 00955519539 | 00955519539 | 1884625331 | 1884625331 | 5081292422 | 5081292422 | 023526783 | 023526783 | Local | 14029645318 | 07953950128 | Local | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 06602394358 | 09321922955 | 12477943726 | 09915536456 | |||||||||||||||||||||||||||||||||||||||||
2020Q1 | 1004457845 | 10044578163 | 09921251807 | 09921251807 | -00439644998 | -00439645008 | 08490892284 | 08490892282 | 02987390528 | 02987390528 | 06602394397 | 06602394358 | 16040993663 | 16040993566 | -07976031984 | -07976031984 | 13072031191 | 13072029534 | Transform Annual Growth | blFGDP$_IBRA | Central | 11023093516 | 21497054247 | Transform Annual Growth | blFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 16040993663 | 23481470825 | 29204265431 | 26058164488 | |||||||||||||||||||||||||||||||||||||
2020Q2 | 32074829495 | 32074831252 | 08275731969 | 08275731787 | 10125815712 | 1012581938 | 18025324464 | 18025300718 | 07063814764 | 07063814764 | 09321922665 | 09321922955 | 23481470825 | 23481471214 | 114621259414 | 114621259414 | 12804875265 | 12804882285 | Local | 11023093516 | 21497054504 | Local | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 16040993566 | 23481471214 | 29204266796 | 26058165097 | |||||||||||||||||||||||||||||||||||||||||
2020Q3 | 31264533681 | 3126453553 | 18283102998 | 18283103389 | 08666505872 | 08666514849 | 14194129347 | 14194048288 | 08334022824 | 08334022824 | 12477941124 | 12477943726 | 29204265431 | 29204266796 | 8243216 | 8243216 | 13849193065 | 13849201636 | Transform Annual Growth | blFGDP$_ICHN | Central | 61225476607 | 52185934247 | Transform Annual Growth | blFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -07976031984 | 114621259414 | 8243216 | 57641098471 | |||||||||||||||||||||||||||||||||||||
2020Q4 | 27331374943 | 27331990841 | 20834052245 | 20834047228 | 06663085528 | 06663096538 | 18384431898 | 18384280067 | 13146543316 | 13146543316 | 09915534109 | 09915536456 | 26058164488 | 26058165097 | 57641098471 | 57641098471 | 13600290043 | 13600288501 | Local | 61225476607 | 52185934247 | Local | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -07976031984 | 114621259414 | 8243216 | 57641098471 | |||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IEUZN | Central | 11735219155 | 10459481224 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 023526783 | 13072031191 | 12804875265 | 13849193065 | 13600290043 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Local | 11735219155 | 10459483101 | Local | 17986022234 | 06358352459 | 10998947573 | 023526783 | 13072029534 | 12804882285 | 13849201636 | 13600288501 | |||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | 2019 | 2020 | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 24572687311 | 23378491108 | 12088413762 | 00063845975 | 05719546493 | 13152063114 | 11023093516 | 61482608188 | 12233338671 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24572687311 | 26327068769 | Transform Annual Growth | blFGDP$_IWRLD | Central | 29451354542 | 22599606628 | 24139793469 | 24684818352 | 272065679 | 29246961109 | 26772534017 | 2610698539 | ||||||||||||||||||||||||||||||||||||||||||||||
2020 | 26327068769 | 18444415498 | 05810706316 | 12256906248 | 10222414849 | 10119832734 | 22038851574 | 61879167766 | 13174813176 | Transform Annual Growth | blFGDP$_US | Central | 23378491108 | 18444415498 | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 21981110559 | 14854478326 | 21637882274 | 15212644402 | 1240462 | ||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Central | 12088413762 | 05810706316 | Transform Annual Growth | blFGDP$_IJPN | Central | 26155633695 | 20471054063 | 17999622217 | -10982174064 | 04765669035 | 10099936598 | 08024032016 | 04808646914 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | blFGDP$_IMEX | Central | 00063845975 | 12256906248 | Transform Annual Growth | blFGDP$_IMEX | Central | -03735112979 | -02398100266 | 00533779554 | 10252658827 | 10081169396 | 20906101983 | 20970805994 | 21918401913 | |||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IDEU | Central | 05719546493 | 10222414849 | Transform Annual Growth | blFGDP$_IDEU | Central | 18878382403 | -09668474617 | 03371786209 | 06979229504 | 10172628117 | 16794358524 | 19893661165 | 14932062066 | |||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_IGBR | Central | 13152063114 | 10119832734 | Transform Annual Growth | blFGDP$_IGBR | Central | 24823649001 | -0739135003 | 16777739007 | 06643901326 | 12466257645 | 11263116978 | 10681874364 | 10996765728 | |||||||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 29451354542 | 30961395462 | 26155633695 | -03735112979 | 18878382403 | 24823649001 | -00237677886 | 78364853704 | 17754221786 | Transform Annual Growth | blFGDP$_IBRA | Central | 11023093516 | 22038851574 | Transform Annual Growth | blFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 2035391119 | 23545717496 | 25048602217 | 25545421579 | ||||||||||||||||||||||||||||||||||||||||||||||
2019Q2 | 22599606628 | 20138186099 | 20471054063 | -02398100266 | -09668474617 | -0739135003 | 19153104432 | 52562170871 | 07431449429 | Transform Annual Growth | blFGDP$_ICHN | Central | 61482608188 | 61879167766 | Transform Annual Growth | blFGDP$_ICHN | Central | 78364853704 | 52562170871 | 49639920827 | 60986346254 | 71996449976 | 66464447608 | 5516591118 | 57641098471 | ||||||||||||||||||||||||||||||||||||||||||||||
2019Q3 | 24139793469 | 21035065819 | 17999622217 | 00533779554 | 03371786209 | 16777739007 | 24592196357 | 49639920827 | 09419706317 | Transform Annual Growth | blFGDP$_IEUZN | Central | 12233338671 | 13174813176 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17754221786 | 07431449429 | 09419706317 | 10559422143 | 13970624004 | 1533923729 | 18296441479 | 14318726638 | ||||||||||||||||||||||||||||||||||||||||||||||
2019Q4 | 24684818352 | 21981110559 | -10982174064 | 10252658827 | 06979229504 | 06643901326 | 1884625331 | 60986346254 | 10559422143 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 272065679 | 14854478326 | 04765669035 | 10081169396 | 10172628117 | 12466257645 | 2035391119 | 71996449976 | 13970624004 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 29246961109 | 21637882274 | 10099936598 | 20906101983 | 16794358524 | 11263116978 | 23545717496 | 66464447608 | 1533923729 | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 26772534017 | 15212644402 | 08024032016 | 20970805994 | 19893661165 | 10681874364 | 25048602217 | 5516591118 | 18296441479 | blFGDP$_IWRLD | blFGDP$_IWRLD | March base | 30284213704 | 23417301002 | 23990821589 | 16664397734 | 1004457845 | 32074829495 | 31264533681 | 27331374943 | 24351159023 | 21709930613 | |||||||||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 2610698539 | 1240462 | 04808646914 | 21918401913 | 14932062066 | 10996765728 | 25545421579 | 57641098471 | 14318726638 | January base | 29451354542 | 22599606628 | 24139793469 | 24684818352 | 272065679 | 29246961109 | 26772534017 | 2610698539 | 24572687311 | 26327068769 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Pandemic | 30159788147 | 22796482557 | 24591371048 | 20779599357 | -0821068591 | -32466569486 | -09134483601 | 14536598724 | 2445594268 | -00205231371 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_US | blFGDP$_US | March base | 30961395462 | 20138186099 | 21035065819 | 20951800832 | 09921251807 | 08275731969 | 18283102998 | 20834052245 | 23313535291 | 15414354913 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | January base | 30961395462 | 20138186099 | 21035065819 | 21981110559 | 14854478326 | 21637882274 | 15212644402 | 1240462 | 23378491108 | 18444415498 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
cvpFGDP$_IWRLD | cvpFGDP$_US | cvpFGDP$_IJPN | cvpFGDP$_IMEX | cvpFGDP$_IDEU | cvpFGDP$_IGBR | cvpFGDP$_IBRA | cvpFGDP$_ICHN | cvpFGDP$_IEUZN | Pandemic | 30961395462 | 20138186099 | 21035065819 | 20798192573 | -07791884072 | -28691380159 | -19527497926 | -02389473664 | 23303837447 | -02321135313 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | blFGDP$_IJPN | blFGDP$_IJPN | March base | 26108675557 | 1928453754 | 04856673069 | -62909369088 | -00439644998 | 10125815712 | 08666505872 | 06663085528 | 07546323236 | -07102897285 | ||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 30159788147 | 30961395462 | 26155633695 | -03735112979 | 18878382403 | 24823649001 | -00237677886 | 81649173964 | 17986022234 | January base | 26155633695 | 20471054063 | 17999622217 | -10982174064 | 04765669035 | 10099936598 | 08024032016 | 04808646914 | 12088413762 | 05810706316 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q2 | 22796482557 | 20138186099 | 20471054063 | -02398100266 | -09668474617 | -0739135003 | 19153104432 | 52832664449 | 06358352459 | Pandemic | 26155633695 | 20471054063 | 17999622217 | -11119794418 | -25355286898 | -22605799716 | -28490450305 | -02896175105 | 12079598883 | -13007210629 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q3 | 24591371048 | 21035065819 | 17999622217 | 00533779554 | 03371786209 | 16777739007 | 24592196357 | 52959086245 | 10998947573 | blFGDP$_IMEX | blFGDP$_IMEX | March base | -03735112979 | -02398100266 | 00533779554 | -00006376933 | 08490892284 | 18025324464 | 14194129347 | 18384431898 | -005744748 | 08324283964 | |||||||||||||||||||||||||||||||||||||||||||||||||
2019Q4 | 20779599357 | 20798192573 | -11119794418 | -00006387604 | 0483210256 | 06643894657 | 18846225607 | 5081292422 | 03752442079 | January base | -03735112979 | -02398100266 | 00533779554 | 10252658827 | 10081169396 | 20906101983 | 20970805994 | 21918401913 | 00063845975 | 12256906248 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | -0821068591 | -07791884072 | -25355286898 | -19062201837 | -0047198012 | 06533113941 | -6057333778 | -18145761976 | 03759520935 | Pandemic | -03735112979 | -02398100266 | 00533779554 | -00006387604 | -19062201837 | -3940399 | -21819164585 | -09962562461 | -00574475466 | -15669083769 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q2 | -32466569486 | -28691380159 | -22605799716 | -3940399 | -26172511227 | -07999236088 | -68183843711 | -87426651892 | 00496751219 | blFGDP$_IDEU | blFGDP$_IDEU | March base | 19164480743 | -09667798486 | 07878544616 | 01119058205 | 02987390528 | 07063814764 | 08334022824 | 13146543316 | 05986711898 | 04515958007 | |||||||||||||||||||||||||||||||||||||||||||||||||
2020Q3 | -09134483601 | -19527497926 | -28490450305 | -21819164585 | -12905609117 | -02333238672 | -15904255744 | -00254038564 | -03786332106 | January base | 18878382403 | -09668474617 | 03371786209 | 06979229504 | 10172628117 | 16794358524 | 19893661165 | 14932062066 | 05719546493 | 10222414849 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 14536598724 | -02389473664 | -02896175105 | -09962562461 | -04107398878 | 02507136905 | 16096256256 | 6392235324 | 08103230917 | Pandemic | 18878382403 | -09668474617 | 03371786209 | 0483210256 | -0047198012 | -26172511227 | -12905609117 | -04107398878 | 05585261716 | -06226209775 | |||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IGBR | blFGDP$_IGBR | March base | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 06602394397 | 09321922665 | 12477941124 | 09915534109 | 14029645318 | 07953949612 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | January base | 24823649001 | -0739135003 | 16777739007 | 06643901326 | 12466257645 | 11263116978 | 10681874364 | 10996765728 | 13152063114 | 10119832734 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
cvpFGDP$_IWRLD | cvpFGDP$_US | cvpFGDP$_IJPN | cvpFGDP$_IMEX | cvpFGDP$_IDEU | cvpFGDP$_IGBR | cvpFGDP$_IBRA | cvpFGDP$_ICHN | cvpFGDP$_IEUZN | Pandemic | 24823649001 | -0739135003 | 16777739007 | 06643894657 | 06533113941 | -07999236088 | -02333238672 | 02507136905 | 13152062693 | 02846413002 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | blFGDP$_IBRA | blFGDP$_IBRA | March base | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 16040993663 | 23481470825 | 29204265431 | 26058164488 | 11023093516 | 21497054247 | ||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2445594268 | 23303837447 | 12079598883 | -00574475466 | 05585261716 | 13152062693 | 11023091785 | 61225476607 | 11823671661 | January base | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 2035391119 | 23545717496 | 25048602217 | 25545421579 | 11023093516 | 22038851574 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | -00205231371 | -02321135313 | -13007210629 | -15669083769 | -06226209775 | 02846413002 | -21884237028 | 01019172133 | 03531495954 | Pandemic | -00237677886 | 19153104432 | 24592196357 | 18846225607 | -6057333778 | -68183843711 | -15904255744 | 16096256256 | 11023091785 | -21884237028 | |||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_ICHN | blFGDP$_ICHN | March base | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -07976031984 | 114621259414 | 8243216 | 57641098471 | 61225476607 | 52185934247 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | January base | 78364853704 | 52562170871 | 49639920827 | 60986346254 | 71996449976 | 66464447608 | 5516591118 | 57641098471 | 61482608188 | 61879167766 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IWRLD | Central | 30159788147 | 22796482557 | 24591371048 | 20779599357 | -0821068591 | -32466569486 | -09134483601 | 14536598724 | Transform Annual Growth | cvpFGDP$_IWRLD | Central | 2445594268 | -00205231371 | Pandemic | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -18145761976 | -87426651892 | -00254038564 | 6392235324 | 61225476607 | 01019172133 | |||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20798192573 | -07791884072 | -28691380159 | -19527497926 | -02389473664 | Transform Annual Growth | cvpFGDP$_US | Central | 23303837447 | -02321135313 | blFGDP$_IEUZN | blFGDP$_IEUZN | March base | 17986022234 | 06358352459 | 10998947573 | 023526783 | 13072031191 | 12804875265 | 13849193065 | 13600290043 | 11735219155 | 10459481224 | |||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IJPN | Central | 26155633695 | 20471054063 | 17999622217 | -11119794418 | -25355286898 | -22605799716 | -28490450305 | -02896175105 | Transform Annual Growth | cvpFGDP$_IJPN | Central | 12079598883 | -13007210629 | January base | 17754221786 | 07431449429 | 09419706317 | 10559422143 | 13970624004 | 1533923729 | 18296441479 | 14318726638 | 12233338671 | 13174813176 | |||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IMEX | Central | -03735112979 | -02398100266 | 00533779554 | -00006387604 | -19062201837 | -3940399 | -21819164585 | -09962562461 | Transform Annual Growth | cvpFGDP$_IMEX | Central | -00574475466 | -15669083769 | Pandemic | 17986022234 | 06358352459 | 10998947573 | 03752442079 | 03759520935 | 00496751219 | -03786332106 | 08103230917 | 11823671661 | 03531495954 | |||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IDEU | Central | 18878382403 | -09668474617 | 03371786209 | 0483210256 | -0047198012 | -26172511227 | -12905609117 | -04107398878 | Transform Annual Growth | cvpFGDP$_IDEU | Central | 05585261716 | -06226209775 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IGBR | Central | 24823649001 | -0739135003 | 16777739007 | 06643894657 | 06533113941 | -07999236088 | -02333238672 | 02507136905 | Transform Annual Growth | cvpFGDP$_IGBR | Central | 13152062693 | 02846413002 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 18846225607 | -6057333778 | -68183843711 | -15904255744 | 16096256256 | Transform Annual Growth | cvpFGDP$_IBRA | Central | 11023091785 | -21884237028 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -18145761976 | -87426651892 | -00254038564 | 6392235324 | Transform Annual Growth | cvpFGDP$_ICHN | Central | 61225476607 | 01019172133 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 03752442079 | 03759520935 | 00496751219 | -03786332106 | 08103230917 | Transform Annual Growth | cvpFGDP$_IEUZN | Central | 11823671661 | 03531495954 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IWRLD | Pandemic | 30159788147 | 22796482557 | 24591371048 | 20779599357 | -0821068591 | -32466569486 | -09134483601 | 14536598724 | 2445594268 | -00205231371 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_US | Pandemic | 30961395462 | 20138186099 | 21035065819 | 20798192573 | -07791884072 | -28691380159 | -19527497926 | -02389473664 | 23303837447 | -02321135313 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Pandemic | 26155633695 | 20471054063 | 17999622217 | -11119794418 | -25355286898 | -22605799716 | -28490450305 | -02896175105 | 12079598883 | -13007210629 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IMEX | Pandemic | -03735112979 | -02398100266 | 00533779554 | -00006387604 | -19062201837 | -3940399 | -21819164585 | -09962562461 | -00574475466 | -15669083769 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IDEU | Pandemic | 18878382403 | -09668474617 | 03371786209 | 0483210256 | -0047198012 | -26172511227 | -12905609117 | -04107398878 | 05585261716 | -06226209775 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IGBR | Pandemic | 24823649001 | -0739135003 | 16777739007 | 06643894657 | 06533113941 | -07999236088 | -02333238672 | 02507136905 | 13152062693 | 02846413002 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IBRA | Pandemic | -00237677886 | 19153104432 | 24592196357 | 18846225607 | -6057333778 | -68183843711 | -15904255744 | 16096256256 | 11023091785 | -21884237028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_ICHN | Pandemic | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -18145761976 | -87426651892 | -00254038564 | 6392235324 | 61225476607 | 01019172133 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IEUZN | Pandemic | 17986022234 | 06358352459 | 10998947573 | 03752442079 | 03759520935 | 00496751219 | -03786332106 | 08103230917 | 11823671661 | 03531495954 |
January | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 29451354542 | 22599606628 | 24139793469 | 24684818352 | 272065679 | 29246961109 | 26772534017 | 2610698539 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24572687311 | 26327068769 | ||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 21981110559 | 14854478326 | 21637882274 | 15212644402 | 1240462 | Transform Annual Growth | blFGDP$_US | Central | 23378491108 | 18444415498 | ||||||||||||||||||||||||||||
2019Q1 | 29451354542 | 30961395462 | 78364853704 | -00237677886 | 24823649001 | 17754221786 | Transform Annual Growth | blFGDP$_ICHN | Central | 78364853704 | 52562170871 | 49639920827 | 60986346254 | 71996449976 | 66464447608 | 5516591118 | 57641098471 | Transform Annual Growth | blFGDP$_ICHN | Central | 61482608188 | 61879167766 | |||||||||||||||||||||||||||
2019Q2 | 22599606628 | 20138186099 | 52562170871 | 19153104432 | -0739135003 | 07431449429 | Transform Annual Growth | blFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 2035391119 | 23545717496 | 25048602217 | 25545421579 | Transform Annual Growth | blFGDP$_IBRA | Central | 11023093516 | 22038851574 | |||||||||||||||||||||||||||
2019Q3 | 24139793469 | 21035065819 | 49639920827 | 24592196357 | 16777739007 | 09419706317 | Transform Annual Growth | blFGDP$_IGBR | Central | 24823649001 | -0739135003 | 16777739007 | 06643901326 | 12466257645 | 11263116978 | 10681874364 | 10996765728 | Transform Annual Growth | blFGDP$_IGBR | Central | 13152063114 | 10119832734 | |||||||||||||||||||||||||||
2019Q4 | 24684818352 | 21981110559 | 60986346254 | 1884625331 | 06643901326 | 10559422143 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17754221786 | 07431449429 | 09419706317 | 10559422143 | 13970624004 | 1533923729 | 18296441479 | 14318726638 | Transform Annual Growth | blFGDP$_IEUZN | Central | 12233338671 | 13174813176 | |||||||||||||||||||||||||||
2020Q1 | 272065679 | 14854478326 | 71996449976 | 2035391119 | 12466257645 | 13970624004 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 29246961109 | 21637882274 | 66464447608 | 23545717496 | 11263116978 | 1533923729 | |||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 26772534017 | 15212644402 | 5516591118 | 25048602217 | 10681874364 | 18296441479 | 1 | ||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 2610698539 | 1240462 | 57641098471 | 25545421579 | 10996765728 | 14318726638 | 1 | ||||||||||||||||||||||||||||||||||||||||||
1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 1 | |||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | 1 | |||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | 1 | |||||||||||||||||||||||||||||||||||||||||||
2019 | 24572687311 | 23378491108 | 61482608188 | 11023093516 | 13152063114 | 12233338671 | |||||||||||||||||||||||||||||||||||||||||||
2020 | 26327068769 | 18444415498 | 61879167766 | 22038851574 | 10119832734 | 13174813176 | |||||||||||||||||||||||||||||||||||||||||||
February | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019Q1 | 2019Q2 | ||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 30161892099 | 22802828188 | 24594084962 | 22008966022 | 14267975445 | 35673397653 | 3130360587 | 26477025015 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24535720549 | 24438471492 | ||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20798192573 | 11808986302 | 18383570453 | 18399532081 | 14396669192 | Transform Annual Growth | blFGDP$_US | Central | 23303837447 | 1737510215 | ||||||||||||||||||||||||||||
2019Q1 | 30161892099 | 30961395462 | 81649173964 | -00237677886 | 24823649001 | 17986022234 | Transform Annual Growth | blFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -01693269995 | 114621259414 | 8243216 | 57641098471 | Transform Annual Growth | blFGDP$_ICHN | Central | 61225476607 | 53847938302 | |||||||||||||||||||||||||||
2019Q2 | 22802828188 | 20138186099 | 52832664449 | 19153104432 | -0739135003 | 06358352459 | Transform Annual Growth | blFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 2035391119 | 23545717496 | 25048602217 | 25545421579 | Transform Annual Growth | blFGDP$_IBRA | Central | 11023093516 | 22038851574 | |||||||||||||||||||||||||||
2019Q3 | 24594084962 | 21035065819 | 52959086245 | 24592196357 | 16777739007 | 10998947573 | Transform Annual Growth | blFGDP$_IGBR | Central | 24823649001 | -0739135003 | 16777739007 | 06643897131 | 10679572806 | 1302977792 | 10712364192 | 1131447151 | Transform Annual Growth | blFGDP$_IGBR | Central | 13152062849 | 10028602649 | |||||||||||||||||||||||||||
2019Q4 | 22008966022 | 20798192573 | 5081292422 | 1884625331 | 06643897131 | 03752442079 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 03752442079 | 17050563006 | 16351220412 | 16699656597 | 14255519771 | Transform Annual Growth | blFGDP$_IEUZN | Central | 11823671661 | 1277684485 | |||||||||||||||||||||||||||
2020Q1 | 14267975445 | 11808986302 | -01693269995 | 2035391119 | 10679572806 | 17050563006 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 35673397653 | 18383570453 | 114621259414 | 23545717496 | 1302977792 | 16351220412 | |||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 3130360587 | 18399532081 | 8243216 | 25048602217 | 10712364192 | 16699656597 | 1 | ||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 26477025015 | 14396669192 | 57641098471 | 25545421579 | 1131447151 | 14255519771 | 1 | ||||||||||||||||||||||||||||||||||||||||||
1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 1 | |||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | 1 | |||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | 1 | |||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 24535720549 | 23303837447 | 61225476607 | 11023093516 | 13152062849 | 11823671661 | |||||||||||||||||||||||||||||||||||||||||||
2019Q2 | 24438471492 | 1737510215 | 53847938302 | 22038851574 | 10028602649 | 1277684485 | |||||||||||||||||||||||||||||||||||||||||||
March | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 30435599871 | 23558387781 | 24375040067 | 1701955775 | 07134330493 | 16088352258 | 35025062659 | 28314211454 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24493075475 | 18629862191 | ||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20951800832 | 10792377387 | -03629441718 | 17452447165 | 24113300406 | Transform Annual Growth | blFGDP$_US | Central | 23313535291 | 13471543008 | ||||||||||||||||||||||||||||
2019Q1 | 30435599871 | 30961395462 | 81649173964 | 0 | 25893471992 | 17986022234 | Transform Annual Growth | blFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -0916830864 | 50939502296 | 114125001473 | 57641098471 | Transform Annual Growth | blFGDP$_ICHN | Central | 61225476607 | 44051562126 | |||||||||||||||||||||||||||
2019Q2 | 23558387781 | 20138186099 | 52832664449 | 21088484653 | -04326963218 | 06358352459 | Transform Annual Growth | blFGDP$_IBRA | Central | 0 | 21088484653 | 25309159859 | 20368839529 | 13204907937 | 19612066518 | 24768647224 | 25597150807 | Transform Annual Growth | blFGDP$_IBRA | Central | 11327391421 | 19967072205 | |||||||||||||||||||||||||||
2019Q3 | 24375040067 | 21035065819 | 52959086245 | 25309159859 | 19881876478 | 10998947573 | Transform Annual Growth | blFGDP$_IGBR | Central | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 06010071267 | 04808646914 | 12479154327 | 11215100886 | Transform Annual Growth | blFGDP$_IGBR | Central | 14029645318 | 07039544518 | |||||||||||||||||||||||||||
2019Q4 | 1701955775 | 20951800832 | 5081292422 | 20368839529 | 00955519539 | 023526783 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 023526783 | 06533523093 | 07718419397 | 12075824693 | 13342808024 | Transform Annual Growth | blFGDP$_IEUZN | Central | 11735219155 | 0763453073 | |||||||||||||||||||||||||||
2020Q1 | 07134330493 | 10792377387 | -0916830864 | 13204907937 | 06010071267 | 06533523093 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 16088352258 | -03629441718 | 50939502296 | 19612066518 | 04808646914 | 07718419397 | |||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 35025062659 | 17452447165 | 114125001473 | 24768647224 | 12479154327 | 12075824693 | 1 | ||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 28314211454 | 24113300406 | 57641098471 | 25597150807 | 11215100886 | 13342808024 | 1 | ||||||||||||||||||||||||||||||||||||||||||
1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 1 | |||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | 1 | |||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | 1 | |||||||||||||||||||||||||||||||||||||||||||
2019 | 24493075475 | 23313535291 | 61225476607 | 11327391421 | 14029645318 | 11735219155 | |||||||||||||||||||||||||||||||||||||||||||
2020 | 18629862191 | 13471543008 | 44051562126 | 19967072205 | 07039544518 | 0763453073 | |||||||||||||||||||||||||||||||||||||||||||
Pandemic | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 30435599871 | 23555223464 | 24368647931 | 16948755801 | -64626256402 | -01452879884 | 364230161 | 31919100165 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24487184631 | -02913403409 | ||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20951800832 | -12649625419 | -3866587391 | -05250627901 | 12952466239 | Transform Annual Growth | blFGDP$_US | Central | 23313535291 | -02697321313 | ||||||||||||||||||||||||||||
2019Q1 | 30435599871 | 30961395462 | 81649173964 | 0 | 25893471992 | 17986022234 | Transform Annual Growth | blFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -271595817928 | 213939810451 | 288661390234 | 126527577187 | Transform Annual Growth | blFGDP$_ICHN | Central | 61225476607 | 16783204982 | |||||||||||||||||||||||||||
2019Q2 | 23555223464 | 20138186099 | 52832664449 | 21088484653 | -04326963218 | 06358352459 | Transform Annual Growth | blFGDP$_IBRA | Central | 0 | 21088484653 | 25309159859 | 20368839529 | -49699609713 | -59050479329 | -14301609311 | 29311858824 | Transform Annual Growth | blFGDP$_IBRA | Central | 11327391421 | -15810356391 | |||||||||||||||||||||||||||
2019Q3 | 24368647931 | 21035065819 | 52959086245 | 25309159859 | 19881876478 | 10998947573 | Transform Annual Growth | blFGDP$_IGBR | Central | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 0 | -38926164109 | -50898073001 | -24773578171 | Transform Annual Growth | blFGDP$_IGBR | Central | 14029645318 | -13025752939 | |||||||||||||||||||||||||||
2019Q4 | 16948755801 | 20951800832 | 5081292422 | 20368839529 | 00955519539 | 023526783 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 023526783 | -56773778158 | -74279753282 | -0805227426 | 16043293021 | Transform Annual Growth | blFGDP$_IEUZN | Central | 11735219155 | -26504236812 | |||||||||||||||||||||||||||
2020Q1 | -64626256402 | -12649625419 | -271595817928 | -49699609713 | 0 | -56773778158 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | -01452879884 | -3866587391 | 213939810451 | -59050479329 | -38926164109 | -74279753282 | |||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 364230161 | -05250627901 | 288661390234 | -14301609311 | -50898073001 | -0805227426 | |||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 31919100165 | 12952466239 | 126527577187 | 29311858824 | -24773578171 | 16043293021 | |||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | ||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | ||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | ||||||||||||||||||||||||||||||||||||||||||||
2019 | 24487184631 | 23313535291 | 61225476607 | 11327391421 | 14029645318 | 11735219155 | |||||||||||||||||||||||||||||||||||||||||||
2020 | -02913403409 | -02697321313 | 16783204982 | -15810356391 | -13025752939 | -26504236812 |
2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||
World | January base | 29 | 23 | 24 | 25 | 27 | 29 | 27 | 26 | 25 | 26 | ||||||||||||
March base | 30 | 23 | 24 | 17 | 10 | 32 | 31 | 27 | 24 | 22 | |||||||||||||
Pandemic | 30 | 23 | 25 | 21 | -08 | -32 | -09 | 15 | 24 | -00 | |||||||||||||
United States | January base | 31 | 20 | 21 | 22 | 15 | 22 | 15 | 12 | 23 | 18 | ||||||||||||
March base | 31 | 20 | 21 | 21 | 10 | 08 | 18 | 21 | 23 | 15 | |||||||||||||
Pandemic | 31 | 20 | 21 | 21 | -08 | -29 | -20 | -02 | 23 | -02 | |||||||||||||
Japan | January base | 26 | 20 | 18 | -11 | 05 | 10 | 08 | 05 | 12 | 06 | ||||||||||||
March base | 26 | 19 | 05 | -63 | -00 | 10 | 09 | 07 | 08 | -07 | |||||||||||||
Pandemic | 26 | 20 | 18 | -11 | -25 | -23 | -28 | -03 | 12 | -13 | |||||||||||||
Mexico | January base | -04 | -02 | 01 | 10 | 10 | 21 | 21 | 22 | 00 | 12 | ||||||||||||
March base | -04 | -02 | 01 | -00 | 08 | 18 | 14 | 18 | -01 | 08 | |||||||||||||
Pandemic | -04 | -02 | 01 | -00 | -19 | -39 | -22 | -10 | -01 | -16 | |||||||||||||
Germany | January base | 19 | -10 | 03 | 07 | 10 | 17 | 20 | 15 | 06 | 10 | ||||||||||||
March base | 19 | -10 | 08 | 01 | 03 | 07 | 08 | 13 | 06 | 05 | |||||||||||||
Pandemic | 19 | -10 | 03 | 05 | -00 | -26 | -13 | -04 | 06 | -06 | |||||||||||||
United Kingdom | January base | 25 | -07 | 17 | 07 | 12 | 11 | 11 | 11 | 13 | 10 | ||||||||||||
March base | 26 | -04 | 20 | 01 | 07 | 09 | 12 | 10 | 14 | 08 | |||||||||||||
Pandemic | 25 | -07 | 17 | 07 | 07 | -08 | -02 | 03 | 13 | 03 | |||||||||||||
Brazil | January base | -00 | 19 | 25 | 19 | 20 | 24 | 25 | 26 | 11 | 22 | ||||||||||||
March base | -00 | 19 | 25 | 19 | 16 | 23 | 29 | 26 | 11 | 21 | |||||||||||||
Pandemic | -00 | 19 | 25 | 19 | -61 | -68 | -16 | 16 | 11 | -22 | |||||||||||||
China | January base | 78 | 53 | 50 | 61 | 72 | 66 | 55 | 58 | 61 | 62 | ||||||||||||
March base | 82 | 53 | 53 | 51 | -08 | 115 | 82 | 58 | 61 | 52 | |||||||||||||
Pandemic | 82 | 53 | 53 | 51 | -18 | -87 | -00 | 64 | 61 | 01 | |||||||||||||
Euro Zone | January base | 18 | 07 | 09 | 11 | 14 | 15 | 18 | 14 | 12 | 13 | ||||||||||||
March base | 18 | 06 | 11 | 02 | 13 | 13 | 14 | 14 | 12 | 10 | |||||||||||||
Pandemic | 18 | 06 | 11 | 04 | 04 | 00 | -04 | 08 | 12 | 04 |
Virus Changes the Outlook | |||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||
World | January base | 27 | 29 | 27 | 26 | 25 | 26 | ||||||||
February base | 14 | 36 | 31 | 26 | 25 | 24 | |||||||||
March prelim base | 07 | 16 | 35 | 28 | 24 | 19 | |||||||||
Pandemic | -65 | -01 | 36 | 32 | 24 | -03 | |||||||||
United States | January base | 15 | 22 | 15 | 12 | 23 | 18 | ||||||||
February base | 12 | 18 | 18 | 14 | 23 | 17 | |||||||||
March prelim base | 11 | -04 | 17 | 24 | 23 | 13 | |||||||||
Pandemic | -13 | -39 | -05 | 13 | 23 | -03 | |||||||||
China | January base | 72 | 66 | 55 | 58 | 61 | 62 | ||||||||
February base | -02 | 115 | 82 | 58 | 61 | 54 | |||||||||
March base | -09 | 51 | 114 | 58 | 61 | 44 | |||||||||
Pandemic | -272 | 214 | 289 | 127 | 61 | 17 | |||||||||
Brazil | January base | 20 | 24 | 25 | 26 | 11 | 22 | ||||||||
February base | 20 | 24 | 25 | 26 | 11 | 22 | |||||||||
March prelim base | 13 | 20 | 25 | 26 | 11 | 20 | |||||||||
Pandemic | -50 | -59 | -14 | 29 | 11 | -16 | |||||||||
United Kingdom | January base | 12 | 11 | 11 | 11 | 13 | 10 | ||||||||
February base | 11 | 13 | 11 | 11 | 13 | 10 | |||||||||
March base | 06 | 05 | 12 | 11 | 14 | 07 | |||||||||
Pandemic | 00 | -39 | -51 | -25 | 14 | -13 | |||||||||
Euro Zone | January base | 14 | 15 | 18 | 14 | 12 | 13 | ||||||||
February base | 17 | 16 | 17 | 14 | 12 | 13 | |||||||||
March prelim base | 07 | 08 | 12 | 13 | 12 | 08 | |||||||||
Pandemic | -57 | -74 | -08 | 16 | 12 | -27 |
Global Recession Under Pandemic Scenario | |||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||
World | January base | 27 | 29 | 27 | 26 | 25 | 26 | ||||||||
March base | 07 | 16 | 35 | 28 | 24 | 19 | |||||||||
April base | -109 | -221 | 199 | 45 | 24 | -42 | |||||||||
United States | January base | 15 | 22 | 15 | 12 | 23 | 18 | ||||||||
March base | 11 | -04 | 17 | 24 | 23 | 13 | |||||||||
April base | -81 | -302 | 166 | 04 | 23 | -58 | |||||||||
China | January base | 72 | 66 | 55 | 58 | 61 | 62 | ||||||||
March base | -09 | 51 | 114 | 58 | 61 | 44 | |||||||||
April base | -290 | 149 | 277 | 130 | 61 | -01 | |||||||||
Brazil | January base | 20 | 24 | 25 | 26 | 11 | 22 | ||||||||
March base | 13 | 20 | 25 | 26 | 11 | 20 | |||||||||
April base | -88 | -243 | 04 | 70 | 11 | -61 | |||||||||
United Kingdom | January base | 12 | 11 | 11 | 11 | 13 | 10 | ||||||||
March base | 06 | 05 | 12 | 11 | 14 | 07 | |||||||||
April base | -30 | -367 | 258 | 58 | 14 | -56 | |||||||||
Euro Zone | January base | 14 | 15 | 18 | 14 | 12 | 13 | ||||||||
March base | 07 | 08 | 12 | 13 | 12 | 08 | |||||||||
April base | -148 | -400 | 593 | 16 | 12 | -70 |
April 2020 6
22
24
26
28
30
32
34
36
Jan Feb Mar Apr
Smaller Nest Eggs
Sources Wilshire 5000 Federal Reserve Moodyrsquos Analytics
Wilshire 5000
Value of publicly trade stocks $ tril
April 2020 7
85
90
95
100
105
110
-4
0
4
8
12
16
20
17Q1 18Q1 19Q1 20Q1
Global balance (L)Global demand (R)Global supply (R)
Global Oil GlutMil barrels per day
Sources International Energy Agency Moodyrsquos Analytics
April 2020 8
-30-25-20-15-10-505
10
Jan-19 Apr-19 Jun-19 Sep-19 Dec-19 Aug-20
Start ups with high propensity to hire chg yr ago
Sources Census Department Moodyrsquos Analytics
Business Start Ups Plunge
Global Recession2
April 2020 10
Unprecedented Global Economic DownturnhellipEconomies in red are expected to suffer a recession in 2020
Source Moodyrsquos Analytics
April 2020 11
hellipThat Is Intensifying
2020Q1 2020Q2 2020Q3 2020Q4 2019 2020January base 27 29 27 26 25 26March base 07 16 35 28 24 19April base -109 -221 199 45 24 -42January base 15 22 15 12 23 18March base 11 -04 17 24 23 13April base -81 -302 166 04 23 -58January base 72 66 55 58 61 62March base -09 51 114 58 61 44April base -290 149 277 130 61 -01January base 20 24 25 26 11 22March base 13 20 25 26 11 20April base -88 -243 04 70 11 -61January base 12 11 11 11 13 10March base 06 05 12 11 14 07April base -30 -367 258 58 14 -56January base 14 15 18 14 12 13March base 07 08 12 13 12 08April base -148 -400 593 16 12 -70
Brazil
United Kingdom
Euro Zone
World
United States
China
Real GDP growth annualized change
Source Moodyrsquos Analytics
April 2020 12
-10-8-6-4-202468
0 2 4 6 8 10 12
1980 1990 20012007 2020
A Swoosh Recovery Real GDP change since beginning of recessionhellip
Sources BEA Moodyrsquos Analytics
X-axis is qtrs since beginning of recession
13April 2020
-40
-30
-20
-10
0
10
20
19 20 21 22 23 24
Baseline (50ile)S0 (4ile)S4 (96ile)
Output to Collapse With Gradual RecoveryInflation adjusted GDP annualized quarterly growth
Source Moodyrsquos Analytics
April 2020 14
0
5
10
15
20
25
30 40 50 60 70 80 90 00 10 20
Financial crisisFed slays inflation
1930s Depression
WW II
COVID crisis April 2020
Not Since the Great DepressionUS unemployment rate
Sources Federal Reserve BEA Moodyrsquos Analytics
15April 2020
02468
101214161820
19 20 21 22 23 24
Baseline (50ile)
S0 (4ile)
S4 (96ile)
Unemployment to SpikeU-3 unemployment rate quarterly average
Source Moodyrsquos Analytics
April 2020 16
Job Market Will Struggle to Recover
Sources BLS Moodyrsquos Analytics
05 04 06 06 04
-171
81
-06 -03
00 10 13 14 14 13 12
-20
-15
-10
-5
0
5
10
3
5
7
9
11
13
15
19 20 21 22
Employment Change (Mil R)Unemployment Rate (L)
April 2020 17
Regional Risk Factors for COVID-19
Virus Exposure
Commodities
Demographics
Global Interconnectedness (TradeTravel)
Tourism
FinanceInvestment
April 2020 18
Large Coastal Urban Areas Are Hit HardestWeighted avg Z-score across rankings 0 = metro area average
gt025
-025 to lt0lt-025
0 to lt025
Source Moodyrsquos Analytics
April 2020 19
Active Listings Collapse Across Major Metros
Sources Realtorcom Moodyrsquos Analytics
-45 -40 -35 -30 -25 -20 -15 -10 -5 0
PhoenixMilwaukeeSan DiegoSan JosePhiladelphiaCincinnatiDenverRiversideProvidenceSeattle
Active listing count yr ago
April 2020 20
US Real Estate Prices Slump
Sources FHFA Moodyrsquos Analytics
75
80
85
90
95
100
105
19 20 21 22
FHFA HPI
Moodyrsquos Analytics CPPI
Index 2019Q4 = 100 April baseline
April 2020 21
Home Prices Could Fall Fasthellip
Sources BEA Moodyrsquos Analytics
FHFA all-transactions index forecasts from March 2020 V2 vintage year ago
-15
-10
-5
0
5
10
15
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
BaselineScenario 1Scenario 3Scenario 4
April 2020 22
hellipAs Commercial Properties Are Hit From All Sides
Sources Reis Moodyrsquos Analytics
Commercial property price index yr ago
-40
-30
-20
-10
0
10
20
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
BaselineScenario 1Scenario 3Scenario 4
April 2020 23
House Prices SlumphellipForeclosures Increase
Sources FHFA MBA Moodyrsquos Analytics
0
500
1000
1500
2000
2500
60
70
80
90
100
110
120
05 10 15 20 25
FHFA HPI Index 2020Q1 = 100 (L)
Foreclosures startedths SA (R)
April baseline forecast
April 2020 24
Price Declines Vary Throughout the CountryBaseline forecast FHFA purchase-only index for 2021Q1 year ago
Sources FHFA Moodyrsquos Analytics
Known Unknowns3
April 2020 26
01000002000003000004000005000006000007000008000009000001000000
05000
10000150002000025000300003500040000
01-M
ar
04-M
ar
07-M
ar
10-M
ar
13-M
ar
16-M
ar
19-M
ar
22-M
ar
25-M
ar
28-M
ar
31-M
ar
03-A
pr
06-A
pr
09-A
pr
12-A
pr
15-A
pr
18-A
pr
21-A
pr
24-A
pr
Daily Cases (L) Cumulative Cases (R )
US New Daily Cases Hovering Around 30000Number of confirmed COVID-19 cases
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 27
0
10
20
30
40
50
60
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60
Italy S Korea EU USDay 1 DatesItaly Feb 23S Korea Feb 20US March 3 EU Feb 23
Growth Rate of COVID Cases FallingDaily growth of COVID-19 cases days since 100 confirmed cases 3-day MA
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 28
Epidemiological Assumptions
S1 Scenario
bull lt1 mil confirmed US infectionsbull New infections peak in Aprilbull 5-6 case fatality ratebull 8 hospitalization ratebull Infections abate by Junebull Surplus of hospital bedsbull Surplus of ICU bedsbull Surplus of ventilators
Baseline Forecast
bull 1-3 mil confirmed US infectionsbull New infections peak in Maybull 7-11 case fatality ratebull 10 hospitalization ratebull Infections abate by Julybull Surplus of hospital bedsbull Small surplus of ICU bedsbull Small surplus of ventilators
S3 Scenario
bull 5-6 mil confirmed US infectionsbull New infections peak in Junebull 12-16 case fatality ratebull 15 hospitalization ratebull Infections abate by Septemberbull Small deficit of hospital bedsbull Large deficit of ICU bedsbull Large deficit of ventilators
April 2020 29
010002000300040005000600070008000
95 00 05 10 15
C B Ba Baa A Aa Aaa
Federal Reserve Must Shore Up the Firewall
Sources Moodyrsquos Investor Service Moodyrsquos Analytics
Corporate debt outstanding by rating $ bil
April 2020 30
0123456789
10
03 05 07 09 11 13 15 17 19 21 23 25
Up Up and AwayAssets held outright on the Fedrsquos balance sheet $ tril
Source Moodyrsquos Analytics
April 2020 31
Lawmakers Act But Need to Do More
Sources CRFB Moodyrsquos Analytics
Cost of Coronavirus Aid Relief amp Economic Security (CARES) Act
$510 BilLoans amp Loan
Guarantees for Large Firms amp Governments
$377 BilSmall Business Loans amp Grants
$290 BilOne-time Checks
$180 BilHealth
$150 BilAid to States
$72 BilTransp Grants
$280 BilBusiness Tax Cuts
$45 BilFEMA
$42 BilSafety Nets
$32 BilEducation$260 Bil
Unemployment Insurance
$25 BilOther
April 2020 32
Running Out of Fiscal Space
Source Moodyrsquos Analytics
Sovereign borrowing capacity given current yields projected output growth and primary balance
-500
50100150200250300350400450
0 50 100 150 200 250
Circle size=Real GDP US$Y-axis Fiscal spaceX-axis Debt-to-GDP ratioAs of 2020Q1 (ex COVID-19 policies)
China
US
Japan
ItalyFrance Greece
Russia
UK
Argentina
Germany
Turkey S Africa Egypt
Spain
IndiaBrazil
Mexico
Canada
April 2020 33
US Risk Matrix
Source Moodyrsquos Analytics
April 2020 34
Questions amp
AnswersQuestions Contact us at helpeconomycom
April 2020 35
Coronavirus Liveeventsmoodysiocoronavirus coronavirusmoodyscom
Full webinars schedule eventsmoodysioeventsemeamoodyscom
MoodyrsquosWebinars
April 2020 36
Please complete our surveyWe Want to Hear From You
A survey will appear on your screen at the end of our presentation Please take a few moments to complete it
and let us know how we can continue to improve
moodyscom
West Chester EBA-HQ+16102355299121 North Walnut Street Suite 500West Chester PA 19380USA
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Contact Us Economics amp Business Analytics Offices
April 2020 38
copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved
CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC ANDOR ITS CREDIT RATINGS AFFILIATES ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MATERIALS PRODUCTS SERVICES AND INFORMATION PUBLISHED BY MOODYrsquoS (COLLECTIVELY ldquoPUBLICATIONSrdquo) MAY INCLUDE SUCH CURRENT OPINIONS MOODYrsquoS INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS INVESTORS SERVICE CREDIT RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS NON-CREDIT ASSESSMENTS (ldquoASSESSMENTSrdquo) AND OTHER OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC ANDOR ITS AFFILIATES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK
All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information
NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING ASSESSMENT OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER
Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any credit rating agreed to pay to Moodyrsquos Investors Service Inc for credit ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and Moodyrsquos investors Service also maintain policies and procedures to address the independence of Moodyrsquos Investors Service credit ratings and credit rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold credit ratings from Moodyrsquos Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo
Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors
Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any credit rating agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements
BLFGDP$_IWRLD | |
BLFGDP$_US | |
BLFGDP$_ICHN | |
BLFGDP$_IBRA | |
BLFGDP$_IGBR | |
BLFGDP$_IEUZN |
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | |||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 1004457845 | 10044578163 | 09921251807 | 09921251807 | -00439644998 | -00439645008 | 08490892284 | 08490892282 | 02987390528 | 02987390528 | 06602394397 | 06602394358 | 16040993663 | 16040993566 | 2020 | 21709930613 | 21709969799 | 15414354913 | 15414354614 | -07102897285 | -07102894824 | 08324283964 | 08324259976 | 04515958007 | 04515958007 | 07953949612 | 07953950128 | 21497054247 | 21497054504 | 52185934247 | 52185934247 | 10459481224 | 10459483101 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 32074829495 | 32074831252 | 08275731969 | 08275731787 | 10125815712 | 1012581938 | 18025324464 | 18025300718 | 07063814764 | 07063814764 | 09321922665 | 09321922955 | 23481470825 | 23481471214 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 31264533681 | 3126453553 | 18283102998 | 18283103389 | 08666505872 | 08666514849 | 14194129347 | 14194048288 | 08334022824 | 08334022824 | 12477941124 | 12477943726 | 29204265431 | 29204266796 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 27331374943 | 27331990841 | 20834052245 | 20834047228 | 06663085528 | 06663096538 | 18384431899 | 18384280067 | 13146543316 | 13146543316 | 09915534109 | 09915536456 | 26058164488 | 26058165097 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IWRLD | Central | 1004457845 | 32074829495 | 31264533681 | 27331374943 | Transform Annual Growth | blFGDP$_IWRLD | Central | 21709930613 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 10044578163 | 32074831252 | 3126453553 | 27331990841 | Local | 21709969799 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_US | Central | 09921251807 | 08275731969 | 18283102998 | 20834052245 | Transform Annual Growth | blFGDP$_US | Central | 15414354913 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 09921251807 | 08275731787 | 18283103389 | 20834047228 | Local | 15414354614 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Central | -00439644998 | 10125815712 | 08666505872 | 06663085528 | Transform Annual Growth | blFGDP$_IJPN | Central | -07102897285 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | -00439645008 | 1012581938 | 08666514849 | 06663096538 | Local | -07102894824 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IMEX | Central | 08490892284 | 18025324464 | 14194129347 | 18384431899 | Transform Annual Growth | blFGDP$_IMEX | Central | 08324283964 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 08490892282 | 18025300718 | 14194048288 | 18384280067 | Local | 08324259976 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IDEU | Central | 02987390528 | 07063814764 | 08334022824 | 13146543316 | Transform Annual Growth | blFGDP$_IDEU | Central | 04515958007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 02987390528 | 07063814764 | 08334022824 | 13146543316 | Local | 04515958007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IGBR | Central | 06602394397 | 09321922665 | 12477941124 | 09915534109 | Transform Annual Growth | blFGDP$_IGBR | Central | 07953949612 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 06602394358 | 09321922955 | 12477943726 | 09915536456 | Local | 07953950128 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IBRA | Central | 16040993663 | 23481470825 | 29204265431 | 26058164488 | Transform Annual Growth | blFGDP$_IBRA | Central | 21497054247 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 16040993566 | 23481471214 | 29204266796 | 26058165097 | Local | 21497054504 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 272065679 | 14854478326 | 04765669035 | 10081169396 | 10172628117 | 12466257645 | 2035391119 | 2020 | 26327068769 | 18444415498 | 05810706316 | 12256906248 | 10222414849 | 10119832734 | 22038851574 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 29246961109 | 21637882274 | 10099936598 | 20906101983 | 16794358524 | 11263116978 | 23545717496 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 26772534017 | 15212644402 | 08024032016 | 20970805994 | 19893661165 | 10681874364 | 25048602217 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 2610698539 | 1240462 | 04808646914 | 21918401913 | 14932062066 | 10996765728 | 25545421579 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IWRLD | Central | 272065679 | 29246961109 | 26772534017 | 2610698539 | Transform Annual Growth | blFGDP$_IWRLD | Central | 26327068769 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_US | Central | 14854478326 | 21637882274 | 15212644402 | 1240462 | Transform Annual Growth | blFGDP$_US | Central | 18444415498 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Central | 04765669035 | 10099936598 | 08024032016 | 04808646914 | Transform Annual Growth | blFGDP$_IJPN | Central | 05810706316 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IMEX | Central | 10081169396 | 20906101983 | 20970805994 | 21918401913 | Transform Annual Growth | blFGDP$_IMEX | Central | 12256906248 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IDEU | Central | 10172628117 | 16794358524 | 19893661165 | 14932062066 | Transform Annual Growth | blFGDP$_IDEU | Central | 10222414849 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IGBR | Central | 12466257645 | 11263116978 | 10681874364 | 10996765728 | Transform Annual Growth | blFGDP$_IGBR | Central | 10119832734 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IBRA | Central | 2035391119 | 23545717496 | 25048602217 | 25545421579 | Transform Annual Growth | blFGDP$_IBRA | Central | 22038851574 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | Current | 1004457845 | 32074829495 | 31264533681 | 27331374943 | 21709930613 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 272065679 | 29246961109 | 26772534017 | 2610698539 | 26327068769 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_US | Current | 09921251807 | 08275731969 | 18283102998 | 20834052245 | 15414354913 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 14854478326 | 21637882274 | 15212644402 | 1240462 | 18444415498 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IJPN | Current | -00439644998 | 10125815712 | 08666505872 | 06663085528 | -07102897285 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 04765669035 | 10099936598 | 08024032016 | 04808646914 | 05810706316 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IMEX | Current | 08490892284 | 18025324464 | 14194129347 | 18384431899 | 08324283964 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 10081169396 | 20906101983 | 20970805994 | 21918401913 | 12256906248 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IDEU | Current | 02987390528 | 07063814764 | 08334022824 | 13146543316 | 04515958007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 10172628117 | 16794358524 | 19893661165 | 14932062066 | 10222414849 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IGBR | Current | 06602394397 | 09321922665 | 12477941124 | 09915534109 | 07953949612 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 12466257645 | 11263116978 | 10681874364 | 10996765728 | 10119832734 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IBRA | Current | 16040993663 | 23481470825 | 29204265431 | 26058164488 | 21497054247 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 2035391119 | 23545717496 | 25048602217 | 25545421579 | 22038851574 |
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019 | 2020 | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 24351159023 | 21709930613 | Transform Annual Growth | blFGDP$_IWRLD | Central | 30284213704 | 23417301002 | 23990821589 | 16664397734 | 1004457845 | 32074829495 | 31264533681 | 27331374943 | |||||||||||||||||||||||||||||||||||||||||||||||
Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Local | 24351159023 | 21709969799 | Local | 30284213704 | 23417301002 | 23990821589 | 16664397734 | 10044578163 | 32074831252 | 3126453553 | 27331990841 | ||||||||||||||||||||||||||||||||||||||||||
2019 | 24351159023 | 24351159023 | 23313535291 | 23313535291 | 07546323236 | 07546323236 | -005744748 | -005744748 | 05986711898 | 05986711898 | 14029645318 | 14029645318 | 11023093516 | 11023093516 | 61225476607 | 61225476607 | 11735219155 | 11735219155 | Transform Annual Growth | blFGDP$_US | Central | 23313535291 | 15414354913 | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20951800832 | 09921251807 | 08275731969 | 18283102998 | 20834052245 | |||||||||||||||||||||||||||||||||||||
2020 | 21709930613 | 21709969799 | 15414354913 | 15414354614 | -07102897285 | -07102894824 | 08324283964 | 08324259976 | 04515958007 | 04515958007 | 07953949612 | 07953950128 | 21497054247 | 21497054504 | 52185934247 | 52185934247 | 10459481224 | 10459483101 | Local | 23313535291 | 15414354614 | Local | 30961395462 | 20138186099 | 21035065819 | 20951800832 | 09921251807 | 08275731787 | 18283103389 | 20834047228 | |||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Central | 07546323236 | -07102897285 | Transform Annual Growth | blFGDP$_IJPN | Central | 26108675557 | 1928453754 | 04856673069 | -62909369088 | -00439644998 | 10125815712 | 08666505872 | 06663085528 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Local | 07546323236 | -07102894824 | Local | 26108675557 | 1928453754 | 04856673069 | -62909369088 | -00439645008 | 1012581938 | 08666514849 | 06663096538 | |||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IMEX | Central | -005744748 | 08324283964 | Transform Annual Growth | blFGDP$_IMEX | Central | -03735112979 | -02398100266 | 00533779554 | -00006376933 | 08490892284 | 18025324464 | 14194129347 | 18384431898 | |||||||||||||||||||||||||||||||||||||||||||||||
Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Local | -005744748 | 08324259976 | Local | -03735112979 | -02398100266 | 00533779554 | -00006376933 | 08490892282 | 18025300718 | 14194048288 | 18384280067 | ||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 30284213704 | 30284213704 | 30961395462 | 30961395462 | 26108675557 | 26108675557 | -03735112979 | -03735112979 | 19164480743 | 19164480743 | 25893471992 | 25893471992 | -00237677886 | -00237677886 | 81649173964 | 81649173964 | 17986022234 | 17986022234 | Transform Annual Growth | blFGDP$_IDEU | Central | 05986711898 | 04515958007 | Transform Annual Growth | blFGDP$_IDEU | Central | 19164480743 | -09667798486 | 07878544616 | 01119058205 | 02987390528 | 07063814764 | 08334022824 | 13146543316 | |||||||||||||||||||||||||||||||||||||
2019Q2 | 23417301002 | 23417301002 | 20138186099 | 20138186099 | 1928453754 | 1928453754 | -02398100266 | -02398100266 | -09667798486 | -09667798486 | -04326963218 | -04326963218 | 19153104432 | 19153104432 | 52832664449 | 52832664449 | 06358352459 | 06358352459 | Local | 05986711898 | 04515958007 | Local | 19164480743 | -09667798486 | 07878544616 | 01119058205 | 02987390528 | 07063814764 | 08334022824 | 13146543316 | |||||||||||||||||||||||||||||||||||||||||
2019Q3 | 23990821589 | 23990821589 | 21035065819 | 21035065819 | 04856673069 | 04856673069 | 00533779554 | 00533779554 | 07878544616 | 07878544616 | 19881876478 | 19881876478 | 24592196357 | 24592196357 | 52959086245 | 52959086245 | 10998947573 | 10998947573 | Transform Annual Growth | blFGDP$_IGBR | Central | 14029645318 | 07953949612 | Transform Annual Growth | blFGDP$_IGBR | Central | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 06602394397 | 09321922665 | 12477941124 | 09915534109 | |||||||||||||||||||||||||||||||||||||
2019Q4 | 16664397734 | 16664397734 | 20951800832 | 20951800832 | -62909369088 | -62909369088 | -00006376933 | -00006376933 | 01119058205 | 01119058205 | 00955519539 | 00955519539 | 1884625331 | 1884625331 | 5081292422 | 5081292422 | 023526783 | 023526783 | Local | 14029645318 | 07953950128 | Local | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 06602394358 | 09321922955 | 12477943726 | 09915536456 | |||||||||||||||||||||||||||||||||||||||||
2020Q1 | 1004457845 | 10044578163 | 09921251807 | 09921251807 | -00439644998 | -00439645008 | 08490892284 | 08490892282 | 02987390528 | 02987390528 | 06602394397 | 06602394358 | 16040993663 | 16040993566 | -07976031984 | -07976031984 | 13072031191 | 13072029534 | Transform Annual Growth | blFGDP$_IBRA | Central | 11023093516 | 21497054247 | Transform Annual Growth | blFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 16040993663 | 23481470825 | 29204265431 | 26058164488 | |||||||||||||||||||||||||||||||||||||
2020Q2 | 32074829495 | 32074831252 | 08275731969 | 08275731787 | 10125815712 | 1012581938 | 18025324464 | 18025300718 | 07063814764 | 07063814764 | 09321922665 | 09321922955 | 23481470825 | 23481471214 | 114621259414 | 114621259414 | 12804875265 | 12804882285 | Local | 11023093516 | 21497054504 | Local | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 16040993566 | 23481471214 | 29204266796 | 26058165097 | |||||||||||||||||||||||||||||||||||||||||
2020Q3 | 31264533681 | 3126453553 | 18283102998 | 18283103389 | 08666505872 | 08666514849 | 14194129347 | 14194048288 | 08334022824 | 08334022824 | 12477941124 | 12477943726 | 29204265431 | 29204266796 | 8243216 | 8243216 | 13849193065 | 13849201636 | Transform Annual Growth | blFGDP$_ICHN | Central | 61225476607 | 52185934247 | Transform Annual Growth | blFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -07976031984 | 114621259414 | 8243216 | 57641098471 | |||||||||||||||||||||||||||||||||||||
2020Q4 | 27331374943 | 27331990841 | 20834052245 | 20834047228 | 06663085528 | 06663096538 | 18384431898 | 18384280067 | 13146543316 | 13146543316 | 09915534109 | 09915536456 | 26058164488 | 26058165097 | 57641098471 | 57641098471 | 13600290043 | 13600288501 | Local | 61225476607 | 52185934247 | Local | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -07976031984 | 114621259414 | 8243216 | 57641098471 | |||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IEUZN | Central | 11735219155 | 10459481224 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 023526783 | 13072031191 | 12804875265 | 13849193065 | 13600290043 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Local | 11735219155 | 10459483101 | Local | 17986022234 | 06358352459 | 10998947573 | 023526783 | 13072029534 | 12804882285 | 13849201636 | 13600288501 | |||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | 2019 | 2020 | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 24572687311 | 23378491108 | 12088413762 | 00063845975 | 05719546493 | 13152063114 | 11023093516 | 61482608188 | 12233338671 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24572687311 | 26327068769 | Transform Annual Growth | blFGDP$_IWRLD | Central | 29451354542 | 22599606628 | 24139793469 | 24684818352 | 272065679 | 29246961109 | 26772534017 | 2610698539 | ||||||||||||||||||||||||||||||||||||||||||||||
2020 | 26327068769 | 18444415498 | 05810706316 | 12256906248 | 10222414849 | 10119832734 | 22038851574 | 61879167766 | 13174813176 | Transform Annual Growth | blFGDP$_US | Central | 23378491108 | 18444415498 | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 21981110559 | 14854478326 | 21637882274 | 15212644402 | 1240462 | ||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Central | 12088413762 | 05810706316 | Transform Annual Growth | blFGDP$_IJPN | Central | 26155633695 | 20471054063 | 17999622217 | -10982174064 | 04765669035 | 10099936598 | 08024032016 | 04808646914 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | blFGDP$_IMEX | Central | 00063845975 | 12256906248 | Transform Annual Growth | blFGDP$_IMEX | Central | -03735112979 | -02398100266 | 00533779554 | 10252658827 | 10081169396 | 20906101983 | 20970805994 | 21918401913 | |||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IDEU | Central | 05719546493 | 10222414849 | Transform Annual Growth | blFGDP$_IDEU | Central | 18878382403 | -09668474617 | 03371786209 | 06979229504 | 10172628117 | 16794358524 | 19893661165 | 14932062066 | |||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_IGBR | Central | 13152063114 | 10119832734 | Transform Annual Growth | blFGDP$_IGBR | Central | 24823649001 | -0739135003 | 16777739007 | 06643901326 | 12466257645 | 11263116978 | 10681874364 | 10996765728 | |||||||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 29451354542 | 30961395462 | 26155633695 | -03735112979 | 18878382403 | 24823649001 | -00237677886 | 78364853704 | 17754221786 | Transform Annual Growth | blFGDP$_IBRA | Central | 11023093516 | 22038851574 | Transform Annual Growth | blFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 2035391119 | 23545717496 | 25048602217 | 25545421579 | ||||||||||||||||||||||||||||||||||||||||||||||
2019Q2 | 22599606628 | 20138186099 | 20471054063 | -02398100266 | -09668474617 | -0739135003 | 19153104432 | 52562170871 | 07431449429 | Transform Annual Growth | blFGDP$_ICHN | Central | 61482608188 | 61879167766 | Transform Annual Growth | blFGDP$_ICHN | Central | 78364853704 | 52562170871 | 49639920827 | 60986346254 | 71996449976 | 66464447608 | 5516591118 | 57641098471 | ||||||||||||||||||||||||||||||||||||||||||||||
2019Q3 | 24139793469 | 21035065819 | 17999622217 | 00533779554 | 03371786209 | 16777739007 | 24592196357 | 49639920827 | 09419706317 | Transform Annual Growth | blFGDP$_IEUZN | Central | 12233338671 | 13174813176 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17754221786 | 07431449429 | 09419706317 | 10559422143 | 13970624004 | 1533923729 | 18296441479 | 14318726638 | ||||||||||||||||||||||||||||||||||||||||||||||
2019Q4 | 24684818352 | 21981110559 | -10982174064 | 10252658827 | 06979229504 | 06643901326 | 1884625331 | 60986346254 | 10559422143 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 272065679 | 14854478326 | 04765669035 | 10081169396 | 10172628117 | 12466257645 | 2035391119 | 71996449976 | 13970624004 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 29246961109 | 21637882274 | 10099936598 | 20906101983 | 16794358524 | 11263116978 | 23545717496 | 66464447608 | 1533923729 | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 26772534017 | 15212644402 | 08024032016 | 20970805994 | 19893661165 | 10681874364 | 25048602217 | 5516591118 | 18296441479 | blFGDP$_IWRLD | blFGDP$_IWRLD | March base | 30284213704 | 23417301002 | 23990821589 | 16664397734 | 1004457845 | 32074829495 | 31264533681 | 27331374943 | 24351159023 | 21709930613 | |||||||||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 2610698539 | 1240462 | 04808646914 | 21918401913 | 14932062066 | 10996765728 | 25545421579 | 57641098471 | 14318726638 | January base | 29451354542 | 22599606628 | 24139793469 | 24684818352 | 272065679 | 29246961109 | 26772534017 | 2610698539 | 24572687311 | 26327068769 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Pandemic | 30159788147 | 22796482557 | 24591371048 | 20779599357 | -0821068591 | -32466569486 | -09134483601 | 14536598724 | 2445594268 | -00205231371 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_US | blFGDP$_US | March base | 30961395462 | 20138186099 | 21035065819 | 20951800832 | 09921251807 | 08275731969 | 18283102998 | 20834052245 | 23313535291 | 15414354913 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | January base | 30961395462 | 20138186099 | 21035065819 | 21981110559 | 14854478326 | 21637882274 | 15212644402 | 1240462 | 23378491108 | 18444415498 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
cvpFGDP$_IWRLD | cvpFGDP$_US | cvpFGDP$_IJPN | cvpFGDP$_IMEX | cvpFGDP$_IDEU | cvpFGDP$_IGBR | cvpFGDP$_IBRA | cvpFGDP$_ICHN | cvpFGDP$_IEUZN | Pandemic | 30961395462 | 20138186099 | 21035065819 | 20798192573 | -07791884072 | -28691380159 | -19527497926 | -02389473664 | 23303837447 | -02321135313 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | blFGDP$_IJPN | blFGDP$_IJPN | March base | 26108675557 | 1928453754 | 04856673069 | -62909369088 | -00439644998 | 10125815712 | 08666505872 | 06663085528 | 07546323236 | -07102897285 | ||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 30159788147 | 30961395462 | 26155633695 | -03735112979 | 18878382403 | 24823649001 | -00237677886 | 81649173964 | 17986022234 | January base | 26155633695 | 20471054063 | 17999622217 | -10982174064 | 04765669035 | 10099936598 | 08024032016 | 04808646914 | 12088413762 | 05810706316 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q2 | 22796482557 | 20138186099 | 20471054063 | -02398100266 | -09668474617 | -0739135003 | 19153104432 | 52832664449 | 06358352459 | Pandemic | 26155633695 | 20471054063 | 17999622217 | -11119794418 | -25355286898 | -22605799716 | -28490450305 | -02896175105 | 12079598883 | -13007210629 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q3 | 24591371048 | 21035065819 | 17999622217 | 00533779554 | 03371786209 | 16777739007 | 24592196357 | 52959086245 | 10998947573 | blFGDP$_IMEX | blFGDP$_IMEX | March base | -03735112979 | -02398100266 | 00533779554 | -00006376933 | 08490892284 | 18025324464 | 14194129347 | 18384431898 | -005744748 | 08324283964 | |||||||||||||||||||||||||||||||||||||||||||||||||
2019Q4 | 20779599357 | 20798192573 | -11119794418 | -00006387604 | 0483210256 | 06643894657 | 18846225607 | 5081292422 | 03752442079 | January base | -03735112979 | -02398100266 | 00533779554 | 10252658827 | 10081169396 | 20906101983 | 20970805994 | 21918401913 | 00063845975 | 12256906248 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | -0821068591 | -07791884072 | -25355286898 | -19062201837 | -0047198012 | 06533113941 | -6057333778 | -18145761976 | 03759520935 | Pandemic | -03735112979 | -02398100266 | 00533779554 | -00006387604 | -19062201837 | -3940399 | -21819164585 | -09962562461 | -00574475466 | -15669083769 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q2 | -32466569486 | -28691380159 | -22605799716 | -3940399 | -26172511227 | -07999236088 | -68183843711 | -87426651892 | 00496751219 | blFGDP$_IDEU | blFGDP$_IDEU | March base | 19164480743 | -09667798486 | 07878544616 | 01119058205 | 02987390528 | 07063814764 | 08334022824 | 13146543316 | 05986711898 | 04515958007 | |||||||||||||||||||||||||||||||||||||||||||||||||
2020Q3 | -09134483601 | -19527497926 | -28490450305 | -21819164585 | -12905609117 | -02333238672 | -15904255744 | -00254038564 | -03786332106 | January base | 18878382403 | -09668474617 | 03371786209 | 06979229504 | 10172628117 | 16794358524 | 19893661165 | 14932062066 | 05719546493 | 10222414849 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 14536598724 | -02389473664 | -02896175105 | -09962562461 | -04107398878 | 02507136905 | 16096256256 | 6392235324 | 08103230917 | Pandemic | 18878382403 | -09668474617 | 03371786209 | 0483210256 | -0047198012 | -26172511227 | -12905609117 | -04107398878 | 05585261716 | -06226209775 | |||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IGBR | blFGDP$_IGBR | March base | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 06602394397 | 09321922665 | 12477941124 | 09915534109 | 14029645318 | 07953949612 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | January base | 24823649001 | -0739135003 | 16777739007 | 06643901326 | 12466257645 | 11263116978 | 10681874364 | 10996765728 | 13152063114 | 10119832734 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
cvpFGDP$_IWRLD | cvpFGDP$_US | cvpFGDP$_IJPN | cvpFGDP$_IMEX | cvpFGDP$_IDEU | cvpFGDP$_IGBR | cvpFGDP$_IBRA | cvpFGDP$_ICHN | cvpFGDP$_IEUZN | Pandemic | 24823649001 | -0739135003 | 16777739007 | 06643894657 | 06533113941 | -07999236088 | -02333238672 | 02507136905 | 13152062693 | 02846413002 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | blFGDP$_IBRA | blFGDP$_IBRA | March base | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 16040993663 | 23481470825 | 29204265431 | 26058164488 | 11023093516 | 21497054247 | ||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2445594268 | 23303837447 | 12079598883 | -00574475466 | 05585261716 | 13152062693 | 11023091785 | 61225476607 | 11823671661 | January base | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 2035391119 | 23545717496 | 25048602217 | 25545421579 | 11023093516 | 22038851574 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | -00205231371 | -02321135313 | -13007210629 | -15669083769 | -06226209775 | 02846413002 | -21884237028 | 01019172133 | 03531495954 | Pandemic | -00237677886 | 19153104432 | 24592196357 | 18846225607 | -6057333778 | -68183843711 | -15904255744 | 16096256256 | 11023091785 | -21884237028 | |||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_ICHN | blFGDP$_ICHN | March base | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -07976031984 | 114621259414 | 8243216 | 57641098471 | 61225476607 | 52185934247 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | January base | 78364853704 | 52562170871 | 49639920827 | 60986346254 | 71996449976 | 66464447608 | 5516591118 | 57641098471 | 61482608188 | 61879167766 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IWRLD | Central | 30159788147 | 22796482557 | 24591371048 | 20779599357 | -0821068591 | -32466569486 | -09134483601 | 14536598724 | Transform Annual Growth | cvpFGDP$_IWRLD | Central | 2445594268 | -00205231371 | Pandemic | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -18145761976 | -87426651892 | -00254038564 | 6392235324 | 61225476607 | 01019172133 | |||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20798192573 | -07791884072 | -28691380159 | -19527497926 | -02389473664 | Transform Annual Growth | cvpFGDP$_US | Central | 23303837447 | -02321135313 | blFGDP$_IEUZN | blFGDP$_IEUZN | March base | 17986022234 | 06358352459 | 10998947573 | 023526783 | 13072031191 | 12804875265 | 13849193065 | 13600290043 | 11735219155 | 10459481224 | |||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IJPN | Central | 26155633695 | 20471054063 | 17999622217 | -11119794418 | -25355286898 | -22605799716 | -28490450305 | -02896175105 | Transform Annual Growth | cvpFGDP$_IJPN | Central | 12079598883 | -13007210629 | January base | 17754221786 | 07431449429 | 09419706317 | 10559422143 | 13970624004 | 1533923729 | 18296441479 | 14318726638 | 12233338671 | 13174813176 | |||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IMEX | Central | -03735112979 | -02398100266 | 00533779554 | -00006387604 | -19062201837 | -3940399 | -21819164585 | -09962562461 | Transform Annual Growth | cvpFGDP$_IMEX | Central | -00574475466 | -15669083769 | Pandemic | 17986022234 | 06358352459 | 10998947573 | 03752442079 | 03759520935 | 00496751219 | -03786332106 | 08103230917 | 11823671661 | 03531495954 | |||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IDEU | Central | 18878382403 | -09668474617 | 03371786209 | 0483210256 | -0047198012 | -26172511227 | -12905609117 | -04107398878 | Transform Annual Growth | cvpFGDP$_IDEU | Central | 05585261716 | -06226209775 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IGBR | Central | 24823649001 | -0739135003 | 16777739007 | 06643894657 | 06533113941 | -07999236088 | -02333238672 | 02507136905 | Transform Annual Growth | cvpFGDP$_IGBR | Central | 13152062693 | 02846413002 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 18846225607 | -6057333778 | -68183843711 | -15904255744 | 16096256256 | Transform Annual Growth | cvpFGDP$_IBRA | Central | 11023091785 | -21884237028 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -18145761976 | -87426651892 | -00254038564 | 6392235324 | Transform Annual Growth | cvpFGDP$_ICHN | Central | 61225476607 | 01019172133 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 03752442079 | 03759520935 | 00496751219 | -03786332106 | 08103230917 | Transform Annual Growth | cvpFGDP$_IEUZN | Central | 11823671661 | 03531495954 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IWRLD | Pandemic | 30159788147 | 22796482557 | 24591371048 | 20779599357 | -0821068591 | -32466569486 | -09134483601 | 14536598724 | 2445594268 | -00205231371 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_US | Pandemic | 30961395462 | 20138186099 | 21035065819 | 20798192573 | -07791884072 | -28691380159 | -19527497926 | -02389473664 | 23303837447 | -02321135313 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Pandemic | 26155633695 | 20471054063 | 17999622217 | -11119794418 | -25355286898 | -22605799716 | -28490450305 | -02896175105 | 12079598883 | -13007210629 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IMEX | Pandemic | -03735112979 | -02398100266 | 00533779554 | -00006387604 | -19062201837 | -3940399 | -21819164585 | -09962562461 | -00574475466 | -15669083769 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IDEU | Pandemic | 18878382403 | -09668474617 | 03371786209 | 0483210256 | -0047198012 | -26172511227 | -12905609117 | -04107398878 | 05585261716 | -06226209775 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IGBR | Pandemic | 24823649001 | -0739135003 | 16777739007 | 06643894657 | 06533113941 | -07999236088 | -02333238672 | 02507136905 | 13152062693 | 02846413002 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IBRA | Pandemic | -00237677886 | 19153104432 | 24592196357 | 18846225607 | -6057333778 | -68183843711 | -15904255744 | 16096256256 | 11023091785 | -21884237028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_ICHN | Pandemic | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -18145761976 | -87426651892 | -00254038564 | 6392235324 | 61225476607 | 01019172133 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IEUZN | Pandemic | 17986022234 | 06358352459 | 10998947573 | 03752442079 | 03759520935 | 00496751219 | -03786332106 | 08103230917 | 11823671661 | 03531495954 |
January | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 29451354542 | 22599606628 | 24139793469 | 24684818352 | 272065679 | 29246961109 | 26772534017 | 2610698539 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24572687311 | 26327068769 | ||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 21981110559 | 14854478326 | 21637882274 | 15212644402 | 1240462 | Transform Annual Growth | blFGDP$_US | Central | 23378491108 | 18444415498 | ||||||||||||||||||||||||||||
2019Q1 | 29451354542 | 30961395462 | 78364853704 | -00237677886 | 24823649001 | 17754221786 | Transform Annual Growth | blFGDP$_ICHN | Central | 78364853704 | 52562170871 | 49639920827 | 60986346254 | 71996449976 | 66464447608 | 5516591118 | 57641098471 | Transform Annual Growth | blFGDP$_ICHN | Central | 61482608188 | 61879167766 | |||||||||||||||||||||||||||
2019Q2 | 22599606628 | 20138186099 | 52562170871 | 19153104432 | -0739135003 | 07431449429 | Transform Annual Growth | blFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 2035391119 | 23545717496 | 25048602217 | 25545421579 | Transform Annual Growth | blFGDP$_IBRA | Central | 11023093516 | 22038851574 | |||||||||||||||||||||||||||
2019Q3 | 24139793469 | 21035065819 | 49639920827 | 24592196357 | 16777739007 | 09419706317 | Transform Annual Growth | blFGDP$_IGBR | Central | 24823649001 | -0739135003 | 16777739007 | 06643901326 | 12466257645 | 11263116978 | 10681874364 | 10996765728 | Transform Annual Growth | blFGDP$_IGBR | Central | 13152063114 | 10119832734 | |||||||||||||||||||||||||||
2019Q4 | 24684818352 | 21981110559 | 60986346254 | 1884625331 | 06643901326 | 10559422143 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17754221786 | 07431449429 | 09419706317 | 10559422143 | 13970624004 | 1533923729 | 18296441479 | 14318726638 | Transform Annual Growth | blFGDP$_IEUZN | Central | 12233338671 | 13174813176 | |||||||||||||||||||||||||||
2020Q1 | 272065679 | 14854478326 | 71996449976 | 2035391119 | 12466257645 | 13970624004 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 29246961109 | 21637882274 | 66464447608 | 23545717496 | 11263116978 | 1533923729 | |||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 26772534017 | 15212644402 | 5516591118 | 25048602217 | 10681874364 | 18296441479 | 1 | ||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 2610698539 | 1240462 | 57641098471 | 25545421579 | 10996765728 | 14318726638 | 1 | ||||||||||||||||||||||||||||||||||||||||||
1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 1 | |||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | 1 | |||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | 1 | |||||||||||||||||||||||||||||||||||||||||||
2019 | 24572687311 | 23378491108 | 61482608188 | 11023093516 | 13152063114 | 12233338671 | |||||||||||||||||||||||||||||||||||||||||||
2020 | 26327068769 | 18444415498 | 61879167766 | 22038851574 | 10119832734 | 13174813176 | |||||||||||||||||||||||||||||||||||||||||||
February | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019Q1 | 2019Q2 | ||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 30161892099 | 22802828188 | 24594084962 | 22008966022 | 14267975445 | 35673397653 | 3130360587 | 26477025015 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24535720549 | 24438471492 | ||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20798192573 | 11808986302 | 18383570453 | 18399532081 | 14396669192 | Transform Annual Growth | blFGDP$_US | Central | 23303837447 | 1737510215 | ||||||||||||||||||||||||||||
2019Q1 | 30161892099 | 30961395462 | 81649173964 | -00237677886 | 24823649001 | 17986022234 | Transform Annual Growth | blFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -01693269995 | 114621259414 | 8243216 | 57641098471 | Transform Annual Growth | blFGDP$_ICHN | Central | 61225476607 | 53847938302 | |||||||||||||||||||||||||||
2019Q2 | 22802828188 | 20138186099 | 52832664449 | 19153104432 | -0739135003 | 06358352459 | Transform Annual Growth | blFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 2035391119 | 23545717496 | 25048602217 | 25545421579 | Transform Annual Growth | blFGDP$_IBRA | Central | 11023093516 | 22038851574 | |||||||||||||||||||||||||||
2019Q3 | 24594084962 | 21035065819 | 52959086245 | 24592196357 | 16777739007 | 10998947573 | Transform Annual Growth | blFGDP$_IGBR | Central | 24823649001 | -0739135003 | 16777739007 | 06643897131 | 10679572806 | 1302977792 | 10712364192 | 1131447151 | Transform Annual Growth | blFGDP$_IGBR | Central | 13152062849 | 10028602649 | |||||||||||||||||||||||||||
2019Q4 | 22008966022 | 20798192573 | 5081292422 | 1884625331 | 06643897131 | 03752442079 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 03752442079 | 17050563006 | 16351220412 | 16699656597 | 14255519771 | Transform Annual Growth | blFGDP$_IEUZN | Central | 11823671661 | 1277684485 | |||||||||||||||||||||||||||
2020Q1 | 14267975445 | 11808986302 | -01693269995 | 2035391119 | 10679572806 | 17050563006 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 35673397653 | 18383570453 | 114621259414 | 23545717496 | 1302977792 | 16351220412 | |||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 3130360587 | 18399532081 | 8243216 | 25048602217 | 10712364192 | 16699656597 | 1 | ||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 26477025015 | 14396669192 | 57641098471 | 25545421579 | 1131447151 | 14255519771 | 1 | ||||||||||||||||||||||||||||||||||||||||||
1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 1 | |||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | 1 | |||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | 1 | |||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 24535720549 | 23303837447 | 61225476607 | 11023093516 | 13152062849 | 11823671661 | |||||||||||||||||||||||||||||||||||||||||||
2019Q2 | 24438471492 | 1737510215 | 53847938302 | 22038851574 | 10028602649 | 1277684485 | |||||||||||||||||||||||||||||||||||||||||||
March | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 30435599871 | 23558387781 | 24375040067 | 1701955775 | 07134330493 | 16088352258 | 35025062659 | 28314211454 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24493075475 | 18629862191 | ||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20951800832 | 10792377387 | -03629441718 | 17452447165 | 24113300406 | Transform Annual Growth | blFGDP$_US | Central | 23313535291 | 13471543008 | ||||||||||||||||||||||||||||
2019Q1 | 30435599871 | 30961395462 | 81649173964 | 0 | 25893471992 | 17986022234 | Transform Annual Growth | blFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -0916830864 | 50939502296 | 114125001473 | 57641098471 | Transform Annual Growth | blFGDP$_ICHN | Central | 61225476607 | 44051562126 | |||||||||||||||||||||||||||
2019Q2 | 23558387781 | 20138186099 | 52832664449 | 21088484653 | -04326963218 | 06358352459 | Transform Annual Growth | blFGDP$_IBRA | Central | 0 | 21088484653 | 25309159859 | 20368839529 | 13204907937 | 19612066518 | 24768647224 | 25597150807 | Transform Annual Growth | blFGDP$_IBRA | Central | 11327391421 | 19967072205 | |||||||||||||||||||||||||||
2019Q3 | 24375040067 | 21035065819 | 52959086245 | 25309159859 | 19881876478 | 10998947573 | Transform Annual Growth | blFGDP$_IGBR | Central | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 06010071267 | 04808646914 | 12479154327 | 11215100886 | Transform Annual Growth | blFGDP$_IGBR | Central | 14029645318 | 07039544518 | |||||||||||||||||||||||||||
2019Q4 | 1701955775 | 20951800832 | 5081292422 | 20368839529 | 00955519539 | 023526783 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 023526783 | 06533523093 | 07718419397 | 12075824693 | 13342808024 | Transform Annual Growth | blFGDP$_IEUZN | Central | 11735219155 | 0763453073 | |||||||||||||||||||||||||||
2020Q1 | 07134330493 | 10792377387 | -0916830864 | 13204907937 | 06010071267 | 06533523093 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 16088352258 | -03629441718 | 50939502296 | 19612066518 | 04808646914 | 07718419397 | |||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 35025062659 | 17452447165 | 114125001473 | 24768647224 | 12479154327 | 12075824693 | 1 | ||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 28314211454 | 24113300406 | 57641098471 | 25597150807 | 11215100886 | 13342808024 | 1 | ||||||||||||||||||||||||||||||||||||||||||
1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 1 | |||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | 1 | |||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | 1 | |||||||||||||||||||||||||||||||||||||||||||
2019 | 24493075475 | 23313535291 | 61225476607 | 11327391421 | 14029645318 | 11735219155 | |||||||||||||||||||||||||||||||||||||||||||
2020 | 18629862191 | 13471543008 | 44051562126 | 19967072205 | 07039544518 | 0763453073 | |||||||||||||||||||||||||||||||||||||||||||
Pandemic | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 30435599871 | 23555223464 | 24368647931 | 16948755801 | -64626256402 | -01452879884 | 364230161 | 31919100165 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24487184631 | -02913403409 | ||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20951800832 | -12649625419 | -3866587391 | -05250627901 | 12952466239 | Transform Annual Growth | blFGDP$_US | Central | 23313535291 | -02697321313 | ||||||||||||||||||||||||||||
2019Q1 | 30435599871 | 30961395462 | 81649173964 | 0 | 25893471992 | 17986022234 | Transform Annual Growth | blFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -271595817928 | 213939810451 | 288661390234 | 126527577187 | Transform Annual Growth | blFGDP$_ICHN | Central | 61225476607 | 16783204982 | |||||||||||||||||||||||||||
2019Q2 | 23555223464 | 20138186099 | 52832664449 | 21088484653 | -04326963218 | 06358352459 | Transform Annual Growth | blFGDP$_IBRA | Central | 0 | 21088484653 | 25309159859 | 20368839529 | -49699609713 | -59050479329 | -14301609311 | 29311858824 | Transform Annual Growth | blFGDP$_IBRA | Central | 11327391421 | -15810356391 | |||||||||||||||||||||||||||
2019Q3 | 24368647931 | 21035065819 | 52959086245 | 25309159859 | 19881876478 | 10998947573 | Transform Annual Growth | blFGDP$_IGBR | Central | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 0 | -38926164109 | -50898073001 | -24773578171 | Transform Annual Growth | blFGDP$_IGBR | Central | 14029645318 | -13025752939 | |||||||||||||||||||||||||||
2019Q4 | 16948755801 | 20951800832 | 5081292422 | 20368839529 | 00955519539 | 023526783 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 023526783 | -56773778158 | -74279753282 | -0805227426 | 16043293021 | Transform Annual Growth | blFGDP$_IEUZN | Central | 11735219155 | -26504236812 | |||||||||||||||||||||||||||
2020Q1 | -64626256402 | -12649625419 | -271595817928 | -49699609713 | 0 | -56773778158 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | -01452879884 | -3866587391 | 213939810451 | -59050479329 | -38926164109 | -74279753282 | |||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 364230161 | -05250627901 | 288661390234 | -14301609311 | -50898073001 | -0805227426 | |||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 31919100165 | 12952466239 | 126527577187 | 29311858824 | -24773578171 | 16043293021 | |||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | ||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | ||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | ||||||||||||||||||||||||||||||||||||||||||||
2019 | 24487184631 | 23313535291 | 61225476607 | 11327391421 | 14029645318 | 11735219155 | |||||||||||||||||||||||||||||||||||||||||||
2020 | -02913403409 | -02697321313 | 16783204982 | -15810356391 | -13025752939 | -26504236812 |
2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||
World | January base | 29 | 23 | 24 | 25 | 27 | 29 | 27 | 26 | 25 | 26 | ||||||||||||
March base | 30 | 23 | 24 | 17 | 10 | 32 | 31 | 27 | 24 | 22 | |||||||||||||
Pandemic | 30 | 23 | 25 | 21 | -08 | -32 | -09 | 15 | 24 | -00 | |||||||||||||
United States | January base | 31 | 20 | 21 | 22 | 15 | 22 | 15 | 12 | 23 | 18 | ||||||||||||
March base | 31 | 20 | 21 | 21 | 10 | 08 | 18 | 21 | 23 | 15 | |||||||||||||
Pandemic | 31 | 20 | 21 | 21 | -08 | -29 | -20 | -02 | 23 | -02 | |||||||||||||
Japan | January base | 26 | 20 | 18 | -11 | 05 | 10 | 08 | 05 | 12 | 06 | ||||||||||||
March base | 26 | 19 | 05 | -63 | -00 | 10 | 09 | 07 | 08 | -07 | |||||||||||||
Pandemic | 26 | 20 | 18 | -11 | -25 | -23 | -28 | -03 | 12 | -13 | |||||||||||||
Mexico | January base | -04 | -02 | 01 | 10 | 10 | 21 | 21 | 22 | 00 | 12 | ||||||||||||
March base | -04 | -02 | 01 | -00 | 08 | 18 | 14 | 18 | -01 | 08 | |||||||||||||
Pandemic | -04 | -02 | 01 | -00 | -19 | -39 | -22 | -10 | -01 | -16 | |||||||||||||
Germany | January base | 19 | -10 | 03 | 07 | 10 | 17 | 20 | 15 | 06 | 10 | ||||||||||||
March base | 19 | -10 | 08 | 01 | 03 | 07 | 08 | 13 | 06 | 05 | |||||||||||||
Pandemic | 19 | -10 | 03 | 05 | -00 | -26 | -13 | -04 | 06 | -06 | |||||||||||||
United Kingdom | January base | 25 | -07 | 17 | 07 | 12 | 11 | 11 | 11 | 13 | 10 | ||||||||||||
March base | 26 | -04 | 20 | 01 | 07 | 09 | 12 | 10 | 14 | 08 | |||||||||||||
Pandemic | 25 | -07 | 17 | 07 | 07 | -08 | -02 | 03 | 13 | 03 | |||||||||||||
Brazil | January base | -00 | 19 | 25 | 19 | 20 | 24 | 25 | 26 | 11 | 22 | ||||||||||||
March base | -00 | 19 | 25 | 19 | 16 | 23 | 29 | 26 | 11 | 21 | |||||||||||||
Pandemic | -00 | 19 | 25 | 19 | -61 | -68 | -16 | 16 | 11 | -22 | |||||||||||||
China | January base | 78 | 53 | 50 | 61 | 72 | 66 | 55 | 58 | 61 | 62 | ||||||||||||
March base | 82 | 53 | 53 | 51 | -08 | 115 | 82 | 58 | 61 | 52 | |||||||||||||
Pandemic | 82 | 53 | 53 | 51 | -18 | -87 | -00 | 64 | 61 | 01 | |||||||||||||
Euro Zone | January base | 18 | 07 | 09 | 11 | 14 | 15 | 18 | 14 | 12 | 13 | ||||||||||||
March base | 18 | 06 | 11 | 02 | 13 | 13 | 14 | 14 | 12 | 10 | |||||||||||||
Pandemic | 18 | 06 | 11 | 04 | 04 | 00 | -04 | 08 | 12 | 04 |
Virus Changes the Outlook | |||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||
World | January base | 27 | 29 | 27 | 26 | 25 | 26 | ||||||||
February base | 14 | 36 | 31 | 26 | 25 | 24 | |||||||||
March prelim base | 07 | 16 | 35 | 28 | 24 | 19 | |||||||||
Pandemic | -65 | -01 | 36 | 32 | 24 | -03 | |||||||||
United States | January base | 15 | 22 | 15 | 12 | 23 | 18 | ||||||||
February base | 12 | 18 | 18 | 14 | 23 | 17 | |||||||||
March prelim base | 11 | -04 | 17 | 24 | 23 | 13 | |||||||||
Pandemic | -13 | -39 | -05 | 13 | 23 | -03 | |||||||||
China | January base | 72 | 66 | 55 | 58 | 61 | 62 | ||||||||
February base | -02 | 115 | 82 | 58 | 61 | 54 | |||||||||
March base | -09 | 51 | 114 | 58 | 61 | 44 | |||||||||
Pandemic | -272 | 214 | 289 | 127 | 61 | 17 | |||||||||
Brazil | January base | 20 | 24 | 25 | 26 | 11 | 22 | ||||||||
February base | 20 | 24 | 25 | 26 | 11 | 22 | |||||||||
March prelim base | 13 | 20 | 25 | 26 | 11 | 20 | |||||||||
Pandemic | -50 | -59 | -14 | 29 | 11 | -16 | |||||||||
United Kingdom | January base | 12 | 11 | 11 | 11 | 13 | 10 | ||||||||
February base | 11 | 13 | 11 | 11 | 13 | 10 | |||||||||
March base | 06 | 05 | 12 | 11 | 14 | 07 | |||||||||
Pandemic | 00 | -39 | -51 | -25 | 14 | -13 | |||||||||
Euro Zone | January base | 14 | 15 | 18 | 14 | 12 | 13 | ||||||||
February base | 17 | 16 | 17 | 14 | 12 | 13 | |||||||||
March prelim base | 07 | 08 | 12 | 13 | 12 | 08 | |||||||||
Pandemic | -57 | -74 | -08 | 16 | 12 | -27 |
Global Recession Under Pandemic Scenario | |||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||
World | January base | 27 | 29 | 27 | 26 | 25 | 26 | ||||||||
March base | 07 | 16 | 35 | 28 | 24 | 19 | |||||||||
April base | -109 | -221 | 199 | 45 | 24 | -42 | |||||||||
United States | January base | 15 | 22 | 15 | 12 | 23 | 18 | ||||||||
March base | 11 | -04 | 17 | 24 | 23 | 13 | |||||||||
April base | -81 | -302 | 166 | 04 | 23 | -58 | |||||||||
China | January base | 72 | 66 | 55 | 58 | 61 | 62 | ||||||||
March base | -09 | 51 | 114 | 58 | 61 | 44 | |||||||||
April base | -290 | 149 | 277 | 130 | 61 | -01 | |||||||||
Brazil | January base | 20 | 24 | 25 | 26 | 11 | 22 | ||||||||
March base | 13 | 20 | 25 | 26 | 11 | 20 | |||||||||
April base | -88 | -243 | 04 | 70 | 11 | -61 | |||||||||
United Kingdom | January base | 12 | 11 | 11 | 11 | 13 | 10 | ||||||||
March base | 06 | 05 | 12 | 11 | 14 | 07 | |||||||||
April base | -30 | -367 | 258 | 58 | 14 | -56 | |||||||||
Euro Zone | January base | 14 | 15 | 18 | 14 | 12 | 13 | ||||||||
March base | 07 | 08 | 12 | 13 | 12 | 08 | |||||||||
April base | -148 | -400 | 593 | 16 | 12 | -70 |
April 2020 7
85
90
95
100
105
110
-4
0
4
8
12
16
20
17Q1 18Q1 19Q1 20Q1
Global balance (L)Global demand (R)Global supply (R)
Global Oil GlutMil barrels per day
Sources International Energy Agency Moodyrsquos Analytics
April 2020 8
-30-25-20-15-10-505
10
Jan-19 Apr-19 Jun-19 Sep-19 Dec-19 Aug-20
Start ups with high propensity to hire chg yr ago
Sources Census Department Moodyrsquos Analytics
Business Start Ups Plunge
Global Recession2
April 2020 10
Unprecedented Global Economic DownturnhellipEconomies in red are expected to suffer a recession in 2020
Source Moodyrsquos Analytics
April 2020 11
hellipThat Is Intensifying
2020Q1 2020Q2 2020Q3 2020Q4 2019 2020January base 27 29 27 26 25 26March base 07 16 35 28 24 19April base -109 -221 199 45 24 -42January base 15 22 15 12 23 18March base 11 -04 17 24 23 13April base -81 -302 166 04 23 -58January base 72 66 55 58 61 62March base -09 51 114 58 61 44April base -290 149 277 130 61 -01January base 20 24 25 26 11 22March base 13 20 25 26 11 20April base -88 -243 04 70 11 -61January base 12 11 11 11 13 10March base 06 05 12 11 14 07April base -30 -367 258 58 14 -56January base 14 15 18 14 12 13March base 07 08 12 13 12 08April base -148 -400 593 16 12 -70
Brazil
United Kingdom
Euro Zone
World
United States
China
Real GDP growth annualized change
Source Moodyrsquos Analytics
April 2020 12
-10-8-6-4-202468
0 2 4 6 8 10 12
1980 1990 20012007 2020
A Swoosh Recovery Real GDP change since beginning of recessionhellip
Sources BEA Moodyrsquos Analytics
X-axis is qtrs since beginning of recession
13April 2020
-40
-30
-20
-10
0
10
20
19 20 21 22 23 24
Baseline (50ile)S0 (4ile)S4 (96ile)
Output to Collapse With Gradual RecoveryInflation adjusted GDP annualized quarterly growth
Source Moodyrsquos Analytics
April 2020 14
0
5
10
15
20
25
30 40 50 60 70 80 90 00 10 20
Financial crisisFed slays inflation
1930s Depression
WW II
COVID crisis April 2020
Not Since the Great DepressionUS unemployment rate
Sources Federal Reserve BEA Moodyrsquos Analytics
15April 2020
02468
101214161820
19 20 21 22 23 24
Baseline (50ile)
S0 (4ile)
S4 (96ile)
Unemployment to SpikeU-3 unemployment rate quarterly average
Source Moodyrsquos Analytics
April 2020 16
Job Market Will Struggle to Recover
Sources BLS Moodyrsquos Analytics
05 04 06 06 04
-171
81
-06 -03
00 10 13 14 14 13 12
-20
-15
-10
-5
0
5
10
3
5
7
9
11
13
15
19 20 21 22
Employment Change (Mil R)Unemployment Rate (L)
April 2020 17
Regional Risk Factors for COVID-19
Virus Exposure
Commodities
Demographics
Global Interconnectedness (TradeTravel)
Tourism
FinanceInvestment
April 2020 18
Large Coastal Urban Areas Are Hit HardestWeighted avg Z-score across rankings 0 = metro area average
gt025
-025 to lt0lt-025
0 to lt025
Source Moodyrsquos Analytics
April 2020 19
Active Listings Collapse Across Major Metros
Sources Realtorcom Moodyrsquos Analytics
-45 -40 -35 -30 -25 -20 -15 -10 -5 0
PhoenixMilwaukeeSan DiegoSan JosePhiladelphiaCincinnatiDenverRiversideProvidenceSeattle
Active listing count yr ago
April 2020 20
US Real Estate Prices Slump
Sources FHFA Moodyrsquos Analytics
75
80
85
90
95
100
105
19 20 21 22
FHFA HPI
Moodyrsquos Analytics CPPI
Index 2019Q4 = 100 April baseline
April 2020 21
Home Prices Could Fall Fasthellip
Sources BEA Moodyrsquos Analytics
FHFA all-transactions index forecasts from March 2020 V2 vintage year ago
-15
-10
-5
0
5
10
15
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
BaselineScenario 1Scenario 3Scenario 4
April 2020 22
hellipAs Commercial Properties Are Hit From All Sides
Sources Reis Moodyrsquos Analytics
Commercial property price index yr ago
-40
-30
-20
-10
0
10
20
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
BaselineScenario 1Scenario 3Scenario 4
April 2020 23
House Prices SlumphellipForeclosures Increase
Sources FHFA MBA Moodyrsquos Analytics
0
500
1000
1500
2000
2500
60
70
80
90
100
110
120
05 10 15 20 25
FHFA HPI Index 2020Q1 = 100 (L)
Foreclosures startedths SA (R)
April baseline forecast
April 2020 24
Price Declines Vary Throughout the CountryBaseline forecast FHFA purchase-only index for 2021Q1 year ago
Sources FHFA Moodyrsquos Analytics
Known Unknowns3
April 2020 26
01000002000003000004000005000006000007000008000009000001000000
05000
10000150002000025000300003500040000
01-M
ar
04-M
ar
07-M
ar
10-M
ar
13-M
ar
16-M
ar
19-M
ar
22-M
ar
25-M
ar
28-M
ar
31-M
ar
03-A
pr
06-A
pr
09-A
pr
12-A
pr
15-A
pr
18-A
pr
21-A
pr
24-A
pr
Daily Cases (L) Cumulative Cases (R )
US New Daily Cases Hovering Around 30000Number of confirmed COVID-19 cases
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 27
0
10
20
30
40
50
60
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60
Italy S Korea EU USDay 1 DatesItaly Feb 23S Korea Feb 20US March 3 EU Feb 23
Growth Rate of COVID Cases FallingDaily growth of COVID-19 cases days since 100 confirmed cases 3-day MA
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 28
Epidemiological Assumptions
S1 Scenario
bull lt1 mil confirmed US infectionsbull New infections peak in Aprilbull 5-6 case fatality ratebull 8 hospitalization ratebull Infections abate by Junebull Surplus of hospital bedsbull Surplus of ICU bedsbull Surplus of ventilators
Baseline Forecast
bull 1-3 mil confirmed US infectionsbull New infections peak in Maybull 7-11 case fatality ratebull 10 hospitalization ratebull Infections abate by Julybull Surplus of hospital bedsbull Small surplus of ICU bedsbull Small surplus of ventilators
S3 Scenario
bull 5-6 mil confirmed US infectionsbull New infections peak in Junebull 12-16 case fatality ratebull 15 hospitalization ratebull Infections abate by Septemberbull Small deficit of hospital bedsbull Large deficit of ICU bedsbull Large deficit of ventilators
April 2020 29
010002000300040005000600070008000
95 00 05 10 15
C B Ba Baa A Aa Aaa
Federal Reserve Must Shore Up the Firewall
Sources Moodyrsquos Investor Service Moodyrsquos Analytics
Corporate debt outstanding by rating $ bil
April 2020 30
0123456789
10
03 05 07 09 11 13 15 17 19 21 23 25
Up Up and AwayAssets held outright on the Fedrsquos balance sheet $ tril
Source Moodyrsquos Analytics
April 2020 31
Lawmakers Act But Need to Do More
Sources CRFB Moodyrsquos Analytics
Cost of Coronavirus Aid Relief amp Economic Security (CARES) Act
$510 BilLoans amp Loan
Guarantees for Large Firms amp Governments
$377 BilSmall Business Loans amp Grants
$290 BilOne-time Checks
$180 BilHealth
$150 BilAid to States
$72 BilTransp Grants
$280 BilBusiness Tax Cuts
$45 BilFEMA
$42 BilSafety Nets
$32 BilEducation$260 Bil
Unemployment Insurance
$25 BilOther
April 2020 32
Running Out of Fiscal Space
Source Moodyrsquos Analytics
Sovereign borrowing capacity given current yields projected output growth and primary balance
-500
50100150200250300350400450
0 50 100 150 200 250
Circle size=Real GDP US$Y-axis Fiscal spaceX-axis Debt-to-GDP ratioAs of 2020Q1 (ex COVID-19 policies)
China
US
Japan
ItalyFrance Greece
Russia
UK
Argentina
Germany
Turkey S Africa Egypt
Spain
IndiaBrazil
Mexico
Canada
April 2020 33
US Risk Matrix
Source Moodyrsquos Analytics
April 2020 34
Questions amp
AnswersQuestions Contact us at helpeconomycom
April 2020 35
Coronavirus Liveeventsmoodysiocoronavirus coronavirusmoodyscom
Full webinars schedule eventsmoodysioeventsemeamoodyscom
MoodyrsquosWebinars
April 2020 36
Please complete our surveyWe Want to Hear From You
A survey will appear on your screen at the end of our presentation Please take a few moments to complete it
and let us know how we can continue to improve
moodyscom
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Contact Us Economics amp Business Analytics Offices
April 2020 38
copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved
CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC ANDOR ITS CREDIT RATINGS AFFILIATES ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MATERIALS PRODUCTS SERVICES AND INFORMATION PUBLISHED BY MOODYrsquoS (COLLECTIVELY ldquoPUBLICATIONSrdquo) MAY INCLUDE SUCH CURRENT OPINIONS MOODYrsquoS INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS INVESTORS SERVICE CREDIT RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS NON-CREDIT ASSESSMENTS (ldquoASSESSMENTSrdquo) AND OTHER OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC ANDOR ITS AFFILIATES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE
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All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information
NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING ASSESSMENT OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER
Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any credit rating agreed to pay to Moodyrsquos Investors Service Inc for credit ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and Moodyrsquos investors Service also maintain policies and procedures to address the independence of Moodyrsquos Investors Service credit ratings and credit rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold credit ratings from Moodyrsquos Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo
Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors
Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any credit rating agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements
BLFGDP$_IWRLD | |
BLFGDP$_US | |
BLFGDP$_ICHN | |
BLFGDP$_IBRA | |
BLFGDP$_IGBR | |
BLFGDP$_IEUZN |
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | |||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 1004457845 | 10044578163 | 09921251807 | 09921251807 | -00439644998 | -00439645008 | 08490892284 | 08490892282 | 02987390528 | 02987390528 | 06602394397 | 06602394358 | 16040993663 | 16040993566 | 2020 | 21709930613 | 21709969799 | 15414354913 | 15414354614 | -07102897285 | -07102894824 | 08324283964 | 08324259976 | 04515958007 | 04515958007 | 07953949612 | 07953950128 | 21497054247 | 21497054504 | 52185934247 | 52185934247 | 10459481224 | 10459483101 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 32074829495 | 32074831252 | 08275731969 | 08275731787 | 10125815712 | 1012581938 | 18025324464 | 18025300718 | 07063814764 | 07063814764 | 09321922665 | 09321922955 | 23481470825 | 23481471214 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 31264533681 | 3126453553 | 18283102998 | 18283103389 | 08666505872 | 08666514849 | 14194129347 | 14194048288 | 08334022824 | 08334022824 | 12477941124 | 12477943726 | 29204265431 | 29204266796 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 27331374943 | 27331990841 | 20834052245 | 20834047228 | 06663085528 | 06663096538 | 18384431899 | 18384280067 | 13146543316 | 13146543316 | 09915534109 | 09915536456 | 26058164488 | 26058165097 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IWRLD | Central | 1004457845 | 32074829495 | 31264533681 | 27331374943 | Transform Annual Growth | blFGDP$_IWRLD | Central | 21709930613 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 10044578163 | 32074831252 | 3126453553 | 27331990841 | Local | 21709969799 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_US | Central | 09921251807 | 08275731969 | 18283102998 | 20834052245 | Transform Annual Growth | blFGDP$_US | Central | 15414354913 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 09921251807 | 08275731787 | 18283103389 | 20834047228 | Local | 15414354614 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Central | -00439644998 | 10125815712 | 08666505872 | 06663085528 | Transform Annual Growth | blFGDP$_IJPN | Central | -07102897285 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | -00439645008 | 1012581938 | 08666514849 | 06663096538 | Local | -07102894824 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IMEX | Central | 08490892284 | 18025324464 | 14194129347 | 18384431899 | Transform Annual Growth | blFGDP$_IMEX | Central | 08324283964 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 08490892282 | 18025300718 | 14194048288 | 18384280067 | Local | 08324259976 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IDEU | Central | 02987390528 | 07063814764 | 08334022824 | 13146543316 | Transform Annual Growth | blFGDP$_IDEU | Central | 04515958007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 02987390528 | 07063814764 | 08334022824 | 13146543316 | Local | 04515958007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IGBR | Central | 06602394397 | 09321922665 | 12477941124 | 09915534109 | Transform Annual Growth | blFGDP$_IGBR | Central | 07953949612 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 06602394358 | 09321922955 | 12477943726 | 09915536456 | Local | 07953950128 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IBRA | Central | 16040993663 | 23481470825 | 29204265431 | 26058164488 | Transform Annual Growth | blFGDP$_IBRA | Central | 21497054247 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 16040993566 | 23481471214 | 29204266796 | 26058165097 | Local | 21497054504 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 272065679 | 14854478326 | 04765669035 | 10081169396 | 10172628117 | 12466257645 | 2035391119 | 2020 | 26327068769 | 18444415498 | 05810706316 | 12256906248 | 10222414849 | 10119832734 | 22038851574 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 29246961109 | 21637882274 | 10099936598 | 20906101983 | 16794358524 | 11263116978 | 23545717496 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 26772534017 | 15212644402 | 08024032016 | 20970805994 | 19893661165 | 10681874364 | 25048602217 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 2610698539 | 1240462 | 04808646914 | 21918401913 | 14932062066 | 10996765728 | 25545421579 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IWRLD | Central | 272065679 | 29246961109 | 26772534017 | 2610698539 | Transform Annual Growth | blFGDP$_IWRLD | Central | 26327068769 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_US | Central | 14854478326 | 21637882274 | 15212644402 | 1240462 | Transform Annual Growth | blFGDP$_US | Central | 18444415498 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Central | 04765669035 | 10099936598 | 08024032016 | 04808646914 | Transform Annual Growth | blFGDP$_IJPN | Central | 05810706316 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IMEX | Central | 10081169396 | 20906101983 | 20970805994 | 21918401913 | Transform Annual Growth | blFGDP$_IMEX | Central | 12256906248 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IDEU | Central | 10172628117 | 16794358524 | 19893661165 | 14932062066 | Transform Annual Growth | blFGDP$_IDEU | Central | 10222414849 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IGBR | Central | 12466257645 | 11263116978 | 10681874364 | 10996765728 | Transform Annual Growth | blFGDP$_IGBR | Central | 10119832734 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IBRA | Central | 2035391119 | 23545717496 | 25048602217 | 25545421579 | Transform Annual Growth | blFGDP$_IBRA | Central | 22038851574 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | Current | 1004457845 | 32074829495 | 31264533681 | 27331374943 | 21709930613 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 272065679 | 29246961109 | 26772534017 | 2610698539 | 26327068769 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_US | Current | 09921251807 | 08275731969 | 18283102998 | 20834052245 | 15414354913 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 14854478326 | 21637882274 | 15212644402 | 1240462 | 18444415498 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IJPN | Current | -00439644998 | 10125815712 | 08666505872 | 06663085528 | -07102897285 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 04765669035 | 10099936598 | 08024032016 | 04808646914 | 05810706316 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IMEX | Current | 08490892284 | 18025324464 | 14194129347 | 18384431899 | 08324283964 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 10081169396 | 20906101983 | 20970805994 | 21918401913 | 12256906248 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IDEU | Current | 02987390528 | 07063814764 | 08334022824 | 13146543316 | 04515958007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 10172628117 | 16794358524 | 19893661165 | 14932062066 | 10222414849 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IGBR | Current | 06602394397 | 09321922665 | 12477941124 | 09915534109 | 07953949612 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 12466257645 | 11263116978 | 10681874364 | 10996765728 | 10119832734 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IBRA | Current | 16040993663 | 23481470825 | 29204265431 | 26058164488 | 21497054247 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 2035391119 | 23545717496 | 25048602217 | 25545421579 | 22038851574 |
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019 | 2020 | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 24351159023 | 21709930613 | Transform Annual Growth | blFGDP$_IWRLD | Central | 30284213704 | 23417301002 | 23990821589 | 16664397734 | 1004457845 | 32074829495 | 31264533681 | 27331374943 | |||||||||||||||||||||||||||||||||||||||||||||||
Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Local | 24351159023 | 21709969799 | Local | 30284213704 | 23417301002 | 23990821589 | 16664397734 | 10044578163 | 32074831252 | 3126453553 | 27331990841 | ||||||||||||||||||||||||||||||||||||||||||
2019 | 24351159023 | 24351159023 | 23313535291 | 23313535291 | 07546323236 | 07546323236 | -005744748 | -005744748 | 05986711898 | 05986711898 | 14029645318 | 14029645318 | 11023093516 | 11023093516 | 61225476607 | 61225476607 | 11735219155 | 11735219155 | Transform Annual Growth | blFGDP$_US | Central | 23313535291 | 15414354913 | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20951800832 | 09921251807 | 08275731969 | 18283102998 | 20834052245 | |||||||||||||||||||||||||||||||||||||
2020 | 21709930613 | 21709969799 | 15414354913 | 15414354614 | -07102897285 | -07102894824 | 08324283964 | 08324259976 | 04515958007 | 04515958007 | 07953949612 | 07953950128 | 21497054247 | 21497054504 | 52185934247 | 52185934247 | 10459481224 | 10459483101 | Local | 23313535291 | 15414354614 | Local | 30961395462 | 20138186099 | 21035065819 | 20951800832 | 09921251807 | 08275731787 | 18283103389 | 20834047228 | |||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Central | 07546323236 | -07102897285 | Transform Annual Growth | blFGDP$_IJPN | Central | 26108675557 | 1928453754 | 04856673069 | -62909369088 | -00439644998 | 10125815712 | 08666505872 | 06663085528 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Local | 07546323236 | -07102894824 | Local | 26108675557 | 1928453754 | 04856673069 | -62909369088 | -00439645008 | 1012581938 | 08666514849 | 06663096538 | |||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IMEX | Central | -005744748 | 08324283964 | Transform Annual Growth | blFGDP$_IMEX | Central | -03735112979 | -02398100266 | 00533779554 | -00006376933 | 08490892284 | 18025324464 | 14194129347 | 18384431898 | |||||||||||||||||||||||||||||||||||||||||||||||
Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Local | -005744748 | 08324259976 | Local | -03735112979 | -02398100266 | 00533779554 | -00006376933 | 08490892282 | 18025300718 | 14194048288 | 18384280067 | ||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 30284213704 | 30284213704 | 30961395462 | 30961395462 | 26108675557 | 26108675557 | -03735112979 | -03735112979 | 19164480743 | 19164480743 | 25893471992 | 25893471992 | -00237677886 | -00237677886 | 81649173964 | 81649173964 | 17986022234 | 17986022234 | Transform Annual Growth | blFGDP$_IDEU | Central | 05986711898 | 04515958007 | Transform Annual Growth | blFGDP$_IDEU | Central | 19164480743 | -09667798486 | 07878544616 | 01119058205 | 02987390528 | 07063814764 | 08334022824 | 13146543316 | |||||||||||||||||||||||||||||||||||||
2019Q2 | 23417301002 | 23417301002 | 20138186099 | 20138186099 | 1928453754 | 1928453754 | -02398100266 | -02398100266 | -09667798486 | -09667798486 | -04326963218 | -04326963218 | 19153104432 | 19153104432 | 52832664449 | 52832664449 | 06358352459 | 06358352459 | Local | 05986711898 | 04515958007 | Local | 19164480743 | -09667798486 | 07878544616 | 01119058205 | 02987390528 | 07063814764 | 08334022824 | 13146543316 | |||||||||||||||||||||||||||||||||||||||||
2019Q3 | 23990821589 | 23990821589 | 21035065819 | 21035065819 | 04856673069 | 04856673069 | 00533779554 | 00533779554 | 07878544616 | 07878544616 | 19881876478 | 19881876478 | 24592196357 | 24592196357 | 52959086245 | 52959086245 | 10998947573 | 10998947573 | Transform Annual Growth | blFGDP$_IGBR | Central | 14029645318 | 07953949612 | Transform Annual Growth | blFGDP$_IGBR | Central | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 06602394397 | 09321922665 | 12477941124 | 09915534109 | |||||||||||||||||||||||||||||||||||||
2019Q4 | 16664397734 | 16664397734 | 20951800832 | 20951800832 | -62909369088 | -62909369088 | -00006376933 | -00006376933 | 01119058205 | 01119058205 | 00955519539 | 00955519539 | 1884625331 | 1884625331 | 5081292422 | 5081292422 | 023526783 | 023526783 | Local | 14029645318 | 07953950128 | Local | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 06602394358 | 09321922955 | 12477943726 | 09915536456 | |||||||||||||||||||||||||||||||||||||||||
2020Q1 | 1004457845 | 10044578163 | 09921251807 | 09921251807 | -00439644998 | -00439645008 | 08490892284 | 08490892282 | 02987390528 | 02987390528 | 06602394397 | 06602394358 | 16040993663 | 16040993566 | -07976031984 | -07976031984 | 13072031191 | 13072029534 | Transform Annual Growth | blFGDP$_IBRA | Central | 11023093516 | 21497054247 | Transform Annual Growth | blFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 16040993663 | 23481470825 | 29204265431 | 26058164488 | |||||||||||||||||||||||||||||||||||||
2020Q2 | 32074829495 | 32074831252 | 08275731969 | 08275731787 | 10125815712 | 1012581938 | 18025324464 | 18025300718 | 07063814764 | 07063814764 | 09321922665 | 09321922955 | 23481470825 | 23481471214 | 114621259414 | 114621259414 | 12804875265 | 12804882285 | Local | 11023093516 | 21497054504 | Local | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 16040993566 | 23481471214 | 29204266796 | 26058165097 | |||||||||||||||||||||||||||||||||||||||||
2020Q3 | 31264533681 | 3126453553 | 18283102998 | 18283103389 | 08666505872 | 08666514849 | 14194129347 | 14194048288 | 08334022824 | 08334022824 | 12477941124 | 12477943726 | 29204265431 | 29204266796 | 8243216 | 8243216 | 13849193065 | 13849201636 | Transform Annual Growth | blFGDP$_ICHN | Central | 61225476607 | 52185934247 | Transform Annual Growth | blFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -07976031984 | 114621259414 | 8243216 | 57641098471 | |||||||||||||||||||||||||||||||||||||
2020Q4 | 27331374943 | 27331990841 | 20834052245 | 20834047228 | 06663085528 | 06663096538 | 18384431898 | 18384280067 | 13146543316 | 13146543316 | 09915534109 | 09915536456 | 26058164488 | 26058165097 | 57641098471 | 57641098471 | 13600290043 | 13600288501 | Local | 61225476607 | 52185934247 | Local | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -07976031984 | 114621259414 | 8243216 | 57641098471 | |||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IEUZN | Central | 11735219155 | 10459481224 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 023526783 | 13072031191 | 12804875265 | 13849193065 | 13600290043 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Local | 11735219155 | 10459483101 | Local | 17986022234 | 06358352459 | 10998947573 | 023526783 | 13072029534 | 12804882285 | 13849201636 | 13600288501 | |||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | 2019 | 2020 | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 24572687311 | 23378491108 | 12088413762 | 00063845975 | 05719546493 | 13152063114 | 11023093516 | 61482608188 | 12233338671 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24572687311 | 26327068769 | Transform Annual Growth | blFGDP$_IWRLD | Central | 29451354542 | 22599606628 | 24139793469 | 24684818352 | 272065679 | 29246961109 | 26772534017 | 2610698539 | ||||||||||||||||||||||||||||||||||||||||||||||
2020 | 26327068769 | 18444415498 | 05810706316 | 12256906248 | 10222414849 | 10119832734 | 22038851574 | 61879167766 | 13174813176 | Transform Annual Growth | blFGDP$_US | Central | 23378491108 | 18444415498 | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 21981110559 | 14854478326 | 21637882274 | 15212644402 | 1240462 | ||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Central | 12088413762 | 05810706316 | Transform Annual Growth | blFGDP$_IJPN | Central | 26155633695 | 20471054063 | 17999622217 | -10982174064 | 04765669035 | 10099936598 | 08024032016 | 04808646914 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | blFGDP$_IMEX | Central | 00063845975 | 12256906248 | Transform Annual Growth | blFGDP$_IMEX | Central | -03735112979 | -02398100266 | 00533779554 | 10252658827 | 10081169396 | 20906101983 | 20970805994 | 21918401913 | |||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IDEU | Central | 05719546493 | 10222414849 | Transform Annual Growth | blFGDP$_IDEU | Central | 18878382403 | -09668474617 | 03371786209 | 06979229504 | 10172628117 | 16794358524 | 19893661165 | 14932062066 | |||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_IGBR | Central | 13152063114 | 10119832734 | Transform Annual Growth | blFGDP$_IGBR | Central | 24823649001 | -0739135003 | 16777739007 | 06643901326 | 12466257645 | 11263116978 | 10681874364 | 10996765728 | |||||||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 29451354542 | 30961395462 | 26155633695 | -03735112979 | 18878382403 | 24823649001 | -00237677886 | 78364853704 | 17754221786 | Transform Annual Growth | blFGDP$_IBRA | Central | 11023093516 | 22038851574 | Transform Annual Growth | blFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 2035391119 | 23545717496 | 25048602217 | 25545421579 | ||||||||||||||||||||||||||||||||||||||||||||||
2019Q2 | 22599606628 | 20138186099 | 20471054063 | -02398100266 | -09668474617 | -0739135003 | 19153104432 | 52562170871 | 07431449429 | Transform Annual Growth | blFGDP$_ICHN | Central | 61482608188 | 61879167766 | Transform Annual Growth | blFGDP$_ICHN | Central | 78364853704 | 52562170871 | 49639920827 | 60986346254 | 71996449976 | 66464447608 | 5516591118 | 57641098471 | ||||||||||||||||||||||||||||||||||||||||||||||
2019Q3 | 24139793469 | 21035065819 | 17999622217 | 00533779554 | 03371786209 | 16777739007 | 24592196357 | 49639920827 | 09419706317 | Transform Annual Growth | blFGDP$_IEUZN | Central | 12233338671 | 13174813176 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17754221786 | 07431449429 | 09419706317 | 10559422143 | 13970624004 | 1533923729 | 18296441479 | 14318726638 | ||||||||||||||||||||||||||||||||||||||||||||||
2019Q4 | 24684818352 | 21981110559 | -10982174064 | 10252658827 | 06979229504 | 06643901326 | 1884625331 | 60986346254 | 10559422143 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 272065679 | 14854478326 | 04765669035 | 10081169396 | 10172628117 | 12466257645 | 2035391119 | 71996449976 | 13970624004 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 29246961109 | 21637882274 | 10099936598 | 20906101983 | 16794358524 | 11263116978 | 23545717496 | 66464447608 | 1533923729 | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 26772534017 | 15212644402 | 08024032016 | 20970805994 | 19893661165 | 10681874364 | 25048602217 | 5516591118 | 18296441479 | blFGDP$_IWRLD | blFGDP$_IWRLD | March base | 30284213704 | 23417301002 | 23990821589 | 16664397734 | 1004457845 | 32074829495 | 31264533681 | 27331374943 | 24351159023 | 21709930613 | |||||||||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 2610698539 | 1240462 | 04808646914 | 21918401913 | 14932062066 | 10996765728 | 25545421579 | 57641098471 | 14318726638 | January base | 29451354542 | 22599606628 | 24139793469 | 24684818352 | 272065679 | 29246961109 | 26772534017 | 2610698539 | 24572687311 | 26327068769 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Pandemic | 30159788147 | 22796482557 | 24591371048 | 20779599357 | -0821068591 | -32466569486 | -09134483601 | 14536598724 | 2445594268 | -00205231371 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_US | blFGDP$_US | March base | 30961395462 | 20138186099 | 21035065819 | 20951800832 | 09921251807 | 08275731969 | 18283102998 | 20834052245 | 23313535291 | 15414354913 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | January base | 30961395462 | 20138186099 | 21035065819 | 21981110559 | 14854478326 | 21637882274 | 15212644402 | 1240462 | 23378491108 | 18444415498 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
cvpFGDP$_IWRLD | cvpFGDP$_US | cvpFGDP$_IJPN | cvpFGDP$_IMEX | cvpFGDP$_IDEU | cvpFGDP$_IGBR | cvpFGDP$_IBRA | cvpFGDP$_ICHN | cvpFGDP$_IEUZN | Pandemic | 30961395462 | 20138186099 | 21035065819 | 20798192573 | -07791884072 | -28691380159 | -19527497926 | -02389473664 | 23303837447 | -02321135313 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | blFGDP$_IJPN | blFGDP$_IJPN | March base | 26108675557 | 1928453754 | 04856673069 | -62909369088 | -00439644998 | 10125815712 | 08666505872 | 06663085528 | 07546323236 | -07102897285 | ||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 30159788147 | 30961395462 | 26155633695 | -03735112979 | 18878382403 | 24823649001 | -00237677886 | 81649173964 | 17986022234 | January base | 26155633695 | 20471054063 | 17999622217 | -10982174064 | 04765669035 | 10099936598 | 08024032016 | 04808646914 | 12088413762 | 05810706316 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q2 | 22796482557 | 20138186099 | 20471054063 | -02398100266 | -09668474617 | -0739135003 | 19153104432 | 52832664449 | 06358352459 | Pandemic | 26155633695 | 20471054063 | 17999622217 | -11119794418 | -25355286898 | -22605799716 | -28490450305 | -02896175105 | 12079598883 | -13007210629 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q3 | 24591371048 | 21035065819 | 17999622217 | 00533779554 | 03371786209 | 16777739007 | 24592196357 | 52959086245 | 10998947573 | blFGDP$_IMEX | blFGDP$_IMEX | March base | -03735112979 | -02398100266 | 00533779554 | -00006376933 | 08490892284 | 18025324464 | 14194129347 | 18384431898 | -005744748 | 08324283964 | |||||||||||||||||||||||||||||||||||||||||||||||||
2019Q4 | 20779599357 | 20798192573 | -11119794418 | -00006387604 | 0483210256 | 06643894657 | 18846225607 | 5081292422 | 03752442079 | January base | -03735112979 | -02398100266 | 00533779554 | 10252658827 | 10081169396 | 20906101983 | 20970805994 | 21918401913 | 00063845975 | 12256906248 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | -0821068591 | -07791884072 | -25355286898 | -19062201837 | -0047198012 | 06533113941 | -6057333778 | -18145761976 | 03759520935 | Pandemic | -03735112979 | -02398100266 | 00533779554 | -00006387604 | -19062201837 | -3940399 | -21819164585 | -09962562461 | -00574475466 | -15669083769 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q2 | -32466569486 | -28691380159 | -22605799716 | -3940399 | -26172511227 | -07999236088 | -68183843711 | -87426651892 | 00496751219 | blFGDP$_IDEU | blFGDP$_IDEU | March base | 19164480743 | -09667798486 | 07878544616 | 01119058205 | 02987390528 | 07063814764 | 08334022824 | 13146543316 | 05986711898 | 04515958007 | |||||||||||||||||||||||||||||||||||||||||||||||||
2020Q3 | -09134483601 | -19527497926 | -28490450305 | -21819164585 | -12905609117 | -02333238672 | -15904255744 | -00254038564 | -03786332106 | January base | 18878382403 | -09668474617 | 03371786209 | 06979229504 | 10172628117 | 16794358524 | 19893661165 | 14932062066 | 05719546493 | 10222414849 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 14536598724 | -02389473664 | -02896175105 | -09962562461 | -04107398878 | 02507136905 | 16096256256 | 6392235324 | 08103230917 | Pandemic | 18878382403 | -09668474617 | 03371786209 | 0483210256 | -0047198012 | -26172511227 | -12905609117 | -04107398878 | 05585261716 | -06226209775 | |||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IGBR | blFGDP$_IGBR | March base | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 06602394397 | 09321922665 | 12477941124 | 09915534109 | 14029645318 | 07953949612 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | January base | 24823649001 | -0739135003 | 16777739007 | 06643901326 | 12466257645 | 11263116978 | 10681874364 | 10996765728 | 13152063114 | 10119832734 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
cvpFGDP$_IWRLD | cvpFGDP$_US | cvpFGDP$_IJPN | cvpFGDP$_IMEX | cvpFGDP$_IDEU | cvpFGDP$_IGBR | cvpFGDP$_IBRA | cvpFGDP$_ICHN | cvpFGDP$_IEUZN | Pandemic | 24823649001 | -0739135003 | 16777739007 | 06643894657 | 06533113941 | -07999236088 | -02333238672 | 02507136905 | 13152062693 | 02846413002 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | blFGDP$_IBRA | blFGDP$_IBRA | March base | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 16040993663 | 23481470825 | 29204265431 | 26058164488 | 11023093516 | 21497054247 | ||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2445594268 | 23303837447 | 12079598883 | -00574475466 | 05585261716 | 13152062693 | 11023091785 | 61225476607 | 11823671661 | January base | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 2035391119 | 23545717496 | 25048602217 | 25545421579 | 11023093516 | 22038851574 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | -00205231371 | -02321135313 | -13007210629 | -15669083769 | -06226209775 | 02846413002 | -21884237028 | 01019172133 | 03531495954 | Pandemic | -00237677886 | 19153104432 | 24592196357 | 18846225607 | -6057333778 | -68183843711 | -15904255744 | 16096256256 | 11023091785 | -21884237028 | |||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_ICHN | blFGDP$_ICHN | March base | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -07976031984 | 114621259414 | 8243216 | 57641098471 | 61225476607 | 52185934247 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | January base | 78364853704 | 52562170871 | 49639920827 | 60986346254 | 71996449976 | 66464447608 | 5516591118 | 57641098471 | 61482608188 | 61879167766 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IWRLD | Central | 30159788147 | 22796482557 | 24591371048 | 20779599357 | -0821068591 | -32466569486 | -09134483601 | 14536598724 | Transform Annual Growth | cvpFGDP$_IWRLD | Central | 2445594268 | -00205231371 | Pandemic | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -18145761976 | -87426651892 | -00254038564 | 6392235324 | 61225476607 | 01019172133 | |||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20798192573 | -07791884072 | -28691380159 | -19527497926 | -02389473664 | Transform Annual Growth | cvpFGDP$_US | Central | 23303837447 | -02321135313 | blFGDP$_IEUZN | blFGDP$_IEUZN | March base | 17986022234 | 06358352459 | 10998947573 | 023526783 | 13072031191 | 12804875265 | 13849193065 | 13600290043 | 11735219155 | 10459481224 | |||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IJPN | Central | 26155633695 | 20471054063 | 17999622217 | -11119794418 | -25355286898 | -22605799716 | -28490450305 | -02896175105 | Transform Annual Growth | cvpFGDP$_IJPN | Central | 12079598883 | -13007210629 | January base | 17754221786 | 07431449429 | 09419706317 | 10559422143 | 13970624004 | 1533923729 | 18296441479 | 14318726638 | 12233338671 | 13174813176 | |||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IMEX | Central | -03735112979 | -02398100266 | 00533779554 | -00006387604 | -19062201837 | -3940399 | -21819164585 | -09962562461 | Transform Annual Growth | cvpFGDP$_IMEX | Central | -00574475466 | -15669083769 | Pandemic | 17986022234 | 06358352459 | 10998947573 | 03752442079 | 03759520935 | 00496751219 | -03786332106 | 08103230917 | 11823671661 | 03531495954 | |||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IDEU | Central | 18878382403 | -09668474617 | 03371786209 | 0483210256 | -0047198012 | -26172511227 | -12905609117 | -04107398878 | Transform Annual Growth | cvpFGDP$_IDEU | Central | 05585261716 | -06226209775 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IGBR | Central | 24823649001 | -0739135003 | 16777739007 | 06643894657 | 06533113941 | -07999236088 | -02333238672 | 02507136905 | Transform Annual Growth | cvpFGDP$_IGBR | Central | 13152062693 | 02846413002 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 18846225607 | -6057333778 | -68183843711 | -15904255744 | 16096256256 | Transform Annual Growth | cvpFGDP$_IBRA | Central | 11023091785 | -21884237028 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -18145761976 | -87426651892 | -00254038564 | 6392235324 | Transform Annual Growth | cvpFGDP$_ICHN | Central | 61225476607 | 01019172133 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 03752442079 | 03759520935 | 00496751219 | -03786332106 | 08103230917 | Transform Annual Growth | cvpFGDP$_IEUZN | Central | 11823671661 | 03531495954 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IWRLD | Pandemic | 30159788147 | 22796482557 | 24591371048 | 20779599357 | -0821068591 | -32466569486 | -09134483601 | 14536598724 | 2445594268 | -00205231371 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_US | Pandemic | 30961395462 | 20138186099 | 21035065819 | 20798192573 | -07791884072 | -28691380159 | -19527497926 | -02389473664 | 23303837447 | -02321135313 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Pandemic | 26155633695 | 20471054063 | 17999622217 | -11119794418 | -25355286898 | -22605799716 | -28490450305 | -02896175105 | 12079598883 | -13007210629 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IMEX | Pandemic | -03735112979 | -02398100266 | 00533779554 | -00006387604 | -19062201837 | -3940399 | -21819164585 | -09962562461 | -00574475466 | -15669083769 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IDEU | Pandemic | 18878382403 | -09668474617 | 03371786209 | 0483210256 | -0047198012 | -26172511227 | -12905609117 | -04107398878 | 05585261716 | -06226209775 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IGBR | Pandemic | 24823649001 | -0739135003 | 16777739007 | 06643894657 | 06533113941 | -07999236088 | -02333238672 | 02507136905 | 13152062693 | 02846413002 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IBRA | Pandemic | -00237677886 | 19153104432 | 24592196357 | 18846225607 | -6057333778 | -68183843711 | -15904255744 | 16096256256 | 11023091785 | -21884237028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_ICHN | Pandemic | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -18145761976 | -87426651892 | -00254038564 | 6392235324 | 61225476607 | 01019172133 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IEUZN | Pandemic | 17986022234 | 06358352459 | 10998947573 | 03752442079 | 03759520935 | 00496751219 | -03786332106 | 08103230917 | 11823671661 | 03531495954 |
January | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 29451354542 | 22599606628 | 24139793469 | 24684818352 | 272065679 | 29246961109 | 26772534017 | 2610698539 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24572687311 | 26327068769 | ||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 21981110559 | 14854478326 | 21637882274 | 15212644402 | 1240462 | Transform Annual Growth | blFGDP$_US | Central | 23378491108 | 18444415498 | ||||||||||||||||||||||||||||
2019Q1 | 29451354542 | 30961395462 | 78364853704 | -00237677886 | 24823649001 | 17754221786 | Transform Annual Growth | blFGDP$_ICHN | Central | 78364853704 | 52562170871 | 49639920827 | 60986346254 | 71996449976 | 66464447608 | 5516591118 | 57641098471 | Transform Annual Growth | blFGDP$_ICHN | Central | 61482608188 | 61879167766 | |||||||||||||||||||||||||||
2019Q2 | 22599606628 | 20138186099 | 52562170871 | 19153104432 | -0739135003 | 07431449429 | Transform Annual Growth | blFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 2035391119 | 23545717496 | 25048602217 | 25545421579 | Transform Annual Growth | blFGDP$_IBRA | Central | 11023093516 | 22038851574 | |||||||||||||||||||||||||||
2019Q3 | 24139793469 | 21035065819 | 49639920827 | 24592196357 | 16777739007 | 09419706317 | Transform Annual Growth | blFGDP$_IGBR | Central | 24823649001 | -0739135003 | 16777739007 | 06643901326 | 12466257645 | 11263116978 | 10681874364 | 10996765728 | Transform Annual Growth | blFGDP$_IGBR | Central | 13152063114 | 10119832734 | |||||||||||||||||||||||||||
2019Q4 | 24684818352 | 21981110559 | 60986346254 | 1884625331 | 06643901326 | 10559422143 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17754221786 | 07431449429 | 09419706317 | 10559422143 | 13970624004 | 1533923729 | 18296441479 | 14318726638 | Transform Annual Growth | blFGDP$_IEUZN | Central | 12233338671 | 13174813176 | |||||||||||||||||||||||||||
2020Q1 | 272065679 | 14854478326 | 71996449976 | 2035391119 | 12466257645 | 13970624004 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 29246961109 | 21637882274 | 66464447608 | 23545717496 | 11263116978 | 1533923729 | |||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 26772534017 | 15212644402 | 5516591118 | 25048602217 | 10681874364 | 18296441479 | 1 | ||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 2610698539 | 1240462 | 57641098471 | 25545421579 | 10996765728 | 14318726638 | 1 | ||||||||||||||||||||||||||||||||||||||||||
1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 1 | |||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | 1 | |||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | 1 | |||||||||||||||||||||||||||||||||||||||||||
2019 | 24572687311 | 23378491108 | 61482608188 | 11023093516 | 13152063114 | 12233338671 | |||||||||||||||||||||||||||||||||||||||||||
2020 | 26327068769 | 18444415498 | 61879167766 | 22038851574 | 10119832734 | 13174813176 | |||||||||||||||||||||||||||||||||||||||||||
February | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019Q1 | 2019Q2 | ||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 30161892099 | 22802828188 | 24594084962 | 22008966022 | 14267975445 | 35673397653 | 3130360587 | 26477025015 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24535720549 | 24438471492 | ||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20798192573 | 11808986302 | 18383570453 | 18399532081 | 14396669192 | Transform Annual Growth | blFGDP$_US | Central | 23303837447 | 1737510215 | ||||||||||||||||||||||||||||
2019Q1 | 30161892099 | 30961395462 | 81649173964 | -00237677886 | 24823649001 | 17986022234 | Transform Annual Growth | blFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -01693269995 | 114621259414 | 8243216 | 57641098471 | Transform Annual Growth | blFGDP$_ICHN | Central | 61225476607 | 53847938302 | |||||||||||||||||||||||||||
2019Q2 | 22802828188 | 20138186099 | 52832664449 | 19153104432 | -0739135003 | 06358352459 | Transform Annual Growth | blFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 2035391119 | 23545717496 | 25048602217 | 25545421579 | Transform Annual Growth | blFGDP$_IBRA | Central | 11023093516 | 22038851574 | |||||||||||||||||||||||||||
2019Q3 | 24594084962 | 21035065819 | 52959086245 | 24592196357 | 16777739007 | 10998947573 | Transform Annual Growth | blFGDP$_IGBR | Central | 24823649001 | -0739135003 | 16777739007 | 06643897131 | 10679572806 | 1302977792 | 10712364192 | 1131447151 | Transform Annual Growth | blFGDP$_IGBR | Central | 13152062849 | 10028602649 | |||||||||||||||||||||||||||
2019Q4 | 22008966022 | 20798192573 | 5081292422 | 1884625331 | 06643897131 | 03752442079 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 03752442079 | 17050563006 | 16351220412 | 16699656597 | 14255519771 | Transform Annual Growth | blFGDP$_IEUZN | Central | 11823671661 | 1277684485 | |||||||||||||||||||||||||||
2020Q1 | 14267975445 | 11808986302 | -01693269995 | 2035391119 | 10679572806 | 17050563006 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 35673397653 | 18383570453 | 114621259414 | 23545717496 | 1302977792 | 16351220412 | |||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 3130360587 | 18399532081 | 8243216 | 25048602217 | 10712364192 | 16699656597 | 1 | ||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 26477025015 | 14396669192 | 57641098471 | 25545421579 | 1131447151 | 14255519771 | 1 | ||||||||||||||||||||||||||||||||||||||||||
1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 1 | |||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | 1 | |||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | 1 | |||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 24535720549 | 23303837447 | 61225476607 | 11023093516 | 13152062849 | 11823671661 | |||||||||||||||||||||||||||||||||||||||||||
2019Q2 | 24438471492 | 1737510215 | 53847938302 | 22038851574 | 10028602649 | 1277684485 | |||||||||||||||||||||||||||||||||||||||||||
March | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 30435599871 | 23558387781 | 24375040067 | 1701955775 | 07134330493 | 16088352258 | 35025062659 | 28314211454 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24493075475 | 18629862191 | ||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20951800832 | 10792377387 | -03629441718 | 17452447165 | 24113300406 | Transform Annual Growth | blFGDP$_US | Central | 23313535291 | 13471543008 | ||||||||||||||||||||||||||||
2019Q1 | 30435599871 | 30961395462 | 81649173964 | 0 | 25893471992 | 17986022234 | Transform Annual Growth | blFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -0916830864 | 50939502296 | 114125001473 | 57641098471 | Transform Annual Growth | blFGDP$_ICHN | Central | 61225476607 | 44051562126 | |||||||||||||||||||||||||||
2019Q2 | 23558387781 | 20138186099 | 52832664449 | 21088484653 | -04326963218 | 06358352459 | Transform Annual Growth | blFGDP$_IBRA | Central | 0 | 21088484653 | 25309159859 | 20368839529 | 13204907937 | 19612066518 | 24768647224 | 25597150807 | Transform Annual Growth | blFGDP$_IBRA | Central | 11327391421 | 19967072205 | |||||||||||||||||||||||||||
2019Q3 | 24375040067 | 21035065819 | 52959086245 | 25309159859 | 19881876478 | 10998947573 | Transform Annual Growth | blFGDP$_IGBR | Central | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 06010071267 | 04808646914 | 12479154327 | 11215100886 | Transform Annual Growth | blFGDP$_IGBR | Central | 14029645318 | 07039544518 | |||||||||||||||||||||||||||
2019Q4 | 1701955775 | 20951800832 | 5081292422 | 20368839529 | 00955519539 | 023526783 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 023526783 | 06533523093 | 07718419397 | 12075824693 | 13342808024 | Transform Annual Growth | blFGDP$_IEUZN | Central | 11735219155 | 0763453073 | |||||||||||||||||||||||||||
2020Q1 | 07134330493 | 10792377387 | -0916830864 | 13204907937 | 06010071267 | 06533523093 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 16088352258 | -03629441718 | 50939502296 | 19612066518 | 04808646914 | 07718419397 | |||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 35025062659 | 17452447165 | 114125001473 | 24768647224 | 12479154327 | 12075824693 | 1 | ||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 28314211454 | 24113300406 | 57641098471 | 25597150807 | 11215100886 | 13342808024 | 1 | ||||||||||||||||||||||||||||||||||||||||||
1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 1 | |||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | 1 | |||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | 1 | |||||||||||||||||||||||||||||||||||||||||||
2019 | 24493075475 | 23313535291 | 61225476607 | 11327391421 | 14029645318 | 11735219155 | |||||||||||||||||||||||||||||||||||||||||||
2020 | 18629862191 | 13471543008 | 44051562126 | 19967072205 | 07039544518 | 0763453073 | |||||||||||||||||||||||||||||||||||||||||||
Pandemic | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 30435599871 | 23555223464 | 24368647931 | 16948755801 | -64626256402 | -01452879884 | 364230161 | 31919100165 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24487184631 | -02913403409 | ||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20951800832 | -12649625419 | -3866587391 | -05250627901 | 12952466239 | Transform Annual Growth | blFGDP$_US | Central | 23313535291 | -02697321313 | ||||||||||||||||||||||||||||
2019Q1 | 30435599871 | 30961395462 | 81649173964 | 0 | 25893471992 | 17986022234 | Transform Annual Growth | blFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -271595817928 | 213939810451 | 288661390234 | 126527577187 | Transform Annual Growth | blFGDP$_ICHN | Central | 61225476607 | 16783204982 | |||||||||||||||||||||||||||
2019Q2 | 23555223464 | 20138186099 | 52832664449 | 21088484653 | -04326963218 | 06358352459 | Transform Annual Growth | blFGDP$_IBRA | Central | 0 | 21088484653 | 25309159859 | 20368839529 | -49699609713 | -59050479329 | -14301609311 | 29311858824 | Transform Annual Growth | blFGDP$_IBRA | Central | 11327391421 | -15810356391 | |||||||||||||||||||||||||||
2019Q3 | 24368647931 | 21035065819 | 52959086245 | 25309159859 | 19881876478 | 10998947573 | Transform Annual Growth | blFGDP$_IGBR | Central | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 0 | -38926164109 | -50898073001 | -24773578171 | Transform Annual Growth | blFGDP$_IGBR | Central | 14029645318 | -13025752939 | |||||||||||||||||||||||||||
2019Q4 | 16948755801 | 20951800832 | 5081292422 | 20368839529 | 00955519539 | 023526783 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 023526783 | -56773778158 | -74279753282 | -0805227426 | 16043293021 | Transform Annual Growth | blFGDP$_IEUZN | Central | 11735219155 | -26504236812 | |||||||||||||||||||||||||||
2020Q1 | -64626256402 | -12649625419 | -271595817928 | -49699609713 | 0 | -56773778158 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | -01452879884 | -3866587391 | 213939810451 | -59050479329 | -38926164109 | -74279753282 | |||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 364230161 | -05250627901 | 288661390234 | -14301609311 | -50898073001 | -0805227426 | |||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 31919100165 | 12952466239 | 126527577187 | 29311858824 | -24773578171 | 16043293021 | |||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | ||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | ||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | ||||||||||||||||||||||||||||||||||||||||||||
2019 | 24487184631 | 23313535291 | 61225476607 | 11327391421 | 14029645318 | 11735219155 | |||||||||||||||||||||||||||||||||||||||||||
2020 | -02913403409 | -02697321313 | 16783204982 | -15810356391 | -13025752939 | -26504236812 |
2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||
World | January base | 29 | 23 | 24 | 25 | 27 | 29 | 27 | 26 | 25 | 26 | ||||||||||||
March base | 30 | 23 | 24 | 17 | 10 | 32 | 31 | 27 | 24 | 22 | |||||||||||||
Pandemic | 30 | 23 | 25 | 21 | -08 | -32 | -09 | 15 | 24 | -00 | |||||||||||||
United States | January base | 31 | 20 | 21 | 22 | 15 | 22 | 15 | 12 | 23 | 18 | ||||||||||||
March base | 31 | 20 | 21 | 21 | 10 | 08 | 18 | 21 | 23 | 15 | |||||||||||||
Pandemic | 31 | 20 | 21 | 21 | -08 | -29 | -20 | -02 | 23 | -02 | |||||||||||||
Japan | January base | 26 | 20 | 18 | -11 | 05 | 10 | 08 | 05 | 12 | 06 | ||||||||||||
March base | 26 | 19 | 05 | -63 | -00 | 10 | 09 | 07 | 08 | -07 | |||||||||||||
Pandemic | 26 | 20 | 18 | -11 | -25 | -23 | -28 | -03 | 12 | -13 | |||||||||||||
Mexico | January base | -04 | -02 | 01 | 10 | 10 | 21 | 21 | 22 | 00 | 12 | ||||||||||||
March base | -04 | -02 | 01 | -00 | 08 | 18 | 14 | 18 | -01 | 08 | |||||||||||||
Pandemic | -04 | -02 | 01 | -00 | -19 | -39 | -22 | -10 | -01 | -16 | |||||||||||||
Germany | January base | 19 | -10 | 03 | 07 | 10 | 17 | 20 | 15 | 06 | 10 | ||||||||||||
March base | 19 | -10 | 08 | 01 | 03 | 07 | 08 | 13 | 06 | 05 | |||||||||||||
Pandemic | 19 | -10 | 03 | 05 | -00 | -26 | -13 | -04 | 06 | -06 | |||||||||||||
United Kingdom | January base | 25 | -07 | 17 | 07 | 12 | 11 | 11 | 11 | 13 | 10 | ||||||||||||
March base | 26 | -04 | 20 | 01 | 07 | 09 | 12 | 10 | 14 | 08 | |||||||||||||
Pandemic | 25 | -07 | 17 | 07 | 07 | -08 | -02 | 03 | 13 | 03 | |||||||||||||
Brazil | January base | -00 | 19 | 25 | 19 | 20 | 24 | 25 | 26 | 11 | 22 | ||||||||||||
March base | -00 | 19 | 25 | 19 | 16 | 23 | 29 | 26 | 11 | 21 | |||||||||||||
Pandemic | -00 | 19 | 25 | 19 | -61 | -68 | -16 | 16 | 11 | -22 | |||||||||||||
China | January base | 78 | 53 | 50 | 61 | 72 | 66 | 55 | 58 | 61 | 62 | ||||||||||||
March base | 82 | 53 | 53 | 51 | -08 | 115 | 82 | 58 | 61 | 52 | |||||||||||||
Pandemic | 82 | 53 | 53 | 51 | -18 | -87 | -00 | 64 | 61 | 01 | |||||||||||||
Euro Zone | January base | 18 | 07 | 09 | 11 | 14 | 15 | 18 | 14 | 12 | 13 | ||||||||||||
March base | 18 | 06 | 11 | 02 | 13 | 13 | 14 | 14 | 12 | 10 | |||||||||||||
Pandemic | 18 | 06 | 11 | 04 | 04 | 00 | -04 | 08 | 12 | 04 |
Virus Changes the Outlook | |||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||
World | January base | 27 | 29 | 27 | 26 | 25 | 26 | ||||||||
February base | 14 | 36 | 31 | 26 | 25 | 24 | |||||||||
March prelim base | 07 | 16 | 35 | 28 | 24 | 19 | |||||||||
Pandemic | -65 | -01 | 36 | 32 | 24 | -03 | |||||||||
United States | January base | 15 | 22 | 15 | 12 | 23 | 18 | ||||||||
February base | 12 | 18 | 18 | 14 | 23 | 17 | |||||||||
March prelim base | 11 | -04 | 17 | 24 | 23 | 13 | |||||||||
Pandemic | -13 | -39 | -05 | 13 | 23 | -03 | |||||||||
China | January base | 72 | 66 | 55 | 58 | 61 | 62 | ||||||||
February base | -02 | 115 | 82 | 58 | 61 | 54 | |||||||||
March base | -09 | 51 | 114 | 58 | 61 | 44 | |||||||||
Pandemic | -272 | 214 | 289 | 127 | 61 | 17 | |||||||||
Brazil | January base | 20 | 24 | 25 | 26 | 11 | 22 | ||||||||
February base | 20 | 24 | 25 | 26 | 11 | 22 | |||||||||
March prelim base | 13 | 20 | 25 | 26 | 11 | 20 | |||||||||
Pandemic | -50 | -59 | -14 | 29 | 11 | -16 | |||||||||
United Kingdom | January base | 12 | 11 | 11 | 11 | 13 | 10 | ||||||||
February base | 11 | 13 | 11 | 11 | 13 | 10 | |||||||||
March base | 06 | 05 | 12 | 11 | 14 | 07 | |||||||||
Pandemic | 00 | -39 | -51 | -25 | 14 | -13 | |||||||||
Euro Zone | January base | 14 | 15 | 18 | 14 | 12 | 13 | ||||||||
February base | 17 | 16 | 17 | 14 | 12 | 13 | |||||||||
March prelim base | 07 | 08 | 12 | 13 | 12 | 08 | |||||||||
Pandemic | -57 | -74 | -08 | 16 | 12 | -27 |
Global Recession Under Pandemic Scenario | |||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||
World | January base | 27 | 29 | 27 | 26 | 25 | 26 | ||||||||
March base | 07 | 16 | 35 | 28 | 24 | 19 | |||||||||
April base | -109 | -221 | 199 | 45 | 24 | -42 | |||||||||
United States | January base | 15 | 22 | 15 | 12 | 23 | 18 | ||||||||
March base | 11 | -04 | 17 | 24 | 23 | 13 | |||||||||
April base | -81 | -302 | 166 | 04 | 23 | -58 | |||||||||
China | January base | 72 | 66 | 55 | 58 | 61 | 62 | ||||||||
March base | -09 | 51 | 114 | 58 | 61 | 44 | |||||||||
April base | -290 | 149 | 277 | 130 | 61 | -01 | |||||||||
Brazil | January base | 20 | 24 | 25 | 26 | 11 | 22 | ||||||||
March base | 13 | 20 | 25 | 26 | 11 | 20 | |||||||||
April base | -88 | -243 | 04 | 70 | 11 | -61 | |||||||||
United Kingdom | January base | 12 | 11 | 11 | 11 | 13 | 10 | ||||||||
March base | 06 | 05 | 12 | 11 | 14 | 07 | |||||||||
April base | -30 | -367 | 258 | 58 | 14 | -56 | |||||||||
Euro Zone | January base | 14 | 15 | 18 | 14 | 12 | 13 | ||||||||
March base | 07 | 08 | 12 | 13 | 12 | 08 | |||||||||
April base | -148 | -400 | 593 | 16 | 12 | -70 |
April 2020 8
-30-25-20-15-10-505
10
Jan-19 Apr-19 Jun-19 Sep-19 Dec-19 Aug-20
Start ups with high propensity to hire chg yr ago
Sources Census Department Moodyrsquos Analytics
Business Start Ups Plunge
Global Recession2
April 2020 10
Unprecedented Global Economic DownturnhellipEconomies in red are expected to suffer a recession in 2020
Source Moodyrsquos Analytics
April 2020 11
hellipThat Is Intensifying
2020Q1 2020Q2 2020Q3 2020Q4 2019 2020January base 27 29 27 26 25 26March base 07 16 35 28 24 19April base -109 -221 199 45 24 -42January base 15 22 15 12 23 18March base 11 -04 17 24 23 13April base -81 -302 166 04 23 -58January base 72 66 55 58 61 62March base -09 51 114 58 61 44April base -290 149 277 130 61 -01January base 20 24 25 26 11 22March base 13 20 25 26 11 20April base -88 -243 04 70 11 -61January base 12 11 11 11 13 10March base 06 05 12 11 14 07April base -30 -367 258 58 14 -56January base 14 15 18 14 12 13March base 07 08 12 13 12 08April base -148 -400 593 16 12 -70
Brazil
United Kingdom
Euro Zone
World
United States
China
Real GDP growth annualized change
Source Moodyrsquos Analytics
April 2020 12
-10-8-6-4-202468
0 2 4 6 8 10 12
1980 1990 20012007 2020
A Swoosh Recovery Real GDP change since beginning of recessionhellip
Sources BEA Moodyrsquos Analytics
X-axis is qtrs since beginning of recession
13April 2020
-40
-30
-20
-10
0
10
20
19 20 21 22 23 24
Baseline (50ile)S0 (4ile)S4 (96ile)
Output to Collapse With Gradual RecoveryInflation adjusted GDP annualized quarterly growth
Source Moodyrsquos Analytics
April 2020 14
0
5
10
15
20
25
30 40 50 60 70 80 90 00 10 20
Financial crisisFed slays inflation
1930s Depression
WW II
COVID crisis April 2020
Not Since the Great DepressionUS unemployment rate
Sources Federal Reserve BEA Moodyrsquos Analytics
15April 2020
02468
101214161820
19 20 21 22 23 24
Baseline (50ile)
S0 (4ile)
S4 (96ile)
Unemployment to SpikeU-3 unemployment rate quarterly average
Source Moodyrsquos Analytics
April 2020 16
Job Market Will Struggle to Recover
Sources BLS Moodyrsquos Analytics
05 04 06 06 04
-171
81
-06 -03
00 10 13 14 14 13 12
-20
-15
-10
-5
0
5
10
3
5
7
9
11
13
15
19 20 21 22
Employment Change (Mil R)Unemployment Rate (L)
April 2020 17
Regional Risk Factors for COVID-19
Virus Exposure
Commodities
Demographics
Global Interconnectedness (TradeTravel)
Tourism
FinanceInvestment
April 2020 18
Large Coastal Urban Areas Are Hit HardestWeighted avg Z-score across rankings 0 = metro area average
gt025
-025 to lt0lt-025
0 to lt025
Source Moodyrsquos Analytics
April 2020 19
Active Listings Collapse Across Major Metros
Sources Realtorcom Moodyrsquos Analytics
-45 -40 -35 -30 -25 -20 -15 -10 -5 0
PhoenixMilwaukeeSan DiegoSan JosePhiladelphiaCincinnatiDenverRiversideProvidenceSeattle
Active listing count yr ago
April 2020 20
US Real Estate Prices Slump
Sources FHFA Moodyrsquos Analytics
75
80
85
90
95
100
105
19 20 21 22
FHFA HPI
Moodyrsquos Analytics CPPI
Index 2019Q4 = 100 April baseline
April 2020 21
Home Prices Could Fall Fasthellip
Sources BEA Moodyrsquos Analytics
FHFA all-transactions index forecasts from March 2020 V2 vintage year ago
-15
-10
-5
0
5
10
15
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
BaselineScenario 1Scenario 3Scenario 4
April 2020 22
hellipAs Commercial Properties Are Hit From All Sides
Sources Reis Moodyrsquos Analytics
Commercial property price index yr ago
-40
-30
-20
-10
0
10
20
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
BaselineScenario 1Scenario 3Scenario 4
April 2020 23
House Prices SlumphellipForeclosures Increase
Sources FHFA MBA Moodyrsquos Analytics
0
500
1000
1500
2000
2500
60
70
80
90
100
110
120
05 10 15 20 25
FHFA HPI Index 2020Q1 = 100 (L)
Foreclosures startedths SA (R)
April baseline forecast
April 2020 24
Price Declines Vary Throughout the CountryBaseline forecast FHFA purchase-only index for 2021Q1 year ago
Sources FHFA Moodyrsquos Analytics
Known Unknowns3
April 2020 26
01000002000003000004000005000006000007000008000009000001000000
05000
10000150002000025000300003500040000
01-M
ar
04-M
ar
07-M
ar
10-M
ar
13-M
ar
16-M
ar
19-M
ar
22-M
ar
25-M
ar
28-M
ar
31-M
ar
03-A
pr
06-A
pr
09-A
pr
12-A
pr
15-A
pr
18-A
pr
21-A
pr
24-A
pr
Daily Cases (L) Cumulative Cases (R )
US New Daily Cases Hovering Around 30000Number of confirmed COVID-19 cases
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 27
0
10
20
30
40
50
60
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60
Italy S Korea EU USDay 1 DatesItaly Feb 23S Korea Feb 20US March 3 EU Feb 23
Growth Rate of COVID Cases FallingDaily growth of COVID-19 cases days since 100 confirmed cases 3-day MA
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 28
Epidemiological Assumptions
S1 Scenario
bull lt1 mil confirmed US infectionsbull New infections peak in Aprilbull 5-6 case fatality ratebull 8 hospitalization ratebull Infections abate by Junebull Surplus of hospital bedsbull Surplus of ICU bedsbull Surplus of ventilators
Baseline Forecast
bull 1-3 mil confirmed US infectionsbull New infections peak in Maybull 7-11 case fatality ratebull 10 hospitalization ratebull Infections abate by Julybull Surplus of hospital bedsbull Small surplus of ICU bedsbull Small surplus of ventilators
S3 Scenario
bull 5-6 mil confirmed US infectionsbull New infections peak in Junebull 12-16 case fatality ratebull 15 hospitalization ratebull Infections abate by Septemberbull Small deficit of hospital bedsbull Large deficit of ICU bedsbull Large deficit of ventilators
April 2020 29
010002000300040005000600070008000
95 00 05 10 15
C B Ba Baa A Aa Aaa
Federal Reserve Must Shore Up the Firewall
Sources Moodyrsquos Investor Service Moodyrsquos Analytics
Corporate debt outstanding by rating $ bil
April 2020 30
0123456789
10
03 05 07 09 11 13 15 17 19 21 23 25
Up Up and AwayAssets held outright on the Fedrsquos balance sheet $ tril
Source Moodyrsquos Analytics
April 2020 31
Lawmakers Act But Need to Do More
Sources CRFB Moodyrsquos Analytics
Cost of Coronavirus Aid Relief amp Economic Security (CARES) Act
$510 BilLoans amp Loan
Guarantees for Large Firms amp Governments
$377 BilSmall Business Loans amp Grants
$290 BilOne-time Checks
$180 BilHealth
$150 BilAid to States
$72 BilTransp Grants
$280 BilBusiness Tax Cuts
$45 BilFEMA
$42 BilSafety Nets
$32 BilEducation$260 Bil
Unemployment Insurance
$25 BilOther
April 2020 32
Running Out of Fiscal Space
Source Moodyrsquos Analytics
Sovereign borrowing capacity given current yields projected output growth and primary balance
-500
50100150200250300350400450
0 50 100 150 200 250
Circle size=Real GDP US$Y-axis Fiscal spaceX-axis Debt-to-GDP ratioAs of 2020Q1 (ex COVID-19 policies)
China
US
Japan
ItalyFrance Greece
Russia
UK
Argentina
Germany
Turkey S Africa Egypt
Spain
IndiaBrazil
Mexico
Canada
April 2020 33
US Risk Matrix
Source Moodyrsquos Analytics
April 2020 34
Questions amp
AnswersQuestions Contact us at helpeconomycom
April 2020 35
Coronavirus Liveeventsmoodysiocoronavirus coronavirusmoodyscom
Full webinars schedule eventsmoodysioeventsemeamoodyscom
MoodyrsquosWebinars
April 2020 36
Please complete our surveyWe Want to Hear From You
A survey will appear on your screen at the end of our presentation Please take a few moments to complete it
and let us know how we can continue to improve
moodyscom
West Chester EBA-HQ+16102355299121 North Walnut Street Suite 500West Chester PA 19380USA
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Contact Us Economics amp Business Analytics Offices
April 2020 38
copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved
CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC ANDOR ITS CREDIT RATINGS AFFILIATES ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MATERIALS PRODUCTS SERVICES AND INFORMATION PUBLISHED BY MOODYrsquoS (COLLECTIVELY ldquoPUBLICATIONSrdquo) MAY INCLUDE SUCH CURRENT OPINIONS MOODYrsquoS INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS INVESTORS SERVICE CREDIT RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS NON-CREDIT ASSESSMENTS (ldquoASSESSMENTSrdquo) AND OTHER OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC ANDOR ITS AFFILIATES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK
All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information
NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING ASSESSMENT OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER
Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any credit rating agreed to pay to Moodyrsquos Investors Service Inc for credit ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and Moodyrsquos investors Service also maintain policies and procedures to address the independence of Moodyrsquos Investors Service credit ratings and credit rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold credit ratings from Moodyrsquos Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo
Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors
Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any credit rating agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements
BLFGDP$_IWRLD | |
BLFGDP$_US | |
BLFGDP$_ICHN | |
BLFGDP$_IBRA | |
BLFGDP$_IGBR | |
BLFGDP$_IEUZN |
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | |||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 1004457845 | 10044578163 | 09921251807 | 09921251807 | -00439644998 | -00439645008 | 08490892284 | 08490892282 | 02987390528 | 02987390528 | 06602394397 | 06602394358 | 16040993663 | 16040993566 | 2020 | 21709930613 | 21709969799 | 15414354913 | 15414354614 | -07102897285 | -07102894824 | 08324283964 | 08324259976 | 04515958007 | 04515958007 | 07953949612 | 07953950128 | 21497054247 | 21497054504 | 52185934247 | 52185934247 | 10459481224 | 10459483101 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 32074829495 | 32074831252 | 08275731969 | 08275731787 | 10125815712 | 1012581938 | 18025324464 | 18025300718 | 07063814764 | 07063814764 | 09321922665 | 09321922955 | 23481470825 | 23481471214 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 31264533681 | 3126453553 | 18283102998 | 18283103389 | 08666505872 | 08666514849 | 14194129347 | 14194048288 | 08334022824 | 08334022824 | 12477941124 | 12477943726 | 29204265431 | 29204266796 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 27331374943 | 27331990841 | 20834052245 | 20834047228 | 06663085528 | 06663096538 | 18384431899 | 18384280067 | 13146543316 | 13146543316 | 09915534109 | 09915536456 | 26058164488 | 26058165097 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IWRLD | Central | 1004457845 | 32074829495 | 31264533681 | 27331374943 | Transform Annual Growth | blFGDP$_IWRLD | Central | 21709930613 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 10044578163 | 32074831252 | 3126453553 | 27331990841 | Local | 21709969799 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_US | Central | 09921251807 | 08275731969 | 18283102998 | 20834052245 | Transform Annual Growth | blFGDP$_US | Central | 15414354913 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 09921251807 | 08275731787 | 18283103389 | 20834047228 | Local | 15414354614 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Central | -00439644998 | 10125815712 | 08666505872 | 06663085528 | Transform Annual Growth | blFGDP$_IJPN | Central | -07102897285 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | -00439645008 | 1012581938 | 08666514849 | 06663096538 | Local | -07102894824 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IMEX | Central | 08490892284 | 18025324464 | 14194129347 | 18384431899 | Transform Annual Growth | blFGDP$_IMEX | Central | 08324283964 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 08490892282 | 18025300718 | 14194048288 | 18384280067 | Local | 08324259976 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IDEU | Central | 02987390528 | 07063814764 | 08334022824 | 13146543316 | Transform Annual Growth | blFGDP$_IDEU | Central | 04515958007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 02987390528 | 07063814764 | 08334022824 | 13146543316 | Local | 04515958007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IGBR | Central | 06602394397 | 09321922665 | 12477941124 | 09915534109 | Transform Annual Growth | blFGDP$_IGBR | Central | 07953949612 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 06602394358 | 09321922955 | 12477943726 | 09915536456 | Local | 07953950128 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IBRA | Central | 16040993663 | 23481470825 | 29204265431 | 26058164488 | Transform Annual Growth | blFGDP$_IBRA | Central | 21497054247 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 16040993566 | 23481471214 | 29204266796 | 26058165097 | Local | 21497054504 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 272065679 | 14854478326 | 04765669035 | 10081169396 | 10172628117 | 12466257645 | 2035391119 | 2020 | 26327068769 | 18444415498 | 05810706316 | 12256906248 | 10222414849 | 10119832734 | 22038851574 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 29246961109 | 21637882274 | 10099936598 | 20906101983 | 16794358524 | 11263116978 | 23545717496 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 26772534017 | 15212644402 | 08024032016 | 20970805994 | 19893661165 | 10681874364 | 25048602217 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 2610698539 | 1240462 | 04808646914 | 21918401913 | 14932062066 | 10996765728 | 25545421579 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IWRLD | Central | 272065679 | 29246961109 | 26772534017 | 2610698539 | Transform Annual Growth | blFGDP$_IWRLD | Central | 26327068769 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_US | Central | 14854478326 | 21637882274 | 15212644402 | 1240462 | Transform Annual Growth | blFGDP$_US | Central | 18444415498 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Central | 04765669035 | 10099936598 | 08024032016 | 04808646914 | Transform Annual Growth | blFGDP$_IJPN | Central | 05810706316 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IMEX | Central | 10081169396 | 20906101983 | 20970805994 | 21918401913 | Transform Annual Growth | blFGDP$_IMEX | Central | 12256906248 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IDEU | Central | 10172628117 | 16794358524 | 19893661165 | 14932062066 | Transform Annual Growth | blFGDP$_IDEU | Central | 10222414849 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IGBR | Central | 12466257645 | 11263116978 | 10681874364 | 10996765728 | Transform Annual Growth | blFGDP$_IGBR | Central | 10119832734 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IBRA | Central | 2035391119 | 23545717496 | 25048602217 | 25545421579 | Transform Annual Growth | blFGDP$_IBRA | Central | 22038851574 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | Current | 1004457845 | 32074829495 | 31264533681 | 27331374943 | 21709930613 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 272065679 | 29246961109 | 26772534017 | 2610698539 | 26327068769 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_US | Current | 09921251807 | 08275731969 | 18283102998 | 20834052245 | 15414354913 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 14854478326 | 21637882274 | 15212644402 | 1240462 | 18444415498 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IJPN | Current | -00439644998 | 10125815712 | 08666505872 | 06663085528 | -07102897285 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 04765669035 | 10099936598 | 08024032016 | 04808646914 | 05810706316 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IMEX | Current | 08490892284 | 18025324464 | 14194129347 | 18384431899 | 08324283964 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 10081169396 | 20906101983 | 20970805994 | 21918401913 | 12256906248 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IDEU | Current | 02987390528 | 07063814764 | 08334022824 | 13146543316 | 04515958007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 10172628117 | 16794358524 | 19893661165 | 14932062066 | 10222414849 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IGBR | Current | 06602394397 | 09321922665 | 12477941124 | 09915534109 | 07953949612 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 12466257645 | 11263116978 | 10681874364 | 10996765728 | 10119832734 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IBRA | Current | 16040993663 | 23481470825 | 29204265431 | 26058164488 | 21497054247 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 2035391119 | 23545717496 | 25048602217 | 25545421579 | 22038851574 |
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019 | 2020 | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 24351159023 | 21709930613 | Transform Annual Growth | blFGDP$_IWRLD | Central | 30284213704 | 23417301002 | 23990821589 | 16664397734 | 1004457845 | 32074829495 | 31264533681 | 27331374943 | |||||||||||||||||||||||||||||||||||||||||||||||
Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Local | 24351159023 | 21709969799 | Local | 30284213704 | 23417301002 | 23990821589 | 16664397734 | 10044578163 | 32074831252 | 3126453553 | 27331990841 | ||||||||||||||||||||||||||||||||||||||||||
2019 | 24351159023 | 24351159023 | 23313535291 | 23313535291 | 07546323236 | 07546323236 | -005744748 | -005744748 | 05986711898 | 05986711898 | 14029645318 | 14029645318 | 11023093516 | 11023093516 | 61225476607 | 61225476607 | 11735219155 | 11735219155 | Transform Annual Growth | blFGDP$_US | Central | 23313535291 | 15414354913 | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20951800832 | 09921251807 | 08275731969 | 18283102998 | 20834052245 | |||||||||||||||||||||||||||||||||||||
2020 | 21709930613 | 21709969799 | 15414354913 | 15414354614 | -07102897285 | -07102894824 | 08324283964 | 08324259976 | 04515958007 | 04515958007 | 07953949612 | 07953950128 | 21497054247 | 21497054504 | 52185934247 | 52185934247 | 10459481224 | 10459483101 | Local | 23313535291 | 15414354614 | Local | 30961395462 | 20138186099 | 21035065819 | 20951800832 | 09921251807 | 08275731787 | 18283103389 | 20834047228 | |||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Central | 07546323236 | -07102897285 | Transform Annual Growth | blFGDP$_IJPN | Central | 26108675557 | 1928453754 | 04856673069 | -62909369088 | -00439644998 | 10125815712 | 08666505872 | 06663085528 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Local | 07546323236 | -07102894824 | Local | 26108675557 | 1928453754 | 04856673069 | -62909369088 | -00439645008 | 1012581938 | 08666514849 | 06663096538 | |||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IMEX | Central | -005744748 | 08324283964 | Transform Annual Growth | blFGDP$_IMEX | Central | -03735112979 | -02398100266 | 00533779554 | -00006376933 | 08490892284 | 18025324464 | 14194129347 | 18384431898 | |||||||||||||||||||||||||||||||||||||||||||||||
Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Local | -005744748 | 08324259976 | Local | -03735112979 | -02398100266 | 00533779554 | -00006376933 | 08490892282 | 18025300718 | 14194048288 | 18384280067 | ||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 30284213704 | 30284213704 | 30961395462 | 30961395462 | 26108675557 | 26108675557 | -03735112979 | -03735112979 | 19164480743 | 19164480743 | 25893471992 | 25893471992 | -00237677886 | -00237677886 | 81649173964 | 81649173964 | 17986022234 | 17986022234 | Transform Annual Growth | blFGDP$_IDEU | Central | 05986711898 | 04515958007 | Transform Annual Growth | blFGDP$_IDEU | Central | 19164480743 | -09667798486 | 07878544616 | 01119058205 | 02987390528 | 07063814764 | 08334022824 | 13146543316 | |||||||||||||||||||||||||||||||||||||
2019Q2 | 23417301002 | 23417301002 | 20138186099 | 20138186099 | 1928453754 | 1928453754 | -02398100266 | -02398100266 | -09667798486 | -09667798486 | -04326963218 | -04326963218 | 19153104432 | 19153104432 | 52832664449 | 52832664449 | 06358352459 | 06358352459 | Local | 05986711898 | 04515958007 | Local | 19164480743 | -09667798486 | 07878544616 | 01119058205 | 02987390528 | 07063814764 | 08334022824 | 13146543316 | |||||||||||||||||||||||||||||||||||||||||
2019Q3 | 23990821589 | 23990821589 | 21035065819 | 21035065819 | 04856673069 | 04856673069 | 00533779554 | 00533779554 | 07878544616 | 07878544616 | 19881876478 | 19881876478 | 24592196357 | 24592196357 | 52959086245 | 52959086245 | 10998947573 | 10998947573 | Transform Annual Growth | blFGDP$_IGBR | Central | 14029645318 | 07953949612 | Transform Annual Growth | blFGDP$_IGBR | Central | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 06602394397 | 09321922665 | 12477941124 | 09915534109 | |||||||||||||||||||||||||||||||||||||
2019Q4 | 16664397734 | 16664397734 | 20951800832 | 20951800832 | -62909369088 | -62909369088 | -00006376933 | -00006376933 | 01119058205 | 01119058205 | 00955519539 | 00955519539 | 1884625331 | 1884625331 | 5081292422 | 5081292422 | 023526783 | 023526783 | Local | 14029645318 | 07953950128 | Local | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 06602394358 | 09321922955 | 12477943726 | 09915536456 | |||||||||||||||||||||||||||||||||||||||||
2020Q1 | 1004457845 | 10044578163 | 09921251807 | 09921251807 | -00439644998 | -00439645008 | 08490892284 | 08490892282 | 02987390528 | 02987390528 | 06602394397 | 06602394358 | 16040993663 | 16040993566 | -07976031984 | -07976031984 | 13072031191 | 13072029534 | Transform Annual Growth | blFGDP$_IBRA | Central | 11023093516 | 21497054247 | Transform Annual Growth | blFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 16040993663 | 23481470825 | 29204265431 | 26058164488 | |||||||||||||||||||||||||||||||||||||
2020Q2 | 32074829495 | 32074831252 | 08275731969 | 08275731787 | 10125815712 | 1012581938 | 18025324464 | 18025300718 | 07063814764 | 07063814764 | 09321922665 | 09321922955 | 23481470825 | 23481471214 | 114621259414 | 114621259414 | 12804875265 | 12804882285 | Local | 11023093516 | 21497054504 | Local | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 16040993566 | 23481471214 | 29204266796 | 26058165097 | |||||||||||||||||||||||||||||||||||||||||
2020Q3 | 31264533681 | 3126453553 | 18283102998 | 18283103389 | 08666505872 | 08666514849 | 14194129347 | 14194048288 | 08334022824 | 08334022824 | 12477941124 | 12477943726 | 29204265431 | 29204266796 | 8243216 | 8243216 | 13849193065 | 13849201636 | Transform Annual Growth | blFGDP$_ICHN | Central | 61225476607 | 52185934247 | Transform Annual Growth | blFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -07976031984 | 114621259414 | 8243216 | 57641098471 | |||||||||||||||||||||||||||||||||||||
2020Q4 | 27331374943 | 27331990841 | 20834052245 | 20834047228 | 06663085528 | 06663096538 | 18384431898 | 18384280067 | 13146543316 | 13146543316 | 09915534109 | 09915536456 | 26058164488 | 26058165097 | 57641098471 | 57641098471 | 13600290043 | 13600288501 | Local | 61225476607 | 52185934247 | Local | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -07976031984 | 114621259414 | 8243216 | 57641098471 | |||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IEUZN | Central | 11735219155 | 10459481224 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 023526783 | 13072031191 | 12804875265 | 13849193065 | 13600290043 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Local | 11735219155 | 10459483101 | Local | 17986022234 | 06358352459 | 10998947573 | 023526783 | 13072029534 | 12804882285 | 13849201636 | 13600288501 | |||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | 2019 | 2020 | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 24572687311 | 23378491108 | 12088413762 | 00063845975 | 05719546493 | 13152063114 | 11023093516 | 61482608188 | 12233338671 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24572687311 | 26327068769 | Transform Annual Growth | blFGDP$_IWRLD | Central | 29451354542 | 22599606628 | 24139793469 | 24684818352 | 272065679 | 29246961109 | 26772534017 | 2610698539 | ||||||||||||||||||||||||||||||||||||||||||||||
2020 | 26327068769 | 18444415498 | 05810706316 | 12256906248 | 10222414849 | 10119832734 | 22038851574 | 61879167766 | 13174813176 | Transform Annual Growth | blFGDP$_US | Central | 23378491108 | 18444415498 | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 21981110559 | 14854478326 | 21637882274 | 15212644402 | 1240462 | ||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Central | 12088413762 | 05810706316 | Transform Annual Growth | blFGDP$_IJPN | Central | 26155633695 | 20471054063 | 17999622217 | -10982174064 | 04765669035 | 10099936598 | 08024032016 | 04808646914 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | blFGDP$_IMEX | Central | 00063845975 | 12256906248 | Transform Annual Growth | blFGDP$_IMEX | Central | -03735112979 | -02398100266 | 00533779554 | 10252658827 | 10081169396 | 20906101983 | 20970805994 | 21918401913 | |||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IDEU | Central | 05719546493 | 10222414849 | Transform Annual Growth | blFGDP$_IDEU | Central | 18878382403 | -09668474617 | 03371786209 | 06979229504 | 10172628117 | 16794358524 | 19893661165 | 14932062066 | |||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_IGBR | Central | 13152063114 | 10119832734 | Transform Annual Growth | blFGDP$_IGBR | Central | 24823649001 | -0739135003 | 16777739007 | 06643901326 | 12466257645 | 11263116978 | 10681874364 | 10996765728 | |||||||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 29451354542 | 30961395462 | 26155633695 | -03735112979 | 18878382403 | 24823649001 | -00237677886 | 78364853704 | 17754221786 | Transform Annual Growth | blFGDP$_IBRA | Central | 11023093516 | 22038851574 | Transform Annual Growth | blFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 2035391119 | 23545717496 | 25048602217 | 25545421579 | ||||||||||||||||||||||||||||||||||||||||||||||
2019Q2 | 22599606628 | 20138186099 | 20471054063 | -02398100266 | -09668474617 | -0739135003 | 19153104432 | 52562170871 | 07431449429 | Transform Annual Growth | blFGDP$_ICHN | Central | 61482608188 | 61879167766 | Transform Annual Growth | blFGDP$_ICHN | Central | 78364853704 | 52562170871 | 49639920827 | 60986346254 | 71996449976 | 66464447608 | 5516591118 | 57641098471 | ||||||||||||||||||||||||||||||||||||||||||||||
2019Q3 | 24139793469 | 21035065819 | 17999622217 | 00533779554 | 03371786209 | 16777739007 | 24592196357 | 49639920827 | 09419706317 | Transform Annual Growth | blFGDP$_IEUZN | Central | 12233338671 | 13174813176 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17754221786 | 07431449429 | 09419706317 | 10559422143 | 13970624004 | 1533923729 | 18296441479 | 14318726638 | ||||||||||||||||||||||||||||||||||||||||||||||
2019Q4 | 24684818352 | 21981110559 | -10982174064 | 10252658827 | 06979229504 | 06643901326 | 1884625331 | 60986346254 | 10559422143 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 272065679 | 14854478326 | 04765669035 | 10081169396 | 10172628117 | 12466257645 | 2035391119 | 71996449976 | 13970624004 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 29246961109 | 21637882274 | 10099936598 | 20906101983 | 16794358524 | 11263116978 | 23545717496 | 66464447608 | 1533923729 | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 26772534017 | 15212644402 | 08024032016 | 20970805994 | 19893661165 | 10681874364 | 25048602217 | 5516591118 | 18296441479 | blFGDP$_IWRLD | blFGDP$_IWRLD | March base | 30284213704 | 23417301002 | 23990821589 | 16664397734 | 1004457845 | 32074829495 | 31264533681 | 27331374943 | 24351159023 | 21709930613 | |||||||||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 2610698539 | 1240462 | 04808646914 | 21918401913 | 14932062066 | 10996765728 | 25545421579 | 57641098471 | 14318726638 | January base | 29451354542 | 22599606628 | 24139793469 | 24684818352 | 272065679 | 29246961109 | 26772534017 | 2610698539 | 24572687311 | 26327068769 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Pandemic | 30159788147 | 22796482557 | 24591371048 | 20779599357 | -0821068591 | -32466569486 | -09134483601 | 14536598724 | 2445594268 | -00205231371 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_US | blFGDP$_US | March base | 30961395462 | 20138186099 | 21035065819 | 20951800832 | 09921251807 | 08275731969 | 18283102998 | 20834052245 | 23313535291 | 15414354913 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | January base | 30961395462 | 20138186099 | 21035065819 | 21981110559 | 14854478326 | 21637882274 | 15212644402 | 1240462 | 23378491108 | 18444415498 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
cvpFGDP$_IWRLD | cvpFGDP$_US | cvpFGDP$_IJPN | cvpFGDP$_IMEX | cvpFGDP$_IDEU | cvpFGDP$_IGBR | cvpFGDP$_IBRA | cvpFGDP$_ICHN | cvpFGDP$_IEUZN | Pandemic | 30961395462 | 20138186099 | 21035065819 | 20798192573 | -07791884072 | -28691380159 | -19527497926 | -02389473664 | 23303837447 | -02321135313 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | blFGDP$_IJPN | blFGDP$_IJPN | March base | 26108675557 | 1928453754 | 04856673069 | -62909369088 | -00439644998 | 10125815712 | 08666505872 | 06663085528 | 07546323236 | -07102897285 | ||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 30159788147 | 30961395462 | 26155633695 | -03735112979 | 18878382403 | 24823649001 | -00237677886 | 81649173964 | 17986022234 | January base | 26155633695 | 20471054063 | 17999622217 | -10982174064 | 04765669035 | 10099936598 | 08024032016 | 04808646914 | 12088413762 | 05810706316 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q2 | 22796482557 | 20138186099 | 20471054063 | -02398100266 | -09668474617 | -0739135003 | 19153104432 | 52832664449 | 06358352459 | Pandemic | 26155633695 | 20471054063 | 17999622217 | -11119794418 | -25355286898 | -22605799716 | -28490450305 | -02896175105 | 12079598883 | -13007210629 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q3 | 24591371048 | 21035065819 | 17999622217 | 00533779554 | 03371786209 | 16777739007 | 24592196357 | 52959086245 | 10998947573 | blFGDP$_IMEX | blFGDP$_IMEX | March base | -03735112979 | -02398100266 | 00533779554 | -00006376933 | 08490892284 | 18025324464 | 14194129347 | 18384431898 | -005744748 | 08324283964 | |||||||||||||||||||||||||||||||||||||||||||||||||
2019Q4 | 20779599357 | 20798192573 | -11119794418 | -00006387604 | 0483210256 | 06643894657 | 18846225607 | 5081292422 | 03752442079 | January base | -03735112979 | -02398100266 | 00533779554 | 10252658827 | 10081169396 | 20906101983 | 20970805994 | 21918401913 | 00063845975 | 12256906248 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | -0821068591 | -07791884072 | -25355286898 | -19062201837 | -0047198012 | 06533113941 | -6057333778 | -18145761976 | 03759520935 | Pandemic | -03735112979 | -02398100266 | 00533779554 | -00006387604 | -19062201837 | -3940399 | -21819164585 | -09962562461 | -00574475466 | -15669083769 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q2 | -32466569486 | -28691380159 | -22605799716 | -3940399 | -26172511227 | -07999236088 | -68183843711 | -87426651892 | 00496751219 | blFGDP$_IDEU | blFGDP$_IDEU | March base | 19164480743 | -09667798486 | 07878544616 | 01119058205 | 02987390528 | 07063814764 | 08334022824 | 13146543316 | 05986711898 | 04515958007 | |||||||||||||||||||||||||||||||||||||||||||||||||
2020Q3 | -09134483601 | -19527497926 | -28490450305 | -21819164585 | -12905609117 | -02333238672 | -15904255744 | -00254038564 | -03786332106 | January base | 18878382403 | -09668474617 | 03371786209 | 06979229504 | 10172628117 | 16794358524 | 19893661165 | 14932062066 | 05719546493 | 10222414849 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 14536598724 | -02389473664 | -02896175105 | -09962562461 | -04107398878 | 02507136905 | 16096256256 | 6392235324 | 08103230917 | Pandemic | 18878382403 | -09668474617 | 03371786209 | 0483210256 | -0047198012 | -26172511227 | -12905609117 | -04107398878 | 05585261716 | -06226209775 | |||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IGBR | blFGDP$_IGBR | March base | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 06602394397 | 09321922665 | 12477941124 | 09915534109 | 14029645318 | 07953949612 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | January base | 24823649001 | -0739135003 | 16777739007 | 06643901326 | 12466257645 | 11263116978 | 10681874364 | 10996765728 | 13152063114 | 10119832734 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
cvpFGDP$_IWRLD | cvpFGDP$_US | cvpFGDP$_IJPN | cvpFGDP$_IMEX | cvpFGDP$_IDEU | cvpFGDP$_IGBR | cvpFGDP$_IBRA | cvpFGDP$_ICHN | cvpFGDP$_IEUZN | Pandemic | 24823649001 | -0739135003 | 16777739007 | 06643894657 | 06533113941 | -07999236088 | -02333238672 | 02507136905 | 13152062693 | 02846413002 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | blFGDP$_IBRA | blFGDP$_IBRA | March base | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 16040993663 | 23481470825 | 29204265431 | 26058164488 | 11023093516 | 21497054247 | ||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2445594268 | 23303837447 | 12079598883 | -00574475466 | 05585261716 | 13152062693 | 11023091785 | 61225476607 | 11823671661 | January base | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 2035391119 | 23545717496 | 25048602217 | 25545421579 | 11023093516 | 22038851574 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | -00205231371 | -02321135313 | -13007210629 | -15669083769 | -06226209775 | 02846413002 | -21884237028 | 01019172133 | 03531495954 | Pandemic | -00237677886 | 19153104432 | 24592196357 | 18846225607 | -6057333778 | -68183843711 | -15904255744 | 16096256256 | 11023091785 | -21884237028 | |||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_ICHN | blFGDP$_ICHN | March base | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -07976031984 | 114621259414 | 8243216 | 57641098471 | 61225476607 | 52185934247 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | January base | 78364853704 | 52562170871 | 49639920827 | 60986346254 | 71996449976 | 66464447608 | 5516591118 | 57641098471 | 61482608188 | 61879167766 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IWRLD | Central | 30159788147 | 22796482557 | 24591371048 | 20779599357 | -0821068591 | -32466569486 | -09134483601 | 14536598724 | Transform Annual Growth | cvpFGDP$_IWRLD | Central | 2445594268 | -00205231371 | Pandemic | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -18145761976 | -87426651892 | -00254038564 | 6392235324 | 61225476607 | 01019172133 | |||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20798192573 | -07791884072 | -28691380159 | -19527497926 | -02389473664 | Transform Annual Growth | cvpFGDP$_US | Central | 23303837447 | -02321135313 | blFGDP$_IEUZN | blFGDP$_IEUZN | March base | 17986022234 | 06358352459 | 10998947573 | 023526783 | 13072031191 | 12804875265 | 13849193065 | 13600290043 | 11735219155 | 10459481224 | |||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IJPN | Central | 26155633695 | 20471054063 | 17999622217 | -11119794418 | -25355286898 | -22605799716 | -28490450305 | -02896175105 | Transform Annual Growth | cvpFGDP$_IJPN | Central | 12079598883 | -13007210629 | January base | 17754221786 | 07431449429 | 09419706317 | 10559422143 | 13970624004 | 1533923729 | 18296441479 | 14318726638 | 12233338671 | 13174813176 | |||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IMEX | Central | -03735112979 | -02398100266 | 00533779554 | -00006387604 | -19062201837 | -3940399 | -21819164585 | -09962562461 | Transform Annual Growth | cvpFGDP$_IMEX | Central | -00574475466 | -15669083769 | Pandemic | 17986022234 | 06358352459 | 10998947573 | 03752442079 | 03759520935 | 00496751219 | -03786332106 | 08103230917 | 11823671661 | 03531495954 | |||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IDEU | Central | 18878382403 | -09668474617 | 03371786209 | 0483210256 | -0047198012 | -26172511227 | -12905609117 | -04107398878 | Transform Annual Growth | cvpFGDP$_IDEU | Central | 05585261716 | -06226209775 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IGBR | Central | 24823649001 | -0739135003 | 16777739007 | 06643894657 | 06533113941 | -07999236088 | -02333238672 | 02507136905 | Transform Annual Growth | cvpFGDP$_IGBR | Central | 13152062693 | 02846413002 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 18846225607 | -6057333778 | -68183843711 | -15904255744 | 16096256256 | Transform Annual Growth | cvpFGDP$_IBRA | Central | 11023091785 | -21884237028 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -18145761976 | -87426651892 | -00254038564 | 6392235324 | Transform Annual Growth | cvpFGDP$_ICHN | Central | 61225476607 | 01019172133 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 03752442079 | 03759520935 | 00496751219 | -03786332106 | 08103230917 | Transform Annual Growth | cvpFGDP$_IEUZN | Central | 11823671661 | 03531495954 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IWRLD | Pandemic | 30159788147 | 22796482557 | 24591371048 | 20779599357 | -0821068591 | -32466569486 | -09134483601 | 14536598724 | 2445594268 | -00205231371 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_US | Pandemic | 30961395462 | 20138186099 | 21035065819 | 20798192573 | -07791884072 | -28691380159 | -19527497926 | -02389473664 | 23303837447 | -02321135313 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Pandemic | 26155633695 | 20471054063 | 17999622217 | -11119794418 | -25355286898 | -22605799716 | -28490450305 | -02896175105 | 12079598883 | -13007210629 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IMEX | Pandemic | -03735112979 | -02398100266 | 00533779554 | -00006387604 | -19062201837 | -3940399 | -21819164585 | -09962562461 | -00574475466 | -15669083769 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IDEU | Pandemic | 18878382403 | -09668474617 | 03371786209 | 0483210256 | -0047198012 | -26172511227 | -12905609117 | -04107398878 | 05585261716 | -06226209775 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IGBR | Pandemic | 24823649001 | -0739135003 | 16777739007 | 06643894657 | 06533113941 | -07999236088 | -02333238672 | 02507136905 | 13152062693 | 02846413002 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IBRA | Pandemic | -00237677886 | 19153104432 | 24592196357 | 18846225607 | -6057333778 | -68183843711 | -15904255744 | 16096256256 | 11023091785 | -21884237028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_ICHN | Pandemic | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -18145761976 | -87426651892 | -00254038564 | 6392235324 | 61225476607 | 01019172133 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IEUZN | Pandemic | 17986022234 | 06358352459 | 10998947573 | 03752442079 | 03759520935 | 00496751219 | -03786332106 | 08103230917 | 11823671661 | 03531495954 |
January | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 29451354542 | 22599606628 | 24139793469 | 24684818352 | 272065679 | 29246961109 | 26772534017 | 2610698539 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24572687311 | 26327068769 | ||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 21981110559 | 14854478326 | 21637882274 | 15212644402 | 1240462 | Transform Annual Growth | blFGDP$_US | Central | 23378491108 | 18444415498 | ||||||||||||||||||||||||||||
2019Q1 | 29451354542 | 30961395462 | 78364853704 | -00237677886 | 24823649001 | 17754221786 | Transform Annual Growth | blFGDP$_ICHN | Central | 78364853704 | 52562170871 | 49639920827 | 60986346254 | 71996449976 | 66464447608 | 5516591118 | 57641098471 | Transform Annual Growth | blFGDP$_ICHN | Central | 61482608188 | 61879167766 | |||||||||||||||||||||||||||
2019Q2 | 22599606628 | 20138186099 | 52562170871 | 19153104432 | -0739135003 | 07431449429 | Transform Annual Growth | blFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 2035391119 | 23545717496 | 25048602217 | 25545421579 | Transform Annual Growth | blFGDP$_IBRA | Central | 11023093516 | 22038851574 | |||||||||||||||||||||||||||
2019Q3 | 24139793469 | 21035065819 | 49639920827 | 24592196357 | 16777739007 | 09419706317 | Transform Annual Growth | blFGDP$_IGBR | Central | 24823649001 | -0739135003 | 16777739007 | 06643901326 | 12466257645 | 11263116978 | 10681874364 | 10996765728 | Transform Annual Growth | blFGDP$_IGBR | Central | 13152063114 | 10119832734 | |||||||||||||||||||||||||||
2019Q4 | 24684818352 | 21981110559 | 60986346254 | 1884625331 | 06643901326 | 10559422143 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17754221786 | 07431449429 | 09419706317 | 10559422143 | 13970624004 | 1533923729 | 18296441479 | 14318726638 | Transform Annual Growth | blFGDP$_IEUZN | Central | 12233338671 | 13174813176 | |||||||||||||||||||||||||||
2020Q1 | 272065679 | 14854478326 | 71996449976 | 2035391119 | 12466257645 | 13970624004 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 29246961109 | 21637882274 | 66464447608 | 23545717496 | 11263116978 | 1533923729 | |||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 26772534017 | 15212644402 | 5516591118 | 25048602217 | 10681874364 | 18296441479 | 1 | ||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 2610698539 | 1240462 | 57641098471 | 25545421579 | 10996765728 | 14318726638 | 1 | ||||||||||||||||||||||||||||||||||||||||||
1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 1 | |||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | 1 | |||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | 1 | |||||||||||||||||||||||||||||||||||||||||||
2019 | 24572687311 | 23378491108 | 61482608188 | 11023093516 | 13152063114 | 12233338671 | |||||||||||||||||||||||||||||||||||||||||||
2020 | 26327068769 | 18444415498 | 61879167766 | 22038851574 | 10119832734 | 13174813176 | |||||||||||||||||||||||||||||||||||||||||||
February | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019Q1 | 2019Q2 | ||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 30161892099 | 22802828188 | 24594084962 | 22008966022 | 14267975445 | 35673397653 | 3130360587 | 26477025015 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24535720549 | 24438471492 | ||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20798192573 | 11808986302 | 18383570453 | 18399532081 | 14396669192 | Transform Annual Growth | blFGDP$_US | Central | 23303837447 | 1737510215 | ||||||||||||||||||||||||||||
2019Q1 | 30161892099 | 30961395462 | 81649173964 | -00237677886 | 24823649001 | 17986022234 | Transform Annual Growth | blFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -01693269995 | 114621259414 | 8243216 | 57641098471 | Transform Annual Growth | blFGDP$_ICHN | Central | 61225476607 | 53847938302 | |||||||||||||||||||||||||||
2019Q2 | 22802828188 | 20138186099 | 52832664449 | 19153104432 | -0739135003 | 06358352459 | Transform Annual Growth | blFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 2035391119 | 23545717496 | 25048602217 | 25545421579 | Transform Annual Growth | blFGDP$_IBRA | Central | 11023093516 | 22038851574 | |||||||||||||||||||||||||||
2019Q3 | 24594084962 | 21035065819 | 52959086245 | 24592196357 | 16777739007 | 10998947573 | Transform Annual Growth | blFGDP$_IGBR | Central | 24823649001 | -0739135003 | 16777739007 | 06643897131 | 10679572806 | 1302977792 | 10712364192 | 1131447151 | Transform Annual Growth | blFGDP$_IGBR | Central | 13152062849 | 10028602649 | |||||||||||||||||||||||||||
2019Q4 | 22008966022 | 20798192573 | 5081292422 | 1884625331 | 06643897131 | 03752442079 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 03752442079 | 17050563006 | 16351220412 | 16699656597 | 14255519771 | Transform Annual Growth | blFGDP$_IEUZN | Central | 11823671661 | 1277684485 | |||||||||||||||||||||||||||
2020Q1 | 14267975445 | 11808986302 | -01693269995 | 2035391119 | 10679572806 | 17050563006 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 35673397653 | 18383570453 | 114621259414 | 23545717496 | 1302977792 | 16351220412 | |||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 3130360587 | 18399532081 | 8243216 | 25048602217 | 10712364192 | 16699656597 | 1 | ||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 26477025015 | 14396669192 | 57641098471 | 25545421579 | 1131447151 | 14255519771 | 1 | ||||||||||||||||||||||||||||||||||||||||||
1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 1 | |||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | 1 | |||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | 1 | |||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 24535720549 | 23303837447 | 61225476607 | 11023093516 | 13152062849 | 11823671661 | |||||||||||||||||||||||||||||||||||||||||||
2019Q2 | 24438471492 | 1737510215 | 53847938302 | 22038851574 | 10028602649 | 1277684485 | |||||||||||||||||||||||||||||||||||||||||||
March | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 30435599871 | 23558387781 | 24375040067 | 1701955775 | 07134330493 | 16088352258 | 35025062659 | 28314211454 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24493075475 | 18629862191 | ||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20951800832 | 10792377387 | -03629441718 | 17452447165 | 24113300406 | Transform Annual Growth | blFGDP$_US | Central | 23313535291 | 13471543008 | ||||||||||||||||||||||||||||
2019Q1 | 30435599871 | 30961395462 | 81649173964 | 0 | 25893471992 | 17986022234 | Transform Annual Growth | blFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -0916830864 | 50939502296 | 114125001473 | 57641098471 | Transform Annual Growth | blFGDP$_ICHN | Central | 61225476607 | 44051562126 | |||||||||||||||||||||||||||
2019Q2 | 23558387781 | 20138186099 | 52832664449 | 21088484653 | -04326963218 | 06358352459 | Transform Annual Growth | blFGDP$_IBRA | Central | 0 | 21088484653 | 25309159859 | 20368839529 | 13204907937 | 19612066518 | 24768647224 | 25597150807 | Transform Annual Growth | blFGDP$_IBRA | Central | 11327391421 | 19967072205 | |||||||||||||||||||||||||||
2019Q3 | 24375040067 | 21035065819 | 52959086245 | 25309159859 | 19881876478 | 10998947573 | Transform Annual Growth | blFGDP$_IGBR | Central | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 06010071267 | 04808646914 | 12479154327 | 11215100886 | Transform Annual Growth | blFGDP$_IGBR | Central | 14029645318 | 07039544518 | |||||||||||||||||||||||||||
2019Q4 | 1701955775 | 20951800832 | 5081292422 | 20368839529 | 00955519539 | 023526783 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 023526783 | 06533523093 | 07718419397 | 12075824693 | 13342808024 | Transform Annual Growth | blFGDP$_IEUZN | Central | 11735219155 | 0763453073 | |||||||||||||||||||||||||||
2020Q1 | 07134330493 | 10792377387 | -0916830864 | 13204907937 | 06010071267 | 06533523093 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 16088352258 | -03629441718 | 50939502296 | 19612066518 | 04808646914 | 07718419397 | |||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 35025062659 | 17452447165 | 114125001473 | 24768647224 | 12479154327 | 12075824693 | 1 | ||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 28314211454 | 24113300406 | 57641098471 | 25597150807 | 11215100886 | 13342808024 | 1 | ||||||||||||||||||||||||||||||||||||||||||
1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 1 | |||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | 1 | |||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | 1 | |||||||||||||||||||||||||||||||||||||||||||
2019 | 24493075475 | 23313535291 | 61225476607 | 11327391421 | 14029645318 | 11735219155 | |||||||||||||||||||||||||||||||||||||||||||
2020 | 18629862191 | 13471543008 | 44051562126 | 19967072205 | 07039544518 | 0763453073 | |||||||||||||||||||||||||||||||||||||||||||
Pandemic | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 30435599871 | 23555223464 | 24368647931 | 16948755801 | -64626256402 | -01452879884 | 364230161 | 31919100165 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24487184631 | -02913403409 | ||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20951800832 | -12649625419 | -3866587391 | -05250627901 | 12952466239 | Transform Annual Growth | blFGDP$_US | Central | 23313535291 | -02697321313 | ||||||||||||||||||||||||||||
2019Q1 | 30435599871 | 30961395462 | 81649173964 | 0 | 25893471992 | 17986022234 | Transform Annual Growth | blFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -271595817928 | 213939810451 | 288661390234 | 126527577187 | Transform Annual Growth | blFGDP$_ICHN | Central | 61225476607 | 16783204982 | |||||||||||||||||||||||||||
2019Q2 | 23555223464 | 20138186099 | 52832664449 | 21088484653 | -04326963218 | 06358352459 | Transform Annual Growth | blFGDP$_IBRA | Central | 0 | 21088484653 | 25309159859 | 20368839529 | -49699609713 | -59050479329 | -14301609311 | 29311858824 | Transform Annual Growth | blFGDP$_IBRA | Central | 11327391421 | -15810356391 | |||||||||||||||||||||||||||
2019Q3 | 24368647931 | 21035065819 | 52959086245 | 25309159859 | 19881876478 | 10998947573 | Transform Annual Growth | blFGDP$_IGBR | Central | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 0 | -38926164109 | -50898073001 | -24773578171 | Transform Annual Growth | blFGDP$_IGBR | Central | 14029645318 | -13025752939 | |||||||||||||||||||||||||||
2019Q4 | 16948755801 | 20951800832 | 5081292422 | 20368839529 | 00955519539 | 023526783 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 023526783 | -56773778158 | -74279753282 | -0805227426 | 16043293021 | Transform Annual Growth | blFGDP$_IEUZN | Central | 11735219155 | -26504236812 | |||||||||||||||||||||||||||
2020Q1 | -64626256402 | -12649625419 | -271595817928 | -49699609713 | 0 | -56773778158 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | -01452879884 | -3866587391 | 213939810451 | -59050479329 | -38926164109 | -74279753282 | |||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 364230161 | -05250627901 | 288661390234 | -14301609311 | -50898073001 | -0805227426 | |||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 31919100165 | 12952466239 | 126527577187 | 29311858824 | -24773578171 | 16043293021 | |||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | ||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | ||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | ||||||||||||||||||||||||||||||||||||||||||||
2019 | 24487184631 | 23313535291 | 61225476607 | 11327391421 | 14029645318 | 11735219155 | |||||||||||||||||||||||||||||||||||||||||||
2020 | -02913403409 | -02697321313 | 16783204982 | -15810356391 | -13025752939 | -26504236812 |
2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||
World | January base | 29 | 23 | 24 | 25 | 27 | 29 | 27 | 26 | 25 | 26 | ||||||||||||
March base | 30 | 23 | 24 | 17 | 10 | 32 | 31 | 27 | 24 | 22 | |||||||||||||
Pandemic | 30 | 23 | 25 | 21 | -08 | -32 | -09 | 15 | 24 | -00 | |||||||||||||
United States | January base | 31 | 20 | 21 | 22 | 15 | 22 | 15 | 12 | 23 | 18 | ||||||||||||
March base | 31 | 20 | 21 | 21 | 10 | 08 | 18 | 21 | 23 | 15 | |||||||||||||
Pandemic | 31 | 20 | 21 | 21 | -08 | -29 | -20 | -02 | 23 | -02 | |||||||||||||
Japan | January base | 26 | 20 | 18 | -11 | 05 | 10 | 08 | 05 | 12 | 06 | ||||||||||||
March base | 26 | 19 | 05 | -63 | -00 | 10 | 09 | 07 | 08 | -07 | |||||||||||||
Pandemic | 26 | 20 | 18 | -11 | -25 | -23 | -28 | -03 | 12 | -13 | |||||||||||||
Mexico | January base | -04 | -02 | 01 | 10 | 10 | 21 | 21 | 22 | 00 | 12 | ||||||||||||
March base | -04 | -02 | 01 | -00 | 08 | 18 | 14 | 18 | -01 | 08 | |||||||||||||
Pandemic | -04 | -02 | 01 | -00 | -19 | -39 | -22 | -10 | -01 | -16 | |||||||||||||
Germany | January base | 19 | -10 | 03 | 07 | 10 | 17 | 20 | 15 | 06 | 10 | ||||||||||||
March base | 19 | -10 | 08 | 01 | 03 | 07 | 08 | 13 | 06 | 05 | |||||||||||||
Pandemic | 19 | -10 | 03 | 05 | -00 | -26 | -13 | -04 | 06 | -06 | |||||||||||||
United Kingdom | January base | 25 | -07 | 17 | 07 | 12 | 11 | 11 | 11 | 13 | 10 | ||||||||||||
March base | 26 | -04 | 20 | 01 | 07 | 09 | 12 | 10 | 14 | 08 | |||||||||||||
Pandemic | 25 | -07 | 17 | 07 | 07 | -08 | -02 | 03 | 13 | 03 | |||||||||||||
Brazil | January base | -00 | 19 | 25 | 19 | 20 | 24 | 25 | 26 | 11 | 22 | ||||||||||||
March base | -00 | 19 | 25 | 19 | 16 | 23 | 29 | 26 | 11 | 21 | |||||||||||||
Pandemic | -00 | 19 | 25 | 19 | -61 | -68 | -16 | 16 | 11 | -22 | |||||||||||||
China | January base | 78 | 53 | 50 | 61 | 72 | 66 | 55 | 58 | 61 | 62 | ||||||||||||
March base | 82 | 53 | 53 | 51 | -08 | 115 | 82 | 58 | 61 | 52 | |||||||||||||
Pandemic | 82 | 53 | 53 | 51 | -18 | -87 | -00 | 64 | 61 | 01 | |||||||||||||
Euro Zone | January base | 18 | 07 | 09 | 11 | 14 | 15 | 18 | 14 | 12 | 13 | ||||||||||||
March base | 18 | 06 | 11 | 02 | 13 | 13 | 14 | 14 | 12 | 10 | |||||||||||||
Pandemic | 18 | 06 | 11 | 04 | 04 | 00 | -04 | 08 | 12 | 04 |
Virus Changes the Outlook | |||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||
World | January base | 27 | 29 | 27 | 26 | 25 | 26 | ||||||||
February base | 14 | 36 | 31 | 26 | 25 | 24 | |||||||||
March prelim base | 07 | 16 | 35 | 28 | 24 | 19 | |||||||||
Pandemic | -65 | -01 | 36 | 32 | 24 | -03 | |||||||||
United States | January base | 15 | 22 | 15 | 12 | 23 | 18 | ||||||||
February base | 12 | 18 | 18 | 14 | 23 | 17 | |||||||||
March prelim base | 11 | -04 | 17 | 24 | 23 | 13 | |||||||||
Pandemic | -13 | -39 | -05 | 13 | 23 | -03 | |||||||||
China | January base | 72 | 66 | 55 | 58 | 61 | 62 | ||||||||
February base | -02 | 115 | 82 | 58 | 61 | 54 | |||||||||
March base | -09 | 51 | 114 | 58 | 61 | 44 | |||||||||
Pandemic | -272 | 214 | 289 | 127 | 61 | 17 | |||||||||
Brazil | January base | 20 | 24 | 25 | 26 | 11 | 22 | ||||||||
February base | 20 | 24 | 25 | 26 | 11 | 22 | |||||||||
March prelim base | 13 | 20 | 25 | 26 | 11 | 20 | |||||||||
Pandemic | -50 | -59 | -14 | 29 | 11 | -16 | |||||||||
United Kingdom | January base | 12 | 11 | 11 | 11 | 13 | 10 | ||||||||
February base | 11 | 13 | 11 | 11 | 13 | 10 | |||||||||
March base | 06 | 05 | 12 | 11 | 14 | 07 | |||||||||
Pandemic | 00 | -39 | -51 | -25 | 14 | -13 | |||||||||
Euro Zone | January base | 14 | 15 | 18 | 14 | 12 | 13 | ||||||||
February base | 17 | 16 | 17 | 14 | 12 | 13 | |||||||||
March prelim base | 07 | 08 | 12 | 13 | 12 | 08 | |||||||||
Pandemic | -57 | -74 | -08 | 16 | 12 | -27 |
Global Recession Under Pandemic Scenario | |||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||
World | January base | 27 | 29 | 27 | 26 | 25 | 26 | ||||||||
March base | 07 | 16 | 35 | 28 | 24 | 19 | |||||||||
April base | -109 | -221 | 199 | 45 | 24 | -42 | |||||||||
United States | January base | 15 | 22 | 15 | 12 | 23 | 18 | ||||||||
March base | 11 | -04 | 17 | 24 | 23 | 13 | |||||||||
April base | -81 | -302 | 166 | 04 | 23 | -58 | |||||||||
China | January base | 72 | 66 | 55 | 58 | 61 | 62 | ||||||||
March base | -09 | 51 | 114 | 58 | 61 | 44 | |||||||||
April base | -290 | 149 | 277 | 130 | 61 | -01 | |||||||||
Brazil | January base | 20 | 24 | 25 | 26 | 11 | 22 | ||||||||
March base | 13 | 20 | 25 | 26 | 11 | 20 | |||||||||
April base | -88 | -243 | 04 | 70 | 11 | -61 | |||||||||
United Kingdom | January base | 12 | 11 | 11 | 11 | 13 | 10 | ||||||||
March base | 06 | 05 | 12 | 11 | 14 | 07 | |||||||||
April base | -30 | -367 | 258 | 58 | 14 | -56 | |||||||||
Euro Zone | January base | 14 | 15 | 18 | 14 | 12 | 13 | ||||||||
March base | 07 | 08 | 12 | 13 | 12 | 08 | |||||||||
April base | -148 | -400 | 593 | 16 | 12 | -70 |
Global Recession2
April 2020 10
Unprecedented Global Economic DownturnhellipEconomies in red are expected to suffer a recession in 2020
Source Moodyrsquos Analytics
April 2020 11
hellipThat Is Intensifying
2020Q1 2020Q2 2020Q3 2020Q4 2019 2020January base 27 29 27 26 25 26March base 07 16 35 28 24 19April base -109 -221 199 45 24 -42January base 15 22 15 12 23 18March base 11 -04 17 24 23 13April base -81 -302 166 04 23 -58January base 72 66 55 58 61 62March base -09 51 114 58 61 44April base -290 149 277 130 61 -01January base 20 24 25 26 11 22March base 13 20 25 26 11 20April base -88 -243 04 70 11 -61January base 12 11 11 11 13 10March base 06 05 12 11 14 07April base -30 -367 258 58 14 -56January base 14 15 18 14 12 13March base 07 08 12 13 12 08April base -148 -400 593 16 12 -70
Brazil
United Kingdom
Euro Zone
World
United States
China
Real GDP growth annualized change
Source Moodyrsquos Analytics
April 2020 12
-10-8-6-4-202468
0 2 4 6 8 10 12
1980 1990 20012007 2020
A Swoosh Recovery Real GDP change since beginning of recessionhellip
Sources BEA Moodyrsquos Analytics
X-axis is qtrs since beginning of recession
13April 2020
-40
-30
-20
-10
0
10
20
19 20 21 22 23 24
Baseline (50ile)S0 (4ile)S4 (96ile)
Output to Collapse With Gradual RecoveryInflation adjusted GDP annualized quarterly growth
Source Moodyrsquos Analytics
April 2020 14
0
5
10
15
20
25
30 40 50 60 70 80 90 00 10 20
Financial crisisFed slays inflation
1930s Depression
WW II
COVID crisis April 2020
Not Since the Great DepressionUS unemployment rate
Sources Federal Reserve BEA Moodyrsquos Analytics
15April 2020
02468
101214161820
19 20 21 22 23 24
Baseline (50ile)
S0 (4ile)
S4 (96ile)
Unemployment to SpikeU-3 unemployment rate quarterly average
Source Moodyrsquos Analytics
April 2020 16
Job Market Will Struggle to Recover
Sources BLS Moodyrsquos Analytics
05 04 06 06 04
-171
81
-06 -03
00 10 13 14 14 13 12
-20
-15
-10
-5
0
5
10
3
5
7
9
11
13
15
19 20 21 22
Employment Change (Mil R)Unemployment Rate (L)
April 2020 17
Regional Risk Factors for COVID-19
Virus Exposure
Commodities
Demographics
Global Interconnectedness (TradeTravel)
Tourism
FinanceInvestment
April 2020 18
Large Coastal Urban Areas Are Hit HardestWeighted avg Z-score across rankings 0 = metro area average
gt025
-025 to lt0lt-025
0 to lt025
Source Moodyrsquos Analytics
April 2020 19
Active Listings Collapse Across Major Metros
Sources Realtorcom Moodyrsquos Analytics
-45 -40 -35 -30 -25 -20 -15 -10 -5 0
PhoenixMilwaukeeSan DiegoSan JosePhiladelphiaCincinnatiDenverRiversideProvidenceSeattle
Active listing count yr ago
April 2020 20
US Real Estate Prices Slump
Sources FHFA Moodyrsquos Analytics
75
80
85
90
95
100
105
19 20 21 22
FHFA HPI
Moodyrsquos Analytics CPPI
Index 2019Q4 = 100 April baseline
April 2020 21
Home Prices Could Fall Fasthellip
Sources BEA Moodyrsquos Analytics
FHFA all-transactions index forecasts from March 2020 V2 vintage year ago
-15
-10
-5
0
5
10
15
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
BaselineScenario 1Scenario 3Scenario 4
April 2020 22
hellipAs Commercial Properties Are Hit From All Sides
Sources Reis Moodyrsquos Analytics
Commercial property price index yr ago
-40
-30
-20
-10
0
10
20
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
BaselineScenario 1Scenario 3Scenario 4
April 2020 23
House Prices SlumphellipForeclosures Increase
Sources FHFA MBA Moodyrsquos Analytics
0
500
1000
1500
2000
2500
60
70
80
90
100
110
120
05 10 15 20 25
FHFA HPI Index 2020Q1 = 100 (L)
Foreclosures startedths SA (R)
April baseline forecast
April 2020 24
Price Declines Vary Throughout the CountryBaseline forecast FHFA purchase-only index for 2021Q1 year ago
Sources FHFA Moodyrsquos Analytics
Known Unknowns3
April 2020 26
01000002000003000004000005000006000007000008000009000001000000
05000
10000150002000025000300003500040000
01-M
ar
04-M
ar
07-M
ar
10-M
ar
13-M
ar
16-M
ar
19-M
ar
22-M
ar
25-M
ar
28-M
ar
31-M
ar
03-A
pr
06-A
pr
09-A
pr
12-A
pr
15-A
pr
18-A
pr
21-A
pr
24-A
pr
Daily Cases (L) Cumulative Cases (R )
US New Daily Cases Hovering Around 30000Number of confirmed COVID-19 cases
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 27
0
10
20
30
40
50
60
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60
Italy S Korea EU USDay 1 DatesItaly Feb 23S Korea Feb 20US March 3 EU Feb 23
Growth Rate of COVID Cases FallingDaily growth of COVID-19 cases days since 100 confirmed cases 3-day MA
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 28
Epidemiological Assumptions
S1 Scenario
bull lt1 mil confirmed US infectionsbull New infections peak in Aprilbull 5-6 case fatality ratebull 8 hospitalization ratebull Infections abate by Junebull Surplus of hospital bedsbull Surplus of ICU bedsbull Surplus of ventilators
Baseline Forecast
bull 1-3 mil confirmed US infectionsbull New infections peak in Maybull 7-11 case fatality ratebull 10 hospitalization ratebull Infections abate by Julybull Surplus of hospital bedsbull Small surplus of ICU bedsbull Small surplus of ventilators
S3 Scenario
bull 5-6 mil confirmed US infectionsbull New infections peak in Junebull 12-16 case fatality ratebull 15 hospitalization ratebull Infections abate by Septemberbull Small deficit of hospital bedsbull Large deficit of ICU bedsbull Large deficit of ventilators
April 2020 29
010002000300040005000600070008000
95 00 05 10 15
C B Ba Baa A Aa Aaa
Federal Reserve Must Shore Up the Firewall
Sources Moodyrsquos Investor Service Moodyrsquos Analytics
Corporate debt outstanding by rating $ bil
April 2020 30
0123456789
10
03 05 07 09 11 13 15 17 19 21 23 25
Up Up and AwayAssets held outright on the Fedrsquos balance sheet $ tril
Source Moodyrsquos Analytics
April 2020 31
Lawmakers Act But Need to Do More
Sources CRFB Moodyrsquos Analytics
Cost of Coronavirus Aid Relief amp Economic Security (CARES) Act
$510 BilLoans amp Loan
Guarantees for Large Firms amp Governments
$377 BilSmall Business Loans amp Grants
$290 BilOne-time Checks
$180 BilHealth
$150 BilAid to States
$72 BilTransp Grants
$280 BilBusiness Tax Cuts
$45 BilFEMA
$42 BilSafety Nets
$32 BilEducation$260 Bil
Unemployment Insurance
$25 BilOther
April 2020 32
Running Out of Fiscal Space
Source Moodyrsquos Analytics
Sovereign borrowing capacity given current yields projected output growth and primary balance
-500
50100150200250300350400450
0 50 100 150 200 250
Circle size=Real GDP US$Y-axis Fiscal spaceX-axis Debt-to-GDP ratioAs of 2020Q1 (ex COVID-19 policies)
China
US
Japan
ItalyFrance Greece
Russia
UK
Argentina
Germany
Turkey S Africa Egypt
Spain
IndiaBrazil
Mexico
Canada
April 2020 33
US Risk Matrix
Source Moodyrsquos Analytics
April 2020 34
Questions amp
AnswersQuestions Contact us at helpeconomycom
April 2020 35
Coronavirus Liveeventsmoodysiocoronavirus coronavirusmoodyscom
Full webinars schedule eventsmoodysioeventsemeamoodyscom
MoodyrsquosWebinars
April 2020 36
Please complete our surveyWe Want to Hear From You
A survey will appear on your screen at the end of our presentation Please take a few moments to complete it
and let us know how we can continue to improve
moodyscom
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Contact Us Economics amp Business Analytics Offices
April 2020 38
copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved
CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC ANDOR ITS CREDIT RATINGS AFFILIATES ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MATERIALS PRODUCTS SERVICES AND INFORMATION PUBLISHED BY MOODYrsquoS (COLLECTIVELY ldquoPUBLICATIONSrdquo) MAY INCLUDE SUCH CURRENT OPINIONS MOODYrsquoS INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS INVESTORS SERVICE CREDIT RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS NON-CREDIT ASSESSMENTS (ldquoASSESSMENTSrdquo) AND OTHER OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC ANDOR ITS AFFILIATES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE
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MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK
All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information
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Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any credit rating agreed to pay to Moodyrsquos Investors Service Inc for credit ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and Moodyrsquos investors Service also maintain policies and procedures to address the independence of Moodyrsquos Investors Service credit ratings and credit rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold credit ratings from Moodyrsquos Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo
Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors
Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any credit rating agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements
BLFGDP$_IWRLD | |
BLFGDP$_US | |
BLFGDP$_ICHN | |
BLFGDP$_IBRA | |
BLFGDP$_IGBR | |
BLFGDP$_IEUZN |
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | |||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 1004457845 | 10044578163 | 09921251807 | 09921251807 | -00439644998 | -00439645008 | 08490892284 | 08490892282 | 02987390528 | 02987390528 | 06602394397 | 06602394358 | 16040993663 | 16040993566 | 2020 | 21709930613 | 21709969799 | 15414354913 | 15414354614 | -07102897285 | -07102894824 | 08324283964 | 08324259976 | 04515958007 | 04515958007 | 07953949612 | 07953950128 | 21497054247 | 21497054504 | 52185934247 | 52185934247 | 10459481224 | 10459483101 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 32074829495 | 32074831252 | 08275731969 | 08275731787 | 10125815712 | 1012581938 | 18025324464 | 18025300718 | 07063814764 | 07063814764 | 09321922665 | 09321922955 | 23481470825 | 23481471214 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 31264533681 | 3126453553 | 18283102998 | 18283103389 | 08666505872 | 08666514849 | 14194129347 | 14194048288 | 08334022824 | 08334022824 | 12477941124 | 12477943726 | 29204265431 | 29204266796 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 27331374943 | 27331990841 | 20834052245 | 20834047228 | 06663085528 | 06663096538 | 18384431899 | 18384280067 | 13146543316 | 13146543316 | 09915534109 | 09915536456 | 26058164488 | 26058165097 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IWRLD | Central | 1004457845 | 32074829495 | 31264533681 | 27331374943 | Transform Annual Growth | blFGDP$_IWRLD | Central | 21709930613 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 10044578163 | 32074831252 | 3126453553 | 27331990841 | Local | 21709969799 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_US | Central | 09921251807 | 08275731969 | 18283102998 | 20834052245 | Transform Annual Growth | blFGDP$_US | Central | 15414354913 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 09921251807 | 08275731787 | 18283103389 | 20834047228 | Local | 15414354614 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Central | -00439644998 | 10125815712 | 08666505872 | 06663085528 | Transform Annual Growth | blFGDP$_IJPN | Central | -07102897285 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | -00439645008 | 1012581938 | 08666514849 | 06663096538 | Local | -07102894824 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IMEX | Central | 08490892284 | 18025324464 | 14194129347 | 18384431899 | Transform Annual Growth | blFGDP$_IMEX | Central | 08324283964 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 08490892282 | 18025300718 | 14194048288 | 18384280067 | Local | 08324259976 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IDEU | Central | 02987390528 | 07063814764 | 08334022824 | 13146543316 | Transform Annual Growth | blFGDP$_IDEU | Central | 04515958007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 02987390528 | 07063814764 | 08334022824 | 13146543316 | Local | 04515958007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IGBR | Central | 06602394397 | 09321922665 | 12477941124 | 09915534109 | Transform Annual Growth | blFGDP$_IGBR | Central | 07953949612 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 06602394358 | 09321922955 | 12477943726 | 09915536456 | Local | 07953950128 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IBRA | Central | 16040993663 | 23481470825 | 29204265431 | 26058164488 | Transform Annual Growth | blFGDP$_IBRA | Central | 21497054247 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 16040993566 | 23481471214 | 29204266796 | 26058165097 | Local | 21497054504 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 272065679 | 14854478326 | 04765669035 | 10081169396 | 10172628117 | 12466257645 | 2035391119 | 2020 | 26327068769 | 18444415498 | 05810706316 | 12256906248 | 10222414849 | 10119832734 | 22038851574 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 29246961109 | 21637882274 | 10099936598 | 20906101983 | 16794358524 | 11263116978 | 23545717496 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 26772534017 | 15212644402 | 08024032016 | 20970805994 | 19893661165 | 10681874364 | 25048602217 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 2610698539 | 1240462 | 04808646914 | 21918401913 | 14932062066 | 10996765728 | 25545421579 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IWRLD | Central | 272065679 | 29246961109 | 26772534017 | 2610698539 | Transform Annual Growth | blFGDP$_IWRLD | Central | 26327068769 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_US | Central | 14854478326 | 21637882274 | 15212644402 | 1240462 | Transform Annual Growth | blFGDP$_US | Central | 18444415498 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Central | 04765669035 | 10099936598 | 08024032016 | 04808646914 | Transform Annual Growth | blFGDP$_IJPN | Central | 05810706316 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IMEX | Central | 10081169396 | 20906101983 | 20970805994 | 21918401913 | Transform Annual Growth | blFGDP$_IMEX | Central | 12256906248 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IDEU | Central | 10172628117 | 16794358524 | 19893661165 | 14932062066 | Transform Annual Growth | blFGDP$_IDEU | Central | 10222414849 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IGBR | Central | 12466257645 | 11263116978 | 10681874364 | 10996765728 | Transform Annual Growth | blFGDP$_IGBR | Central | 10119832734 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IBRA | Central | 2035391119 | 23545717496 | 25048602217 | 25545421579 | Transform Annual Growth | blFGDP$_IBRA | Central | 22038851574 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | Current | 1004457845 | 32074829495 | 31264533681 | 27331374943 | 21709930613 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 272065679 | 29246961109 | 26772534017 | 2610698539 | 26327068769 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_US | Current | 09921251807 | 08275731969 | 18283102998 | 20834052245 | 15414354913 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 14854478326 | 21637882274 | 15212644402 | 1240462 | 18444415498 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IJPN | Current | -00439644998 | 10125815712 | 08666505872 | 06663085528 | -07102897285 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 04765669035 | 10099936598 | 08024032016 | 04808646914 | 05810706316 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IMEX | Current | 08490892284 | 18025324464 | 14194129347 | 18384431899 | 08324283964 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 10081169396 | 20906101983 | 20970805994 | 21918401913 | 12256906248 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IDEU | Current | 02987390528 | 07063814764 | 08334022824 | 13146543316 | 04515958007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 10172628117 | 16794358524 | 19893661165 | 14932062066 | 10222414849 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IGBR | Current | 06602394397 | 09321922665 | 12477941124 | 09915534109 | 07953949612 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 12466257645 | 11263116978 | 10681874364 | 10996765728 | 10119832734 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IBRA | Current | 16040993663 | 23481470825 | 29204265431 | 26058164488 | 21497054247 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 2035391119 | 23545717496 | 25048602217 | 25545421579 | 22038851574 |
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019 | 2020 | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 24351159023 | 21709930613 | Transform Annual Growth | blFGDP$_IWRLD | Central | 30284213704 | 23417301002 | 23990821589 | 16664397734 | 1004457845 | 32074829495 | 31264533681 | 27331374943 | |||||||||||||||||||||||||||||||||||||||||||||||
Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Local | 24351159023 | 21709969799 | Local | 30284213704 | 23417301002 | 23990821589 | 16664397734 | 10044578163 | 32074831252 | 3126453553 | 27331990841 | ||||||||||||||||||||||||||||||||||||||||||
2019 | 24351159023 | 24351159023 | 23313535291 | 23313535291 | 07546323236 | 07546323236 | -005744748 | -005744748 | 05986711898 | 05986711898 | 14029645318 | 14029645318 | 11023093516 | 11023093516 | 61225476607 | 61225476607 | 11735219155 | 11735219155 | Transform Annual Growth | blFGDP$_US | Central | 23313535291 | 15414354913 | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20951800832 | 09921251807 | 08275731969 | 18283102998 | 20834052245 | |||||||||||||||||||||||||||||||||||||
2020 | 21709930613 | 21709969799 | 15414354913 | 15414354614 | -07102897285 | -07102894824 | 08324283964 | 08324259976 | 04515958007 | 04515958007 | 07953949612 | 07953950128 | 21497054247 | 21497054504 | 52185934247 | 52185934247 | 10459481224 | 10459483101 | Local | 23313535291 | 15414354614 | Local | 30961395462 | 20138186099 | 21035065819 | 20951800832 | 09921251807 | 08275731787 | 18283103389 | 20834047228 | |||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Central | 07546323236 | -07102897285 | Transform Annual Growth | blFGDP$_IJPN | Central | 26108675557 | 1928453754 | 04856673069 | -62909369088 | -00439644998 | 10125815712 | 08666505872 | 06663085528 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Local | 07546323236 | -07102894824 | Local | 26108675557 | 1928453754 | 04856673069 | -62909369088 | -00439645008 | 1012581938 | 08666514849 | 06663096538 | |||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IMEX | Central | -005744748 | 08324283964 | Transform Annual Growth | blFGDP$_IMEX | Central | -03735112979 | -02398100266 | 00533779554 | -00006376933 | 08490892284 | 18025324464 | 14194129347 | 18384431898 | |||||||||||||||||||||||||||||||||||||||||||||||
Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Local | -005744748 | 08324259976 | Local | -03735112979 | -02398100266 | 00533779554 | -00006376933 | 08490892282 | 18025300718 | 14194048288 | 18384280067 | ||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 30284213704 | 30284213704 | 30961395462 | 30961395462 | 26108675557 | 26108675557 | -03735112979 | -03735112979 | 19164480743 | 19164480743 | 25893471992 | 25893471992 | -00237677886 | -00237677886 | 81649173964 | 81649173964 | 17986022234 | 17986022234 | Transform Annual Growth | blFGDP$_IDEU | Central | 05986711898 | 04515958007 | Transform Annual Growth | blFGDP$_IDEU | Central | 19164480743 | -09667798486 | 07878544616 | 01119058205 | 02987390528 | 07063814764 | 08334022824 | 13146543316 | |||||||||||||||||||||||||||||||||||||
2019Q2 | 23417301002 | 23417301002 | 20138186099 | 20138186099 | 1928453754 | 1928453754 | -02398100266 | -02398100266 | -09667798486 | -09667798486 | -04326963218 | -04326963218 | 19153104432 | 19153104432 | 52832664449 | 52832664449 | 06358352459 | 06358352459 | Local | 05986711898 | 04515958007 | Local | 19164480743 | -09667798486 | 07878544616 | 01119058205 | 02987390528 | 07063814764 | 08334022824 | 13146543316 | |||||||||||||||||||||||||||||||||||||||||
2019Q3 | 23990821589 | 23990821589 | 21035065819 | 21035065819 | 04856673069 | 04856673069 | 00533779554 | 00533779554 | 07878544616 | 07878544616 | 19881876478 | 19881876478 | 24592196357 | 24592196357 | 52959086245 | 52959086245 | 10998947573 | 10998947573 | Transform Annual Growth | blFGDP$_IGBR | Central | 14029645318 | 07953949612 | Transform Annual Growth | blFGDP$_IGBR | Central | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 06602394397 | 09321922665 | 12477941124 | 09915534109 | |||||||||||||||||||||||||||||||||||||
2019Q4 | 16664397734 | 16664397734 | 20951800832 | 20951800832 | -62909369088 | -62909369088 | -00006376933 | -00006376933 | 01119058205 | 01119058205 | 00955519539 | 00955519539 | 1884625331 | 1884625331 | 5081292422 | 5081292422 | 023526783 | 023526783 | Local | 14029645318 | 07953950128 | Local | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 06602394358 | 09321922955 | 12477943726 | 09915536456 | |||||||||||||||||||||||||||||||||||||||||
2020Q1 | 1004457845 | 10044578163 | 09921251807 | 09921251807 | -00439644998 | -00439645008 | 08490892284 | 08490892282 | 02987390528 | 02987390528 | 06602394397 | 06602394358 | 16040993663 | 16040993566 | -07976031984 | -07976031984 | 13072031191 | 13072029534 | Transform Annual Growth | blFGDP$_IBRA | Central | 11023093516 | 21497054247 | Transform Annual Growth | blFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 16040993663 | 23481470825 | 29204265431 | 26058164488 | |||||||||||||||||||||||||||||||||||||
2020Q2 | 32074829495 | 32074831252 | 08275731969 | 08275731787 | 10125815712 | 1012581938 | 18025324464 | 18025300718 | 07063814764 | 07063814764 | 09321922665 | 09321922955 | 23481470825 | 23481471214 | 114621259414 | 114621259414 | 12804875265 | 12804882285 | Local | 11023093516 | 21497054504 | Local | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 16040993566 | 23481471214 | 29204266796 | 26058165097 | |||||||||||||||||||||||||||||||||||||||||
2020Q3 | 31264533681 | 3126453553 | 18283102998 | 18283103389 | 08666505872 | 08666514849 | 14194129347 | 14194048288 | 08334022824 | 08334022824 | 12477941124 | 12477943726 | 29204265431 | 29204266796 | 8243216 | 8243216 | 13849193065 | 13849201636 | Transform Annual Growth | blFGDP$_ICHN | Central | 61225476607 | 52185934247 | Transform Annual Growth | blFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -07976031984 | 114621259414 | 8243216 | 57641098471 | |||||||||||||||||||||||||||||||||||||
2020Q4 | 27331374943 | 27331990841 | 20834052245 | 20834047228 | 06663085528 | 06663096538 | 18384431898 | 18384280067 | 13146543316 | 13146543316 | 09915534109 | 09915536456 | 26058164488 | 26058165097 | 57641098471 | 57641098471 | 13600290043 | 13600288501 | Local | 61225476607 | 52185934247 | Local | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -07976031984 | 114621259414 | 8243216 | 57641098471 | |||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IEUZN | Central | 11735219155 | 10459481224 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 023526783 | 13072031191 | 12804875265 | 13849193065 | 13600290043 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Local | 11735219155 | 10459483101 | Local | 17986022234 | 06358352459 | 10998947573 | 023526783 | 13072029534 | 12804882285 | 13849201636 | 13600288501 | |||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | 2019 | 2020 | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 24572687311 | 23378491108 | 12088413762 | 00063845975 | 05719546493 | 13152063114 | 11023093516 | 61482608188 | 12233338671 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24572687311 | 26327068769 | Transform Annual Growth | blFGDP$_IWRLD | Central | 29451354542 | 22599606628 | 24139793469 | 24684818352 | 272065679 | 29246961109 | 26772534017 | 2610698539 | ||||||||||||||||||||||||||||||||||||||||||||||
2020 | 26327068769 | 18444415498 | 05810706316 | 12256906248 | 10222414849 | 10119832734 | 22038851574 | 61879167766 | 13174813176 | Transform Annual Growth | blFGDP$_US | Central | 23378491108 | 18444415498 | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 21981110559 | 14854478326 | 21637882274 | 15212644402 | 1240462 | ||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Central | 12088413762 | 05810706316 | Transform Annual Growth | blFGDP$_IJPN | Central | 26155633695 | 20471054063 | 17999622217 | -10982174064 | 04765669035 | 10099936598 | 08024032016 | 04808646914 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | blFGDP$_IMEX | Central | 00063845975 | 12256906248 | Transform Annual Growth | blFGDP$_IMEX | Central | -03735112979 | -02398100266 | 00533779554 | 10252658827 | 10081169396 | 20906101983 | 20970805994 | 21918401913 | |||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IDEU | Central | 05719546493 | 10222414849 | Transform Annual Growth | blFGDP$_IDEU | Central | 18878382403 | -09668474617 | 03371786209 | 06979229504 | 10172628117 | 16794358524 | 19893661165 | 14932062066 | |||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_IGBR | Central | 13152063114 | 10119832734 | Transform Annual Growth | blFGDP$_IGBR | Central | 24823649001 | -0739135003 | 16777739007 | 06643901326 | 12466257645 | 11263116978 | 10681874364 | 10996765728 | |||||||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 29451354542 | 30961395462 | 26155633695 | -03735112979 | 18878382403 | 24823649001 | -00237677886 | 78364853704 | 17754221786 | Transform Annual Growth | blFGDP$_IBRA | Central | 11023093516 | 22038851574 | Transform Annual Growth | blFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 2035391119 | 23545717496 | 25048602217 | 25545421579 | ||||||||||||||||||||||||||||||||||||||||||||||
2019Q2 | 22599606628 | 20138186099 | 20471054063 | -02398100266 | -09668474617 | -0739135003 | 19153104432 | 52562170871 | 07431449429 | Transform Annual Growth | blFGDP$_ICHN | Central | 61482608188 | 61879167766 | Transform Annual Growth | blFGDP$_ICHN | Central | 78364853704 | 52562170871 | 49639920827 | 60986346254 | 71996449976 | 66464447608 | 5516591118 | 57641098471 | ||||||||||||||||||||||||||||||||||||||||||||||
2019Q3 | 24139793469 | 21035065819 | 17999622217 | 00533779554 | 03371786209 | 16777739007 | 24592196357 | 49639920827 | 09419706317 | Transform Annual Growth | blFGDP$_IEUZN | Central | 12233338671 | 13174813176 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17754221786 | 07431449429 | 09419706317 | 10559422143 | 13970624004 | 1533923729 | 18296441479 | 14318726638 | ||||||||||||||||||||||||||||||||||||||||||||||
2019Q4 | 24684818352 | 21981110559 | -10982174064 | 10252658827 | 06979229504 | 06643901326 | 1884625331 | 60986346254 | 10559422143 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 272065679 | 14854478326 | 04765669035 | 10081169396 | 10172628117 | 12466257645 | 2035391119 | 71996449976 | 13970624004 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 29246961109 | 21637882274 | 10099936598 | 20906101983 | 16794358524 | 11263116978 | 23545717496 | 66464447608 | 1533923729 | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 26772534017 | 15212644402 | 08024032016 | 20970805994 | 19893661165 | 10681874364 | 25048602217 | 5516591118 | 18296441479 | blFGDP$_IWRLD | blFGDP$_IWRLD | March base | 30284213704 | 23417301002 | 23990821589 | 16664397734 | 1004457845 | 32074829495 | 31264533681 | 27331374943 | 24351159023 | 21709930613 | |||||||||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 2610698539 | 1240462 | 04808646914 | 21918401913 | 14932062066 | 10996765728 | 25545421579 | 57641098471 | 14318726638 | January base | 29451354542 | 22599606628 | 24139793469 | 24684818352 | 272065679 | 29246961109 | 26772534017 | 2610698539 | 24572687311 | 26327068769 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Pandemic | 30159788147 | 22796482557 | 24591371048 | 20779599357 | -0821068591 | -32466569486 | -09134483601 | 14536598724 | 2445594268 | -00205231371 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_US | blFGDP$_US | March base | 30961395462 | 20138186099 | 21035065819 | 20951800832 | 09921251807 | 08275731969 | 18283102998 | 20834052245 | 23313535291 | 15414354913 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | January base | 30961395462 | 20138186099 | 21035065819 | 21981110559 | 14854478326 | 21637882274 | 15212644402 | 1240462 | 23378491108 | 18444415498 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
cvpFGDP$_IWRLD | cvpFGDP$_US | cvpFGDP$_IJPN | cvpFGDP$_IMEX | cvpFGDP$_IDEU | cvpFGDP$_IGBR | cvpFGDP$_IBRA | cvpFGDP$_ICHN | cvpFGDP$_IEUZN | Pandemic | 30961395462 | 20138186099 | 21035065819 | 20798192573 | -07791884072 | -28691380159 | -19527497926 | -02389473664 | 23303837447 | -02321135313 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | blFGDP$_IJPN | blFGDP$_IJPN | March base | 26108675557 | 1928453754 | 04856673069 | -62909369088 | -00439644998 | 10125815712 | 08666505872 | 06663085528 | 07546323236 | -07102897285 | ||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 30159788147 | 30961395462 | 26155633695 | -03735112979 | 18878382403 | 24823649001 | -00237677886 | 81649173964 | 17986022234 | January base | 26155633695 | 20471054063 | 17999622217 | -10982174064 | 04765669035 | 10099936598 | 08024032016 | 04808646914 | 12088413762 | 05810706316 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q2 | 22796482557 | 20138186099 | 20471054063 | -02398100266 | -09668474617 | -0739135003 | 19153104432 | 52832664449 | 06358352459 | Pandemic | 26155633695 | 20471054063 | 17999622217 | -11119794418 | -25355286898 | -22605799716 | -28490450305 | -02896175105 | 12079598883 | -13007210629 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q3 | 24591371048 | 21035065819 | 17999622217 | 00533779554 | 03371786209 | 16777739007 | 24592196357 | 52959086245 | 10998947573 | blFGDP$_IMEX | blFGDP$_IMEX | March base | -03735112979 | -02398100266 | 00533779554 | -00006376933 | 08490892284 | 18025324464 | 14194129347 | 18384431898 | -005744748 | 08324283964 | |||||||||||||||||||||||||||||||||||||||||||||||||
2019Q4 | 20779599357 | 20798192573 | -11119794418 | -00006387604 | 0483210256 | 06643894657 | 18846225607 | 5081292422 | 03752442079 | January base | -03735112979 | -02398100266 | 00533779554 | 10252658827 | 10081169396 | 20906101983 | 20970805994 | 21918401913 | 00063845975 | 12256906248 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | -0821068591 | -07791884072 | -25355286898 | -19062201837 | -0047198012 | 06533113941 | -6057333778 | -18145761976 | 03759520935 | Pandemic | -03735112979 | -02398100266 | 00533779554 | -00006387604 | -19062201837 | -3940399 | -21819164585 | -09962562461 | -00574475466 | -15669083769 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q2 | -32466569486 | -28691380159 | -22605799716 | -3940399 | -26172511227 | -07999236088 | -68183843711 | -87426651892 | 00496751219 | blFGDP$_IDEU | blFGDP$_IDEU | March base | 19164480743 | -09667798486 | 07878544616 | 01119058205 | 02987390528 | 07063814764 | 08334022824 | 13146543316 | 05986711898 | 04515958007 | |||||||||||||||||||||||||||||||||||||||||||||||||
2020Q3 | -09134483601 | -19527497926 | -28490450305 | -21819164585 | -12905609117 | -02333238672 | -15904255744 | -00254038564 | -03786332106 | January base | 18878382403 | -09668474617 | 03371786209 | 06979229504 | 10172628117 | 16794358524 | 19893661165 | 14932062066 | 05719546493 | 10222414849 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 14536598724 | -02389473664 | -02896175105 | -09962562461 | -04107398878 | 02507136905 | 16096256256 | 6392235324 | 08103230917 | Pandemic | 18878382403 | -09668474617 | 03371786209 | 0483210256 | -0047198012 | -26172511227 | -12905609117 | -04107398878 | 05585261716 | -06226209775 | |||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IGBR | blFGDP$_IGBR | March base | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 06602394397 | 09321922665 | 12477941124 | 09915534109 | 14029645318 | 07953949612 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | January base | 24823649001 | -0739135003 | 16777739007 | 06643901326 | 12466257645 | 11263116978 | 10681874364 | 10996765728 | 13152063114 | 10119832734 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
cvpFGDP$_IWRLD | cvpFGDP$_US | cvpFGDP$_IJPN | cvpFGDP$_IMEX | cvpFGDP$_IDEU | cvpFGDP$_IGBR | cvpFGDP$_IBRA | cvpFGDP$_ICHN | cvpFGDP$_IEUZN | Pandemic | 24823649001 | -0739135003 | 16777739007 | 06643894657 | 06533113941 | -07999236088 | -02333238672 | 02507136905 | 13152062693 | 02846413002 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | blFGDP$_IBRA | blFGDP$_IBRA | March base | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 16040993663 | 23481470825 | 29204265431 | 26058164488 | 11023093516 | 21497054247 | ||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2445594268 | 23303837447 | 12079598883 | -00574475466 | 05585261716 | 13152062693 | 11023091785 | 61225476607 | 11823671661 | January base | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 2035391119 | 23545717496 | 25048602217 | 25545421579 | 11023093516 | 22038851574 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | -00205231371 | -02321135313 | -13007210629 | -15669083769 | -06226209775 | 02846413002 | -21884237028 | 01019172133 | 03531495954 | Pandemic | -00237677886 | 19153104432 | 24592196357 | 18846225607 | -6057333778 | -68183843711 | -15904255744 | 16096256256 | 11023091785 | -21884237028 | |||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_ICHN | blFGDP$_ICHN | March base | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -07976031984 | 114621259414 | 8243216 | 57641098471 | 61225476607 | 52185934247 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | January base | 78364853704 | 52562170871 | 49639920827 | 60986346254 | 71996449976 | 66464447608 | 5516591118 | 57641098471 | 61482608188 | 61879167766 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IWRLD | Central | 30159788147 | 22796482557 | 24591371048 | 20779599357 | -0821068591 | -32466569486 | -09134483601 | 14536598724 | Transform Annual Growth | cvpFGDP$_IWRLD | Central | 2445594268 | -00205231371 | Pandemic | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -18145761976 | -87426651892 | -00254038564 | 6392235324 | 61225476607 | 01019172133 | |||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20798192573 | -07791884072 | -28691380159 | -19527497926 | -02389473664 | Transform Annual Growth | cvpFGDP$_US | Central | 23303837447 | -02321135313 | blFGDP$_IEUZN | blFGDP$_IEUZN | March base | 17986022234 | 06358352459 | 10998947573 | 023526783 | 13072031191 | 12804875265 | 13849193065 | 13600290043 | 11735219155 | 10459481224 | |||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IJPN | Central | 26155633695 | 20471054063 | 17999622217 | -11119794418 | -25355286898 | -22605799716 | -28490450305 | -02896175105 | Transform Annual Growth | cvpFGDP$_IJPN | Central | 12079598883 | -13007210629 | January base | 17754221786 | 07431449429 | 09419706317 | 10559422143 | 13970624004 | 1533923729 | 18296441479 | 14318726638 | 12233338671 | 13174813176 | |||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IMEX | Central | -03735112979 | -02398100266 | 00533779554 | -00006387604 | -19062201837 | -3940399 | -21819164585 | -09962562461 | Transform Annual Growth | cvpFGDP$_IMEX | Central | -00574475466 | -15669083769 | Pandemic | 17986022234 | 06358352459 | 10998947573 | 03752442079 | 03759520935 | 00496751219 | -03786332106 | 08103230917 | 11823671661 | 03531495954 | |||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IDEU | Central | 18878382403 | -09668474617 | 03371786209 | 0483210256 | -0047198012 | -26172511227 | -12905609117 | -04107398878 | Transform Annual Growth | cvpFGDP$_IDEU | Central | 05585261716 | -06226209775 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IGBR | Central | 24823649001 | -0739135003 | 16777739007 | 06643894657 | 06533113941 | -07999236088 | -02333238672 | 02507136905 | Transform Annual Growth | cvpFGDP$_IGBR | Central | 13152062693 | 02846413002 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 18846225607 | -6057333778 | -68183843711 | -15904255744 | 16096256256 | Transform Annual Growth | cvpFGDP$_IBRA | Central | 11023091785 | -21884237028 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -18145761976 | -87426651892 | -00254038564 | 6392235324 | Transform Annual Growth | cvpFGDP$_ICHN | Central | 61225476607 | 01019172133 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 03752442079 | 03759520935 | 00496751219 | -03786332106 | 08103230917 | Transform Annual Growth | cvpFGDP$_IEUZN | Central | 11823671661 | 03531495954 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IWRLD | Pandemic | 30159788147 | 22796482557 | 24591371048 | 20779599357 | -0821068591 | -32466569486 | -09134483601 | 14536598724 | 2445594268 | -00205231371 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_US | Pandemic | 30961395462 | 20138186099 | 21035065819 | 20798192573 | -07791884072 | -28691380159 | -19527497926 | -02389473664 | 23303837447 | -02321135313 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Pandemic | 26155633695 | 20471054063 | 17999622217 | -11119794418 | -25355286898 | -22605799716 | -28490450305 | -02896175105 | 12079598883 | -13007210629 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IMEX | Pandemic | -03735112979 | -02398100266 | 00533779554 | -00006387604 | -19062201837 | -3940399 | -21819164585 | -09962562461 | -00574475466 | -15669083769 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IDEU | Pandemic | 18878382403 | -09668474617 | 03371786209 | 0483210256 | -0047198012 | -26172511227 | -12905609117 | -04107398878 | 05585261716 | -06226209775 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IGBR | Pandemic | 24823649001 | -0739135003 | 16777739007 | 06643894657 | 06533113941 | -07999236088 | -02333238672 | 02507136905 | 13152062693 | 02846413002 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IBRA | Pandemic | -00237677886 | 19153104432 | 24592196357 | 18846225607 | -6057333778 | -68183843711 | -15904255744 | 16096256256 | 11023091785 | -21884237028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_ICHN | Pandemic | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -18145761976 | -87426651892 | -00254038564 | 6392235324 | 61225476607 | 01019172133 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IEUZN | Pandemic | 17986022234 | 06358352459 | 10998947573 | 03752442079 | 03759520935 | 00496751219 | -03786332106 | 08103230917 | 11823671661 | 03531495954 |
January | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 29451354542 | 22599606628 | 24139793469 | 24684818352 | 272065679 | 29246961109 | 26772534017 | 2610698539 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24572687311 | 26327068769 | ||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 21981110559 | 14854478326 | 21637882274 | 15212644402 | 1240462 | Transform Annual Growth | blFGDP$_US | Central | 23378491108 | 18444415498 | ||||||||||||||||||||||||||||
2019Q1 | 29451354542 | 30961395462 | 78364853704 | -00237677886 | 24823649001 | 17754221786 | Transform Annual Growth | blFGDP$_ICHN | Central | 78364853704 | 52562170871 | 49639920827 | 60986346254 | 71996449976 | 66464447608 | 5516591118 | 57641098471 | Transform Annual Growth | blFGDP$_ICHN | Central | 61482608188 | 61879167766 | |||||||||||||||||||||||||||
2019Q2 | 22599606628 | 20138186099 | 52562170871 | 19153104432 | -0739135003 | 07431449429 | Transform Annual Growth | blFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 2035391119 | 23545717496 | 25048602217 | 25545421579 | Transform Annual Growth | blFGDP$_IBRA | Central | 11023093516 | 22038851574 | |||||||||||||||||||||||||||
2019Q3 | 24139793469 | 21035065819 | 49639920827 | 24592196357 | 16777739007 | 09419706317 | Transform Annual Growth | blFGDP$_IGBR | Central | 24823649001 | -0739135003 | 16777739007 | 06643901326 | 12466257645 | 11263116978 | 10681874364 | 10996765728 | Transform Annual Growth | blFGDP$_IGBR | Central | 13152063114 | 10119832734 | |||||||||||||||||||||||||||
2019Q4 | 24684818352 | 21981110559 | 60986346254 | 1884625331 | 06643901326 | 10559422143 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17754221786 | 07431449429 | 09419706317 | 10559422143 | 13970624004 | 1533923729 | 18296441479 | 14318726638 | Transform Annual Growth | blFGDP$_IEUZN | Central | 12233338671 | 13174813176 | |||||||||||||||||||||||||||
2020Q1 | 272065679 | 14854478326 | 71996449976 | 2035391119 | 12466257645 | 13970624004 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 29246961109 | 21637882274 | 66464447608 | 23545717496 | 11263116978 | 1533923729 | |||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 26772534017 | 15212644402 | 5516591118 | 25048602217 | 10681874364 | 18296441479 | 1 | ||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 2610698539 | 1240462 | 57641098471 | 25545421579 | 10996765728 | 14318726638 | 1 | ||||||||||||||||||||||||||||||||||||||||||
1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 1 | |||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | 1 | |||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | 1 | |||||||||||||||||||||||||||||||||||||||||||
2019 | 24572687311 | 23378491108 | 61482608188 | 11023093516 | 13152063114 | 12233338671 | |||||||||||||||||||||||||||||||||||||||||||
2020 | 26327068769 | 18444415498 | 61879167766 | 22038851574 | 10119832734 | 13174813176 | |||||||||||||||||||||||||||||||||||||||||||
February | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019Q1 | 2019Q2 | ||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 30161892099 | 22802828188 | 24594084962 | 22008966022 | 14267975445 | 35673397653 | 3130360587 | 26477025015 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24535720549 | 24438471492 | ||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20798192573 | 11808986302 | 18383570453 | 18399532081 | 14396669192 | Transform Annual Growth | blFGDP$_US | Central | 23303837447 | 1737510215 | ||||||||||||||||||||||||||||
2019Q1 | 30161892099 | 30961395462 | 81649173964 | -00237677886 | 24823649001 | 17986022234 | Transform Annual Growth | blFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -01693269995 | 114621259414 | 8243216 | 57641098471 | Transform Annual Growth | blFGDP$_ICHN | Central | 61225476607 | 53847938302 | |||||||||||||||||||||||||||
2019Q2 | 22802828188 | 20138186099 | 52832664449 | 19153104432 | -0739135003 | 06358352459 | Transform Annual Growth | blFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 2035391119 | 23545717496 | 25048602217 | 25545421579 | Transform Annual Growth | blFGDP$_IBRA | Central | 11023093516 | 22038851574 | |||||||||||||||||||||||||||
2019Q3 | 24594084962 | 21035065819 | 52959086245 | 24592196357 | 16777739007 | 10998947573 | Transform Annual Growth | blFGDP$_IGBR | Central | 24823649001 | -0739135003 | 16777739007 | 06643897131 | 10679572806 | 1302977792 | 10712364192 | 1131447151 | Transform Annual Growth | blFGDP$_IGBR | Central | 13152062849 | 10028602649 | |||||||||||||||||||||||||||
2019Q4 | 22008966022 | 20798192573 | 5081292422 | 1884625331 | 06643897131 | 03752442079 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 03752442079 | 17050563006 | 16351220412 | 16699656597 | 14255519771 | Transform Annual Growth | blFGDP$_IEUZN | Central | 11823671661 | 1277684485 | |||||||||||||||||||||||||||
2020Q1 | 14267975445 | 11808986302 | -01693269995 | 2035391119 | 10679572806 | 17050563006 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 35673397653 | 18383570453 | 114621259414 | 23545717496 | 1302977792 | 16351220412 | |||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 3130360587 | 18399532081 | 8243216 | 25048602217 | 10712364192 | 16699656597 | 1 | ||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 26477025015 | 14396669192 | 57641098471 | 25545421579 | 1131447151 | 14255519771 | 1 | ||||||||||||||||||||||||||||||||||||||||||
1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 1 | |||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | 1 | |||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | 1 | |||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 24535720549 | 23303837447 | 61225476607 | 11023093516 | 13152062849 | 11823671661 | |||||||||||||||||||||||||||||||||||||||||||
2019Q2 | 24438471492 | 1737510215 | 53847938302 | 22038851574 | 10028602649 | 1277684485 | |||||||||||||||||||||||||||||||||||||||||||
March | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 30435599871 | 23558387781 | 24375040067 | 1701955775 | 07134330493 | 16088352258 | 35025062659 | 28314211454 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24493075475 | 18629862191 | ||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20951800832 | 10792377387 | -03629441718 | 17452447165 | 24113300406 | Transform Annual Growth | blFGDP$_US | Central | 23313535291 | 13471543008 | ||||||||||||||||||||||||||||
2019Q1 | 30435599871 | 30961395462 | 81649173964 | 0 | 25893471992 | 17986022234 | Transform Annual Growth | blFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -0916830864 | 50939502296 | 114125001473 | 57641098471 | Transform Annual Growth | blFGDP$_ICHN | Central | 61225476607 | 44051562126 | |||||||||||||||||||||||||||
2019Q2 | 23558387781 | 20138186099 | 52832664449 | 21088484653 | -04326963218 | 06358352459 | Transform Annual Growth | blFGDP$_IBRA | Central | 0 | 21088484653 | 25309159859 | 20368839529 | 13204907937 | 19612066518 | 24768647224 | 25597150807 | Transform Annual Growth | blFGDP$_IBRA | Central | 11327391421 | 19967072205 | |||||||||||||||||||||||||||
2019Q3 | 24375040067 | 21035065819 | 52959086245 | 25309159859 | 19881876478 | 10998947573 | Transform Annual Growth | blFGDP$_IGBR | Central | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 06010071267 | 04808646914 | 12479154327 | 11215100886 | Transform Annual Growth | blFGDP$_IGBR | Central | 14029645318 | 07039544518 | |||||||||||||||||||||||||||
2019Q4 | 1701955775 | 20951800832 | 5081292422 | 20368839529 | 00955519539 | 023526783 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 023526783 | 06533523093 | 07718419397 | 12075824693 | 13342808024 | Transform Annual Growth | blFGDP$_IEUZN | Central | 11735219155 | 0763453073 | |||||||||||||||||||||||||||
2020Q1 | 07134330493 | 10792377387 | -0916830864 | 13204907937 | 06010071267 | 06533523093 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 16088352258 | -03629441718 | 50939502296 | 19612066518 | 04808646914 | 07718419397 | |||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 35025062659 | 17452447165 | 114125001473 | 24768647224 | 12479154327 | 12075824693 | 1 | ||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 28314211454 | 24113300406 | 57641098471 | 25597150807 | 11215100886 | 13342808024 | 1 | ||||||||||||||||||||||||||||||||||||||||||
1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 1 | |||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | 1 | |||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | 1 | |||||||||||||||||||||||||||||||||||||||||||
2019 | 24493075475 | 23313535291 | 61225476607 | 11327391421 | 14029645318 | 11735219155 | |||||||||||||||||||||||||||||||||||||||||||
2020 | 18629862191 | 13471543008 | 44051562126 | 19967072205 | 07039544518 | 0763453073 | |||||||||||||||||||||||||||||||||||||||||||
Pandemic | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 30435599871 | 23555223464 | 24368647931 | 16948755801 | -64626256402 | -01452879884 | 364230161 | 31919100165 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24487184631 | -02913403409 | ||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20951800832 | -12649625419 | -3866587391 | -05250627901 | 12952466239 | Transform Annual Growth | blFGDP$_US | Central | 23313535291 | -02697321313 | ||||||||||||||||||||||||||||
2019Q1 | 30435599871 | 30961395462 | 81649173964 | 0 | 25893471992 | 17986022234 | Transform Annual Growth | blFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -271595817928 | 213939810451 | 288661390234 | 126527577187 | Transform Annual Growth | blFGDP$_ICHN | Central | 61225476607 | 16783204982 | |||||||||||||||||||||||||||
2019Q2 | 23555223464 | 20138186099 | 52832664449 | 21088484653 | -04326963218 | 06358352459 | Transform Annual Growth | blFGDP$_IBRA | Central | 0 | 21088484653 | 25309159859 | 20368839529 | -49699609713 | -59050479329 | -14301609311 | 29311858824 | Transform Annual Growth | blFGDP$_IBRA | Central | 11327391421 | -15810356391 | |||||||||||||||||||||||||||
2019Q3 | 24368647931 | 21035065819 | 52959086245 | 25309159859 | 19881876478 | 10998947573 | Transform Annual Growth | blFGDP$_IGBR | Central | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 0 | -38926164109 | -50898073001 | -24773578171 | Transform Annual Growth | blFGDP$_IGBR | Central | 14029645318 | -13025752939 | |||||||||||||||||||||||||||
2019Q4 | 16948755801 | 20951800832 | 5081292422 | 20368839529 | 00955519539 | 023526783 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 023526783 | -56773778158 | -74279753282 | -0805227426 | 16043293021 | Transform Annual Growth | blFGDP$_IEUZN | Central | 11735219155 | -26504236812 | |||||||||||||||||||||||||||
2020Q1 | -64626256402 | -12649625419 | -271595817928 | -49699609713 | 0 | -56773778158 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | -01452879884 | -3866587391 | 213939810451 | -59050479329 | -38926164109 | -74279753282 | |||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 364230161 | -05250627901 | 288661390234 | -14301609311 | -50898073001 | -0805227426 | |||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 31919100165 | 12952466239 | 126527577187 | 29311858824 | -24773578171 | 16043293021 | |||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | ||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | ||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | ||||||||||||||||||||||||||||||||||||||||||||
2019 | 24487184631 | 23313535291 | 61225476607 | 11327391421 | 14029645318 | 11735219155 | |||||||||||||||||||||||||||||||||||||||||||
2020 | -02913403409 | -02697321313 | 16783204982 | -15810356391 | -13025752939 | -26504236812 |
2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||
World | January base | 29 | 23 | 24 | 25 | 27 | 29 | 27 | 26 | 25 | 26 | ||||||||||||
March base | 30 | 23 | 24 | 17 | 10 | 32 | 31 | 27 | 24 | 22 | |||||||||||||
Pandemic | 30 | 23 | 25 | 21 | -08 | -32 | -09 | 15 | 24 | -00 | |||||||||||||
United States | January base | 31 | 20 | 21 | 22 | 15 | 22 | 15 | 12 | 23 | 18 | ||||||||||||
March base | 31 | 20 | 21 | 21 | 10 | 08 | 18 | 21 | 23 | 15 | |||||||||||||
Pandemic | 31 | 20 | 21 | 21 | -08 | -29 | -20 | -02 | 23 | -02 | |||||||||||||
Japan | January base | 26 | 20 | 18 | -11 | 05 | 10 | 08 | 05 | 12 | 06 | ||||||||||||
March base | 26 | 19 | 05 | -63 | -00 | 10 | 09 | 07 | 08 | -07 | |||||||||||||
Pandemic | 26 | 20 | 18 | -11 | -25 | -23 | -28 | -03 | 12 | -13 | |||||||||||||
Mexico | January base | -04 | -02 | 01 | 10 | 10 | 21 | 21 | 22 | 00 | 12 | ||||||||||||
March base | -04 | -02 | 01 | -00 | 08 | 18 | 14 | 18 | -01 | 08 | |||||||||||||
Pandemic | -04 | -02 | 01 | -00 | -19 | -39 | -22 | -10 | -01 | -16 | |||||||||||||
Germany | January base | 19 | -10 | 03 | 07 | 10 | 17 | 20 | 15 | 06 | 10 | ||||||||||||
March base | 19 | -10 | 08 | 01 | 03 | 07 | 08 | 13 | 06 | 05 | |||||||||||||
Pandemic | 19 | -10 | 03 | 05 | -00 | -26 | -13 | -04 | 06 | -06 | |||||||||||||
United Kingdom | January base | 25 | -07 | 17 | 07 | 12 | 11 | 11 | 11 | 13 | 10 | ||||||||||||
March base | 26 | -04 | 20 | 01 | 07 | 09 | 12 | 10 | 14 | 08 | |||||||||||||
Pandemic | 25 | -07 | 17 | 07 | 07 | -08 | -02 | 03 | 13 | 03 | |||||||||||||
Brazil | January base | -00 | 19 | 25 | 19 | 20 | 24 | 25 | 26 | 11 | 22 | ||||||||||||
March base | -00 | 19 | 25 | 19 | 16 | 23 | 29 | 26 | 11 | 21 | |||||||||||||
Pandemic | -00 | 19 | 25 | 19 | -61 | -68 | -16 | 16 | 11 | -22 | |||||||||||||
China | January base | 78 | 53 | 50 | 61 | 72 | 66 | 55 | 58 | 61 | 62 | ||||||||||||
March base | 82 | 53 | 53 | 51 | -08 | 115 | 82 | 58 | 61 | 52 | |||||||||||||
Pandemic | 82 | 53 | 53 | 51 | -18 | -87 | -00 | 64 | 61 | 01 | |||||||||||||
Euro Zone | January base | 18 | 07 | 09 | 11 | 14 | 15 | 18 | 14 | 12 | 13 | ||||||||||||
March base | 18 | 06 | 11 | 02 | 13 | 13 | 14 | 14 | 12 | 10 | |||||||||||||
Pandemic | 18 | 06 | 11 | 04 | 04 | 00 | -04 | 08 | 12 | 04 |
Virus Changes the Outlook | |||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||
World | January base | 27 | 29 | 27 | 26 | 25 | 26 | ||||||||
February base | 14 | 36 | 31 | 26 | 25 | 24 | |||||||||
March prelim base | 07 | 16 | 35 | 28 | 24 | 19 | |||||||||
Pandemic | -65 | -01 | 36 | 32 | 24 | -03 | |||||||||
United States | January base | 15 | 22 | 15 | 12 | 23 | 18 | ||||||||
February base | 12 | 18 | 18 | 14 | 23 | 17 | |||||||||
March prelim base | 11 | -04 | 17 | 24 | 23 | 13 | |||||||||
Pandemic | -13 | -39 | -05 | 13 | 23 | -03 | |||||||||
China | January base | 72 | 66 | 55 | 58 | 61 | 62 | ||||||||
February base | -02 | 115 | 82 | 58 | 61 | 54 | |||||||||
March base | -09 | 51 | 114 | 58 | 61 | 44 | |||||||||
Pandemic | -272 | 214 | 289 | 127 | 61 | 17 | |||||||||
Brazil | January base | 20 | 24 | 25 | 26 | 11 | 22 | ||||||||
February base | 20 | 24 | 25 | 26 | 11 | 22 | |||||||||
March prelim base | 13 | 20 | 25 | 26 | 11 | 20 | |||||||||
Pandemic | -50 | -59 | -14 | 29 | 11 | -16 | |||||||||
United Kingdom | January base | 12 | 11 | 11 | 11 | 13 | 10 | ||||||||
February base | 11 | 13 | 11 | 11 | 13 | 10 | |||||||||
March base | 06 | 05 | 12 | 11 | 14 | 07 | |||||||||
Pandemic | 00 | -39 | -51 | -25 | 14 | -13 | |||||||||
Euro Zone | January base | 14 | 15 | 18 | 14 | 12 | 13 | ||||||||
February base | 17 | 16 | 17 | 14 | 12 | 13 | |||||||||
March prelim base | 07 | 08 | 12 | 13 | 12 | 08 | |||||||||
Pandemic | -57 | -74 | -08 | 16 | 12 | -27 |
Global Recession Under Pandemic Scenario | |||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||
World | January base | 27 | 29 | 27 | 26 | 25 | 26 | ||||||||
March base | 07 | 16 | 35 | 28 | 24 | 19 | |||||||||
April base | -109 | -221 | 199 | 45 | 24 | -42 | |||||||||
United States | January base | 15 | 22 | 15 | 12 | 23 | 18 | ||||||||
March base | 11 | -04 | 17 | 24 | 23 | 13 | |||||||||
April base | -81 | -302 | 166 | 04 | 23 | -58 | |||||||||
China | January base | 72 | 66 | 55 | 58 | 61 | 62 | ||||||||
March base | -09 | 51 | 114 | 58 | 61 | 44 | |||||||||
April base | -290 | 149 | 277 | 130 | 61 | -01 | |||||||||
Brazil | January base | 20 | 24 | 25 | 26 | 11 | 22 | ||||||||
March base | 13 | 20 | 25 | 26 | 11 | 20 | |||||||||
April base | -88 | -243 | 04 | 70 | 11 | -61 | |||||||||
United Kingdom | January base | 12 | 11 | 11 | 11 | 13 | 10 | ||||||||
March base | 06 | 05 | 12 | 11 | 14 | 07 | |||||||||
April base | -30 | -367 | 258 | 58 | 14 | -56 | |||||||||
Euro Zone | January base | 14 | 15 | 18 | 14 | 12 | 13 | ||||||||
March base | 07 | 08 | 12 | 13 | 12 | 08 | |||||||||
April base | -148 | -400 | 593 | 16 | 12 | -70 |
April 2020 10
Unprecedented Global Economic DownturnhellipEconomies in red are expected to suffer a recession in 2020
Source Moodyrsquos Analytics
April 2020 11
hellipThat Is Intensifying
2020Q1 2020Q2 2020Q3 2020Q4 2019 2020January base 27 29 27 26 25 26March base 07 16 35 28 24 19April base -109 -221 199 45 24 -42January base 15 22 15 12 23 18March base 11 -04 17 24 23 13April base -81 -302 166 04 23 -58January base 72 66 55 58 61 62March base -09 51 114 58 61 44April base -290 149 277 130 61 -01January base 20 24 25 26 11 22March base 13 20 25 26 11 20April base -88 -243 04 70 11 -61January base 12 11 11 11 13 10March base 06 05 12 11 14 07April base -30 -367 258 58 14 -56January base 14 15 18 14 12 13March base 07 08 12 13 12 08April base -148 -400 593 16 12 -70
Brazil
United Kingdom
Euro Zone
World
United States
China
Real GDP growth annualized change
Source Moodyrsquos Analytics
April 2020 12
-10-8-6-4-202468
0 2 4 6 8 10 12
1980 1990 20012007 2020
A Swoosh Recovery Real GDP change since beginning of recessionhellip
Sources BEA Moodyrsquos Analytics
X-axis is qtrs since beginning of recession
13April 2020
-40
-30
-20
-10
0
10
20
19 20 21 22 23 24
Baseline (50ile)S0 (4ile)S4 (96ile)
Output to Collapse With Gradual RecoveryInflation adjusted GDP annualized quarterly growth
Source Moodyrsquos Analytics
April 2020 14
0
5
10
15
20
25
30 40 50 60 70 80 90 00 10 20
Financial crisisFed slays inflation
1930s Depression
WW II
COVID crisis April 2020
Not Since the Great DepressionUS unemployment rate
Sources Federal Reserve BEA Moodyrsquos Analytics
15April 2020
02468
101214161820
19 20 21 22 23 24
Baseline (50ile)
S0 (4ile)
S4 (96ile)
Unemployment to SpikeU-3 unemployment rate quarterly average
Source Moodyrsquos Analytics
April 2020 16
Job Market Will Struggle to Recover
Sources BLS Moodyrsquos Analytics
05 04 06 06 04
-171
81
-06 -03
00 10 13 14 14 13 12
-20
-15
-10
-5
0
5
10
3
5
7
9
11
13
15
19 20 21 22
Employment Change (Mil R)Unemployment Rate (L)
April 2020 17
Regional Risk Factors for COVID-19
Virus Exposure
Commodities
Demographics
Global Interconnectedness (TradeTravel)
Tourism
FinanceInvestment
April 2020 18
Large Coastal Urban Areas Are Hit HardestWeighted avg Z-score across rankings 0 = metro area average
gt025
-025 to lt0lt-025
0 to lt025
Source Moodyrsquos Analytics
April 2020 19
Active Listings Collapse Across Major Metros
Sources Realtorcom Moodyrsquos Analytics
-45 -40 -35 -30 -25 -20 -15 -10 -5 0
PhoenixMilwaukeeSan DiegoSan JosePhiladelphiaCincinnatiDenverRiversideProvidenceSeattle
Active listing count yr ago
April 2020 20
US Real Estate Prices Slump
Sources FHFA Moodyrsquos Analytics
75
80
85
90
95
100
105
19 20 21 22
FHFA HPI
Moodyrsquos Analytics CPPI
Index 2019Q4 = 100 April baseline
April 2020 21
Home Prices Could Fall Fasthellip
Sources BEA Moodyrsquos Analytics
FHFA all-transactions index forecasts from March 2020 V2 vintage year ago
-15
-10
-5
0
5
10
15
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
BaselineScenario 1Scenario 3Scenario 4
April 2020 22
hellipAs Commercial Properties Are Hit From All Sides
Sources Reis Moodyrsquos Analytics
Commercial property price index yr ago
-40
-30
-20
-10
0
10
20
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
BaselineScenario 1Scenario 3Scenario 4
April 2020 23
House Prices SlumphellipForeclosures Increase
Sources FHFA MBA Moodyrsquos Analytics
0
500
1000
1500
2000
2500
60
70
80
90
100
110
120
05 10 15 20 25
FHFA HPI Index 2020Q1 = 100 (L)
Foreclosures startedths SA (R)
April baseline forecast
April 2020 24
Price Declines Vary Throughout the CountryBaseline forecast FHFA purchase-only index for 2021Q1 year ago
Sources FHFA Moodyrsquos Analytics
Known Unknowns3
April 2020 26
01000002000003000004000005000006000007000008000009000001000000
05000
10000150002000025000300003500040000
01-M
ar
04-M
ar
07-M
ar
10-M
ar
13-M
ar
16-M
ar
19-M
ar
22-M
ar
25-M
ar
28-M
ar
31-M
ar
03-A
pr
06-A
pr
09-A
pr
12-A
pr
15-A
pr
18-A
pr
21-A
pr
24-A
pr
Daily Cases (L) Cumulative Cases (R )
US New Daily Cases Hovering Around 30000Number of confirmed COVID-19 cases
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 27
0
10
20
30
40
50
60
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60
Italy S Korea EU USDay 1 DatesItaly Feb 23S Korea Feb 20US March 3 EU Feb 23
Growth Rate of COVID Cases FallingDaily growth of COVID-19 cases days since 100 confirmed cases 3-day MA
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 28
Epidemiological Assumptions
S1 Scenario
bull lt1 mil confirmed US infectionsbull New infections peak in Aprilbull 5-6 case fatality ratebull 8 hospitalization ratebull Infections abate by Junebull Surplus of hospital bedsbull Surplus of ICU bedsbull Surplus of ventilators
Baseline Forecast
bull 1-3 mil confirmed US infectionsbull New infections peak in Maybull 7-11 case fatality ratebull 10 hospitalization ratebull Infections abate by Julybull Surplus of hospital bedsbull Small surplus of ICU bedsbull Small surplus of ventilators
S3 Scenario
bull 5-6 mil confirmed US infectionsbull New infections peak in Junebull 12-16 case fatality ratebull 15 hospitalization ratebull Infections abate by Septemberbull Small deficit of hospital bedsbull Large deficit of ICU bedsbull Large deficit of ventilators
April 2020 29
010002000300040005000600070008000
95 00 05 10 15
C B Ba Baa A Aa Aaa
Federal Reserve Must Shore Up the Firewall
Sources Moodyrsquos Investor Service Moodyrsquos Analytics
Corporate debt outstanding by rating $ bil
April 2020 30
0123456789
10
03 05 07 09 11 13 15 17 19 21 23 25
Up Up and AwayAssets held outright on the Fedrsquos balance sheet $ tril
Source Moodyrsquos Analytics
April 2020 31
Lawmakers Act But Need to Do More
Sources CRFB Moodyrsquos Analytics
Cost of Coronavirus Aid Relief amp Economic Security (CARES) Act
$510 BilLoans amp Loan
Guarantees for Large Firms amp Governments
$377 BilSmall Business Loans amp Grants
$290 BilOne-time Checks
$180 BilHealth
$150 BilAid to States
$72 BilTransp Grants
$280 BilBusiness Tax Cuts
$45 BilFEMA
$42 BilSafety Nets
$32 BilEducation$260 Bil
Unemployment Insurance
$25 BilOther
April 2020 32
Running Out of Fiscal Space
Source Moodyrsquos Analytics
Sovereign borrowing capacity given current yields projected output growth and primary balance
-500
50100150200250300350400450
0 50 100 150 200 250
Circle size=Real GDP US$Y-axis Fiscal spaceX-axis Debt-to-GDP ratioAs of 2020Q1 (ex COVID-19 policies)
China
US
Japan
ItalyFrance Greece
Russia
UK
Argentina
Germany
Turkey S Africa Egypt
Spain
IndiaBrazil
Mexico
Canada
April 2020 33
US Risk Matrix
Source Moodyrsquos Analytics
April 2020 34
Questions amp
AnswersQuestions Contact us at helpeconomycom
April 2020 35
Coronavirus Liveeventsmoodysiocoronavirus coronavirusmoodyscom
Full webinars schedule eventsmoodysioeventsemeamoodyscom
MoodyrsquosWebinars
April 2020 36
Please complete our surveyWe Want to Hear From You
A survey will appear on your screen at the end of our presentation Please take a few moments to complete it
and let us know how we can continue to improve
moodyscom
West Chester EBA-HQ+16102355299121 North Walnut Street Suite 500West Chester PA 19380USA
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Contact Us Economics amp Business Analytics Offices
April 2020 38
copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved
CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC ANDOR ITS CREDIT RATINGS AFFILIATES ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MATERIALS PRODUCTS SERVICES AND INFORMATION PUBLISHED BY MOODYrsquoS (COLLECTIVELY ldquoPUBLICATIONSrdquo) MAY INCLUDE SUCH CURRENT OPINIONS MOODYrsquoS INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS INVESTORS SERVICE CREDIT RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS NON-CREDIT ASSESSMENTS (ldquoASSESSMENTSrdquo) AND OTHER OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC ANDOR ITS AFFILIATES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK
All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information
NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING ASSESSMENT OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER
Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any credit rating agreed to pay to Moodyrsquos Investors Service Inc for credit ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and Moodyrsquos investors Service also maintain policies and procedures to address the independence of Moodyrsquos Investors Service credit ratings and credit rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold credit ratings from Moodyrsquos Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo
Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors
Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any credit rating agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements
BLFGDP$_IWRLD | |
BLFGDP$_US | |
BLFGDP$_ICHN | |
BLFGDP$_IBRA | |
BLFGDP$_IGBR | |
BLFGDP$_IEUZN |
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | |||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 1004457845 | 10044578163 | 09921251807 | 09921251807 | -00439644998 | -00439645008 | 08490892284 | 08490892282 | 02987390528 | 02987390528 | 06602394397 | 06602394358 | 16040993663 | 16040993566 | 2020 | 21709930613 | 21709969799 | 15414354913 | 15414354614 | -07102897285 | -07102894824 | 08324283964 | 08324259976 | 04515958007 | 04515958007 | 07953949612 | 07953950128 | 21497054247 | 21497054504 | 52185934247 | 52185934247 | 10459481224 | 10459483101 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 32074829495 | 32074831252 | 08275731969 | 08275731787 | 10125815712 | 1012581938 | 18025324464 | 18025300718 | 07063814764 | 07063814764 | 09321922665 | 09321922955 | 23481470825 | 23481471214 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 31264533681 | 3126453553 | 18283102998 | 18283103389 | 08666505872 | 08666514849 | 14194129347 | 14194048288 | 08334022824 | 08334022824 | 12477941124 | 12477943726 | 29204265431 | 29204266796 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 27331374943 | 27331990841 | 20834052245 | 20834047228 | 06663085528 | 06663096538 | 18384431899 | 18384280067 | 13146543316 | 13146543316 | 09915534109 | 09915536456 | 26058164488 | 26058165097 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IWRLD | Central | 1004457845 | 32074829495 | 31264533681 | 27331374943 | Transform Annual Growth | blFGDP$_IWRLD | Central | 21709930613 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 10044578163 | 32074831252 | 3126453553 | 27331990841 | Local | 21709969799 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_US | Central | 09921251807 | 08275731969 | 18283102998 | 20834052245 | Transform Annual Growth | blFGDP$_US | Central | 15414354913 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 09921251807 | 08275731787 | 18283103389 | 20834047228 | Local | 15414354614 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Central | -00439644998 | 10125815712 | 08666505872 | 06663085528 | Transform Annual Growth | blFGDP$_IJPN | Central | -07102897285 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | -00439645008 | 1012581938 | 08666514849 | 06663096538 | Local | -07102894824 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IMEX | Central | 08490892284 | 18025324464 | 14194129347 | 18384431899 | Transform Annual Growth | blFGDP$_IMEX | Central | 08324283964 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 08490892282 | 18025300718 | 14194048288 | 18384280067 | Local | 08324259976 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IDEU | Central | 02987390528 | 07063814764 | 08334022824 | 13146543316 | Transform Annual Growth | blFGDP$_IDEU | Central | 04515958007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 02987390528 | 07063814764 | 08334022824 | 13146543316 | Local | 04515958007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IGBR | Central | 06602394397 | 09321922665 | 12477941124 | 09915534109 | Transform Annual Growth | blFGDP$_IGBR | Central | 07953949612 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 06602394358 | 09321922955 | 12477943726 | 09915536456 | Local | 07953950128 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IBRA | Central | 16040993663 | 23481470825 | 29204265431 | 26058164488 | Transform Annual Growth | blFGDP$_IBRA | Central | 21497054247 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 16040993566 | 23481471214 | 29204266796 | 26058165097 | Local | 21497054504 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 272065679 | 14854478326 | 04765669035 | 10081169396 | 10172628117 | 12466257645 | 2035391119 | 2020 | 26327068769 | 18444415498 | 05810706316 | 12256906248 | 10222414849 | 10119832734 | 22038851574 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 29246961109 | 21637882274 | 10099936598 | 20906101983 | 16794358524 | 11263116978 | 23545717496 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 26772534017 | 15212644402 | 08024032016 | 20970805994 | 19893661165 | 10681874364 | 25048602217 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 2610698539 | 1240462 | 04808646914 | 21918401913 | 14932062066 | 10996765728 | 25545421579 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IWRLD | Central | 272065679 | 29246961109 | 26772534017 | 2610698539 | Transform Annual Growth | blFGDP$_IWRLD | Central | 26327068769 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_US | Central | 14854478326 | 21637882274 | 15212644402 | 1240462 | Transform Annual Growth | blFGDP$_US | Central | 18444415498 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Central | 04765669035 | 10099936598 | 08024032016 | 04808646914 | Transform Annual Growth | blFGDP$_IJPN | Central | 05810706316 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IMEX | Central | 10081169396 | 20906101983 | 20970805994 | 21918401913 | Transform Annual Growth | blFGDP$_IMEX | Central | 12256906248 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IDEU | Central | 10172628117 | 16794358524 | 19893661165 | 14932062066 | Transform Annual Growth | blFGDP$_IDEU | Central | 10222414849 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IGBR | Central | 12466257645 | 11263116978 | 10681874364 | 10996765728 | Transform Annual Growth | blFGDP$_IGBR | Central | 10119832734 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IBRA | Central | 2035391119 | 23545717496 | 25048602217 | 25545421579 | Transform Annual Growth | blFGDP$_IBRA | Central | 22038851574 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | Current | 1004457845 | 32074829495 | 31264533681 | 27331374943 | 21709930613 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 272065679 | 29246961109 | 26772534017 | 2610698539 | 26327068769 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_US | Current | 09921251807 | 08275731969 | 18283102998 | 20834052245 | 15414354913 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 14854478326 | 21637882274 | 15212644402 | 1240462 | 18444415498 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IJPN | Current | -00439644998 | 10125815712 | 08666505872 | 06663085528 | -07102897285 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 04765669035 | 10099936598 | 08024032016 | 04808646914 | 05810706316 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IMEX | Current | 08490892284 | 18025324464 | 14194129347 | 18384431899 | 08324283964 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 10081169396 | 20906101983 | 20970805994 | 21918401913 | 12256906248 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IDEU | Current | 02987390528 | 07063814764 | 08334022824 | 13146543316 | 04515958007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 10172628117 | 16794358524 | 19893661165 | 14932062066 | 10222414849 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IGBR | Current | 06602394397 | 09321922665 | 12477941124 | 09915534109 | 07953949612 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 12466257645 | 11263116978 | 10681874364 | 10996765728 | 10119832734 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IBRA | Current | 16040993663 | 23481470825 | 29204265431 | 26058164488 | 21497054247 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 2035391119 | 23545717496 | 25048602217 | 25545421579 | 22038851574 |
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019 | 2020 | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 24351159023 | 21709930613 | Transform Annual Growth | blFGDP$_IWRLD | Central | 30284213704 | 23417301002 | 23990821589 | 16664397734 | 1004457845 | 32074829495 | 31264533681 | 27331374943 | |||||||||||||||||||||||||||||||||||||||||||||||
Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Local | 24351159023 | 21709969799 | Local | 30284213704 | 23417301002 | 23990821589 | 16664397734 | 10044578163 | 32074831252 | 3126453553 | 27331990841 | ||||||||||||||||||||||||||||||||||||||||||
2019 | 24351159023 | 24351159023 | 23313535291 | 23313535291 | 07546323236 | 07546323236 | -005744748 | -005744748 | 05986711898 | 05986711898 | 14029645318 | 14029645318 | 11023093516 | 11023093516 | 61225476607 | 61225476607 | 11735219155 | 11735219155 | Transform Annual Growth | blFGDP$_US | Central | 23313535291 | 15414354913 | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20951800832 | 09921251807 | 08275731969 | 18283102998 | 20834052245 | |||||||||||||||||||||||||||||||||||||
2020 | 21709930613 | 21709969799 | 15414354913 | 15414354614 | -07102897285 | -07102894824 | 08324283964 | 08324259976 | 04515958007 | 04515958007 | 07953949612 | 07953950128 | 21497054247 | 21497054504 | 52185934247 | 52185934247 | 10459481224 | 10459483101 | Local | 23313535291 | 15414354614 | Local | 30961395462 | 20138186099 | 21035065819 | 20951800832 | 09921251807 | 08275731787 | 18283103389 | 20834047228 | |||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Central | 07546323236 | -07102897285 | Transform Annual Growth | blFGDP$_IJPN | Central | 26108675557 | 1928453754 | 04856673069 | -62909369088 | -00439644998 | 10125815712 | 08666505872 | 06663085528 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Local | 07546323236 | -07102894824 | Local | 26108675557 | 1928453754 | 04856673069 | -62909369088 | -00439645008 | 1012581938 | 08666514849 | 06663096538 | |||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IMEX | Central | -005744748 | 08324283964 | Transform Annual Growth | blFGDP$_IMEX | Central | -03735112979 | -02398100266 | 00533779554 | -00006376933 | 08490892284 | 18025324464 | 14194129347 | 18384431898 | |||||||||||||||||||||||||||||||||||||||||||||||
Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Local | -005744748 | 08324259976 | Local | -03735112979 | -02398100266 | 00533779554 | -00006376933 | 08490892282 | 18025300718 | 14194048288 | 18384280067 | ||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 30284213704 | 30284213704 | 30961395462 | 30961395462 | 26108675557 | 26108675557 | -03735112979 | -03735112979 | 19164480743 | 19164480743 | 25893471992 | 25893471992 | -00237677886 | -00237677886 | 81649173964 | 81649173964 | 17986022234 | 17986022234 | Transform Annual Growth | blFGDP$_IDEU | Central | 05986711898 | 04515958007 | Transform Annual Growth | blFGDP$_IDEU | Central | 19164480743 | -09667798486 | 07878544616 | 01119058205 | 02987390528 | 07063814764 | 08334022824 | 13146543316 | |||||||||||||||||||||||||||||||||||||
2019Q2 | 23417301002 | 23417301002 | 20138186099 | 20138186099 | 1928453754 | 1928453754 | -02398100266 | -02398100266 | -09667798486 | -09667798486 | -04326963218 | -04326963218 | 19153104432 | 19153104432 | 52832664449 | 52832664449 | 06358352459 | 06358352459 | Local | 05986711898 | 04515958007 | Local | 19164480743 | -09667798486 | 07878544616 | 01119058205 | 02987390528 | 07063814764 | 08334022824 | 13146543316 | |||||||||||||||||||||||||||||||||||||||||
2019Q3 | 23990821589 | 23990821589 | 21035065819 | 21035065819 | 04856673069 | 04856673069 | 00533779554 | 00533779554 | 07878544616 | 07878544616 | 19881876478 | 19881876478 | 24592196357 | 24592196357 | 52959086245 | 52959086245 | 10998947573 | 10998947573 | Transform Annual Growth | blFGDP$_IGBR | Central | 14029645318 | 07953949612 | Transform Annual Growth | blFGDP$_IGBR | Central | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 06602394397 | 09321922665 | 12477941124 | 09915534109 | |||||||||||||||||||||||||||||||||||||
2019Q4 | 16664397734 | 16664397734 | 20951800832 | 20951800832 | -62909369088 | -62909369088 | -00006376933 | -00006376933 | 01119058205 | 01119058205 | 00955519539 | 00955519539 | 1884625331 | 1884625331 | 5081292422 | 5081292422 | 023526783 | 023526783 | Local | 14029645318 | 07953950128 | Local | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 06602394358 | 09321922955 | 12477943726 | 09915536456 | |||||||||||||||||||||||||||||||||||||||||
2020Q1 | 1004457845 | 10044578163 | 09921251807 | 09921251807 | -00439644998 | -00439645008 | 08490892284 | 08490892282 | 02987390528 | 02987390528 | 06602394397 | 06602394358 | 16040993663 | 16040993566 | -07976031984 | -07976031984 | 13072031191 | 13072029534 | Transform Annual Growth | blFGDP$_IBRA | Central | 11023093516 | 21497054247 | Transform Annual Growth | blFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 16040993663 | 23481470825 | 29204265431 | 26058164488 | |||||||||||||||||||||||||||||||||||||
2020Q2 | 32074829495 | 32074831252 | 08275731969 | 08275731787 | 10125815712 | 1012581938 | 18025324464 | 18025300718 | 07063814764 | 07063814764 | 09321922665 | 09321922955 | 23481470825 | 23481471214 | 114621259414 | 114621259414 | 12804875265 | 12804882285 | Local | 11023093516 | 21497054504 | Local | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 16040993566 | 23481471214 | 29204266796 | 26058165097 | |||||||||||||||||||||||||||||||||||||||||
2020Q3 | 31264533681 | 3126453553 | 18283102998 | 18283103389 | 08666505872 | 08666514849 | 14194129347 | 14194048288 | 08334022824 | 08334022824 | 12477941124 | 12477943726 | 29204265431 | 29204266796 | 8243216 | 8243216 | 13849193065 | 13849201636 | Transform Annual Growth | blFGDP$_ICHN | Central | 61225476607 | 52185934247 | Transform Annual Growth | blFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -07976031984 | 114621259414 | 8243216 | 57641098471 | |||||||||||||||||||||||||||||||||||||
2020Q4 | 27331374943 | 27331990841 | 20834052245 | 20834047228 | 06663085528 | 06663096538 | 18384431898 | 18384280067 | 13146543316 | 13146543316 | 09915534109 | 09915536456 | 26058164488 | 26058165097 | 57641098471 | 57641098471 | 13600290043 | 13600288501 | Local | 61225476607 | 52185934247 | Local | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -07976031984 | 114621259414 | 8243216 | 57641098471 | |||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IEUZN | Central | 11735219155 | 10459481224 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 023526783 | 13072031191 | 12804875265 | 13849193065 | 13600290043 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Local | 11735219155 | 10459483101 | Local | 17986022234 | 06358352459 | 10998947573 | 023526783 | 13072029534 | 12804882285 | 13849201636 | 13600288501 | |||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | 2019 | 2020 | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 24572687311 | 23378491108 | 12088413762 | 00063845975 | 05719546493 | 13152063114 | 11023093516 | 61482608188 | 12233338671 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24572687311 | 26327068769 | Transform Annual Growth | blFGDP$_IWRLD | Central | 29451354542 | 22599606628 | 24139793469 | 24684818352 | 272065679 | 29246961109 | 26772534017 | 2610698539 | ||||||||||||||||||||||||||||||||||||||||||||||
2020 | 26327068769 | 18444415498 | 05810706316 | 12256906248 | 10222414849 | 10119832734 | 22038851574 | 61879167766 | 13174813176 | Transform Annual Growth | blFGDP$_US | Central | 23378491108 | 18444415498 | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 21981110559 | 14854478326 | 21637882274 | 15212644402 | 1240462 | ||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Central | 12088413762 | 05810706316 | Transform Annual Growth | blFGDP$_IJPN | Central | 26155633695 | 20471054063 | 17999622217 | -10982174064 | 04765669035 | 10099936598 | 08024032016 | 04808646914 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | blFGDP$_IMEX | Central | 00063845975 | 12256906248 | Transform Annual Growth | blFGDP$_IMEX | Central | -03735112979 | -02398100266 | 00533779554 | 10252658827 | 10081169396 | 20906101983 | 20970805994 | 21918401913 | |||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IDEU | Central | 05719546493 | 10222414849 | Transform Annual Growth | blFGDP$_IDEU | Central | 18878382403 | -09668474617 | 03371786209 | 06979229504 | 10172628117 | 16794358524 | 19893661165 | 14932062066 | |||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_IGBR | Central | 13152063114 | 10119832734 | Transform Annual Growth | blFGDP$_IGBR | Central | 24823649001 | -0739135003 | 16777739007 | 06643901326 | 12466257645 | 11263116978 | 10681874364 | 10996765728 | |||||||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 29451354542 | 30961395462 | 26155633695 | -03735112979 | 18878382403 | 24823649001 | -00237677886 | 78364853704 | 17754221786 | Transform Annual Growth | blFGDP$_IBRA | Central | 11023093516 | 22038851574 | Transform Annual Growth | blFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 2035391119 | 23545717496 | 25048602217 | 25545421579 | ||||||||||||||||||||||||||||||||||||||||||||||
2019Q2 | 22599606628 | 20138186099 | 20471054063 | -02398100266 | -09668474617 | -0739135003 | 19153104432 | 52562170871 | 07431449429 | Transform Annual Growth | blFGDP$_ICHN | Central | 61482608188 | 61879167766 | Transform Annual Growth | blFGDP$_ICHN | Central | 78364853704 | 52562170871 | 49639920827 | 60986346254 | 71996449976 | 66464447608 | 5516591118 | 57641098471 | ||||||||||||||||||||||||||||||||||||||||||||||
2019Q3 | 24139793469 | 21035065819 | 17999622217 | 00533779554 | 03371786209 | 16777739007 | 24592196357 | 49639920827 | 09419706317 | Transform Annual Growth | blFGDP$_IEUZN | Central | 12233338671 | 13174813176 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17754221786 | 07431449429 | 09419706317 | 10559422143 | 13970624004 | 1533923729 | 18296441479 | 14318726638 | ||||||||||||||||||||||||||||||||||||||||||||||
2019Q4 | 24684818352 | 21981110559 | -10982174064 | 10252658827 | 06979229504 | 06643901326 | 1884625331 | 60986346254 | 10559422143 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 272065679 | 14854478326 | 04765669035 | 10081169396 | 10172628117 | 12466257645 | 2035391119 | 71996449976 | 13970624004 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 29246961109 | 21637882274 | 10099936598 | 20906101983 | 16794358524 | 11263116978 | 23545717496 | 66464447608 | 1533923729 | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 26772534017 | 15212644402 | 08024032016 | 20970805994 | 19893661165 | 10681874364 | 25048602217 | 5516591118 | 18296441479 | blFGDP$_IWRLD | blFGDP$_IWRLD | March base | 30284213704 | 23417301002 | 23990821589 | 16664397734 | 1004457845 | 32074829495 | 31264533681 | 27331374943 | 24351159023 | 21709930613 | |||||||||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 2610698539 | 1240462 | 04808646914 | 21918401913 | 14932062066 | 10996765728 | 25545421579 | 57641098471 | 14318726638 | January base | 29451354542 | 22599606628 | 24139793469 | 24684818352 | 272065679 | 29246961109 | 26772534017 | 2610698539 | 24572687311 | 26327068769 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Pandemic | 30159788147 | 22796482557 | 24591371048 | 20779599357 | -0821068591 | -32466569486 | -09134483601 | 14536598724 | 2445594268 | -00205231371 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_US | blFGDP$_US | March base | 30961395462 | 20138186099 | 21035065819 | 20951800832 | 09921251807 | 08275731969 | 18283102998 | 20834052245 | 23313535291 | 15414354913 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | January base | 30961395462 | 20138186099 | 21035065819 | 21981110559 | 14854478326 | 21637882274 | 15212644402 | 1240462 | 23378491108 | 18444415498 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
cvpFGDP$_IWRLD | cvpFGDP$_US | cvpFGDP$_IJPN | cvpFGDP$_IMEX | cvpFGDP$_IDEU | cvpFGDP$_IGBR | cvpFGDP$_IBRA | cvpFGDP$_ICHN | cvpFGDP$_IEUZN | Pandemic | 30961395462 | 20138186099 | 21035065819 | 20798192573 | -07791884072 | -28691380159 | -19527497926 | -02389473664 | 23303837447 | -02321135313 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | blFGDP$_IJPN | blFGDP$_IJPN | March base | 26108675557 | 1928453754 | 04856673069 | -62909369088 | -00439644998 | 10125815712 | 08666505872 | 06663085528 | 07546323236 | -07102897285 | ||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 30159788147 | 30961395462 | 26155633695 | -03735112979 | 18878382403 | 24823649001 | -00237677886 | 81649173964 | 17986022234 | January base | 26155633695 | 20471054063 | 17999622217 | -10982174064 | 04765669035 | 10099936598 | 08024032016 | 04808646914 | 12088413762 | 05810706316 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q2 | 22796482557 | 20138186099 | 20471054063 | -02398100266 | -09668474617 | -0739135003 | 19153104432 | 52832664449 | 06358352459 | Pandemic | 26155633695 | 20471054063 | 17999622217 | -11119794418 | -25355286898 | -22605799716 | -28490450305 | -02896175105 | 12079598883 | -13007210629 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q3 | 24591371048 | 21035065819 | 17999622217 | 00533779554 | 03371786209 | 16777739007 | 24592196357 | 52959086245 | 10998947573 | blFGDP$_IMEX | blFGDP$_IMEX | March base | -03735112979 | -02398100266 | 00533779554 | -00006376933 | 08490892284 | 18025324464 | 14194129347 | 18384431898 | -005744748 | 08324283964 | |||||||||||||||||||||||||||||||||||||||||||||||||
2019Q4 | 20779599357 | 20798192573 | -11119794418 | -00006387604 | 0483210256 | 06643894657 | 18846225607 | 5081292422 | 03752442079 | January base | -03735112979 | -02398100266 | 00533779554 | 10252658827 | 10081169396 | 20906101983 | 20970805994 | 21918401913 | 00063845975 | 12256906248 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | -0821068591 | -07791884072 | -25355286898 | -19062201837 | -0047198012 | 06533113941 | -6057333778 | -18145761976 | 03759520935 | Pandemic | -03735112979 | -02398100266 | 00533779554 | -00006387604 | -19062201837 | -3940399 | -21819164585 | -09962562461 | -00574475466 | -15669083769 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q2 | -32466569486 | -28691380159 | -22605799716 | -3940399 | -26172511227 | -07999236088 | -68183843711 | -87426651892 | 00496751219 | blFGDP$_IDEU | blFGDP$_IDEU | March base | 19164480743 | -09667798486 | 07878544616 | 01119058205 | 02987390528 | 07063814764 | 08334022824 | 13146543316 | 05986711898 | 04515958007 | |||||||||||||||||||||||||||||||||||||||||||||||||
2020Q3 | -09134483601 | -19527497926 | -28490450305 | -21819164585 | -12905609117 | -02333238672 | -15904255744 | -00254038564 | -03786332106 | January base | 18878382403 | -09668474617 | 03371786209 | 06979229504 | 10172628117 | 16794358524 | 19893661165 | 14932062066 | 05719546493 | 10222414849 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 14536598724 | -02389473664 | -02896175105 | -09962562461 | -04107398878 | 02507136905 | 16096256256 | 6392235324 | 08103230917 | Pandemic | 18878382403 | -09668474617 | 03371786209 | 0483210256 | -0047198012 | -26172511227 | -12905609117 | -04107398878 | 05585261716 | -06226209775 | |||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IGBR | blFGDP$_IGBR | March base | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 06602394397 | 09321922665 | 12477941124 | 09915534109 | 14029645318 | 07953949612 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | January base | 24823649001 | -0739135003 | 16777739007 | 06643901326 | 12466257645 | 11263116978 | 10681874364 | 10996765728 | 13152063114 | 10119832734 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
cvpFGDP$_IWRLD | cvpFGDP$_US | cvpFGDP$_IJPN | cvpFGDP$_IMEX | cvpFGDP$_IDEU | cvpFGDP$_IGBR | cvpFGDP$_IBRA | cvpFGDP$_ICHN | cvpFGDP$_IEUZN | Pandemic | 24823649001 | -0739135003 | 16777739007 | 06643894657 | 06533113941 | -07999236088 | -02333238672 | 02507136905 | 13152062693 | 02846413002 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | blFGDP$_IBRA | blFGDP$_IBRA | March base | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 16040993663 | 23481470825 | 29204265431 | 26058164488 | 11023093516 | 21497054247 | ||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2445594268 | 23303837447 | 12079598883 | -00574475466 | 05585261716 | 13152062693 | 11023091785 | 61225476607 | 11823671661 | January base | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 2035391119 | 23545717496 | 25048602217 | 25545421579 | 11023093516 | 22038851574 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | -00205231371 | -02321135313 | -13007210629 | -15669083769 | -06226209775 | 02846413002 | -21884237028 | 01019172133 | 03531495954 | Pandemic | -00237677886 | 19153104432 | 24592196357 | 18846225607 | -6057333778 | -68183843711 | -15904255744 | 16096256256 | 11023091785 | -21884237028 | |||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_ICHN | blFGDP$_ICHN | March base | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -07976031984 | 114621259414 | 8243216 | 57641098471 | 61225476607 | 52185934247 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | January base | 78364853704 | 52562170871 | 49639920827 | 60986346254 | 71996449976 | 66464447608 | 5516591118 | 57641098471 | 61482608188 | 61879167766 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IWRLD | Central | 30159788147 | 22796482557 | 24591371048 | 20779599357 | -0821068591 | -32466569486 | -09134483601 | 14536598724 | Transform Annual Growth | cvpFGDP$_IWRLD | Central | 2445594268 | -00205231371 | Pandemic | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -18145761976 | -87426651892 | -00254038564 | 6392235324 | 61225476607 | 01019172133 | |||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20798192573 | -07791884072 | -28691380159 | -19527497926 | -02389473664 | Transform Annual Growth | cvpFGDP$_US | Central | 23303837447 | -02321135313 | blFGDP$_IEUZN | blFGDP$_IEUZN | March base | 17986022234 | 06358352459 | 10998947573 | 023526783 | 13072031191 | 12804875265 | 13849193065 | 13600290043 | 11735219155 | 10459481224 | |||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IJPN | Central | 26155633695 | 20471054063 | 17999622217 | -11119794418 | -25355286898 | -22605799716 | -28490450305 | -02896175105 | Transform Annual Growth | cvpFGDP$_IJPN | Central | 12079598883 | -13007210629 | January base | 17754221786 | 07431449429 | 09419706317 | 10559422143 | 13970624004 | 1533923729 | 18296441479 | 14318726638 | 12233338671 | 13174813176 | |||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IMEX | Central | -03735112979 | -02398100266 | 00533779554 | -00006387604 | -19062201837 | -3940399 | -21819164585 | -09962562461 | Transform Annual Growth | cvpFGDP$_IMEX | Central | -00574475466 | -15669083769 | Pandemic | 17986022234 | 06358352459 | 10998947573 | 03752442079 | 03759520935 | 00496751219 | -03786332106 | 08103230917 | 11823671661 | 03531495954 | |||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IDEU | Central | 18878382403 | -09668474617 | 03371786209 | 0483210256 | -0047198012 | -26172511227 | -12905609117 | -04107398878 | Transform Annual Growth | cvpFGDP$_IDEU | Central | 05585261716 | -06226209775 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IGBR | Central | 24823649001 | -0739135003 | 16777739007 | 06643894657 | 06533113941 | -07999236088 | -02333238672 | 02507136905 | Transform Annual Growth | cvpFGDP$_IGBR | Central | 13152062693 | 02846413002 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 18846225607 | -6057333778 | -68183843711 | -15904255744 | 16096256256 | Transform Annual Growth | cvpFGDP$_IBRA | Central | 11023091785 | -21884237028 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -18145761976 | -87426651892 | -00254038564 | 6392235324 | Transform Annual Growth | cvpFGDP$_ICHN | Central | 61225476607 | 01019172133 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 03752442079 | 03759520935 | 00496751219 | -03786332106 | 08103230917 | Transform Annual Growth | cvpFGDP$_IEUZN | Central | 11823671661 | 03531495954 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IWRLD | Pandemic | 30159788147 | 22796482557 | 24591371048 | 20779599357 | -0821068591 | -32466569486 | -09134483601 | 14536598724 | 2445594268 | -00205231371 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_US | Pandemic | 30961395462 | 20138186099 | 21035065819 | 20798192573 | -07791884072 | -28691380159 | -19527497926 | -02389473664 | 23303837447 | -02321135313 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Pandemic | 26155633695 | 20471054063 | 17999622217 | -11119794418 | -25355286898 | -22605799716 | -28490450305 | -02896175105 | 12079598883 | -13007210629 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IMEX | Pandemic | -03735112979 | -02398100266 | 00533779554 | -00006387604 | -19062201837 | -3940399 | -21819164585 | -09962562461 | -00574475466 | -15669083769 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IDEU | Pandemic | 18878382403 | -09668474617 | 03371786209 | 0483210256 | -0047198012 | -26172511227 | -12905609117 | -04107398878 | 05585261716 | -06226209775 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IGBR | Pandemic | 24823649001 | -0739135003 | 16777739007 | 06643894657 | 06533113941 | -07999236088 | -02333238672 | 02507136905 | 13152062693 | 02846413002 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IBRA | Pandemic | -00237677886 | 19153104432 | 24592196357 | 18846225607 | -6057333778 | -68183843711 | -15904255744 | 16096256256 | 11023091785 | -21884237028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_ICHN | Pandemic | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -18145761976 | -87426651892 | -00254038564 | 6392235324 | 61225476607 | 01019172133 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IEUZN | Pandemic | 17986022234 | 06358352459 | 10998947573 | 03752442079 | 03759520935 | 00496751219 | -03786332106 | 08103230917 | 11823671661 | 03531495954 |
January | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 29451354542 | 22599606628 | 24139793469 | 24684818352 | 272065679 | 29246961109 | 26772534017 | 2610698539 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24572687311 | 26327068769 | ||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 21981110559 | 14854478326 | 21637882274 | 15212644402 | 1240462 | Transform Annual Growth | blFGDP$_US | Central | 23378491108 | 18444415498 | ||||||||||||||||||||||||||||
2019Q1 | 29451354542 | 30961395462 | 78364853704 | -00237677886 | 24823649001 | 17754221786 | Transform Annual Growth | blFGDP$_ICHN | Central | 78364853704 | 52562170871 | 49639920827 | 60986346254 | 71996449976 | 66464447608 | 5516591118 | 57641098471 | Transform Annual Growth | blFGDP$_ICHN | Central | 61482608188 | 61879167766 | |||||||||||||||||||||||||||
2019Q2 | 22599606628 | 20138186099 | 52562170871 | 19153104432 | -0739135003 | 07431449429 | Transform Annual Growth | blFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 2035391119 | 23545717496 | 25048602217 | 25545421579 | Transform Annual Growth | blFGDP$_IBRA | Central | 11023093516 | 22038851574 | |||||||||||||||||||||||||||
2019Q3 | 24139793469 | 21035065819 | 49639920827 | 24592196357 | 16777739007 | 09419706317 | Transform Annual Growth | blFGDP$_IGBR | Central | 24823649001 | -0739135003 | 16777739007 | 06643901326 | 12466257645 | 11263116978 | 10681874364 | 10996765728 | Transform Annual Growth | blFGDP$_IGBR | Central | 13152063114 | 10119832734 | |||||||||||||||||||||||||||
2019Q4 | 24684818352 | 21981110559 | 60986346254 | 1884625331 | 06643901326 | 10559422143 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17754221786 | 07431449429 | 09419706317 | 10559422143 | 13970624004 | 1533923729 | 18296441479 | 14318726638 | Transform Annual Growth | blFGDP$_IEUZN | Central | 12233338671 | 13174813176 | |||||||||||||||||||||||||||
2020Q1 | 272065679 | 14854478326 | 71996449976 | 2035391119 | 12466257645 | 13970624004 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 29246961109 | 21637882274 | 66464447608 | 23545717496 | 11263116978 | 1533923729 | |||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 26772534017 | 15212644402 | 5516591118 | 25048602217 | 10681874364 | 18296441479 | 1 | ||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 2610698539 | 1240462 | 57641098471 | 25545421579 | 10996765728 | 14318726638 | 1 | ||||||||||||||||||||||||||||||||||||||||||
1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 1 | |||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | 1 | |||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | 1 | |||||||||||||||||||||||||||||||||||||||||||
2019 | 24572687311 | 23378491108 | 61482608188 | 11023093516 | 13152063114 | 12233338671 | |||||||||||||||||||||||||||||||||||||||||||
2020 | 26327068769 | 18444415498 | 61879167766 | 22038851574 | 10119832734 | 13174813176 | |||||||||||||||||||||||||||||||||||||||||||
February | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019Q1 | 2019Q2 | ||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 30161892099 | 22802828188 | 24594084962 | 22008966022 | 14267975445 | 35673397653 | 3130360587 | 26477025015 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24535720549 | 24438471492 | ||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20798192573 | 11808986302 | 18383570453 | 18399532081 | 14396669192 | Transform Annual Growth | blFGDP$_US | Central | 23303837447 | 1737510215 | ||||||||||||||||||||||||||||
2019Q1 | 30161892099 | 30961395462 | 81649173964 | -00237677886 | 24823649001 | 17986022234 | Transform Annual Growth | blFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -01693269995 | 114621259414 | 8243216 | 57641098471 | Transform Annual Growth | blFGDP$_ICHN | Central | 61225476607 | 53847938302 | |||||||||||||||||||||||||||
2019Q2 | 22802828188 | 20138186099 | 52832664449 | 19153104432 | -0739135003 | 06358352459 | Transform Annual Growth | blFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 2035391119 | 23545717496 | 25048602217 | 25545421579 | Transform Annual Growth | blFGDP$_IBRA | Central | 11023093516 | 22038851574 | |||||||||||||||||||||||||||
2019Q3 | 24594084962 | 21035065819 | 52959086245 | 24592196357 | 16777739007 | 10998947573 | Transform Annual Growth | blFGDP$_IGBR | Central | 24823649001 | -0739135003 | 16777739007 | 06643897131 | 10679572806 | 1302977792 | 10712364192 | 1131447151 | Transform Annual Growth | blFGDP$_IGBR | Central | 13152062849 | 10028602649 | |||||||||||||||||||||||||||
2019Q4 | 22008966022 | 20798192573 | 5081292422 | 1884625331 | 06643897131 | 03752442079 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 03752442079 | 17050563006 | 16351220412 | 16699656597 | 14255519771 | Transform Annual Growth | blFGDP$_IEUZN | Central | 11823671661 | 1277684485 | |||||||||||||||||||||||||||
2020Q1 | 14267975445 | 11808986302 | -01693269995 | 2035391119 | 10679572806 | 17050563006 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 35673397653 | 18383570453 | 114621259414 | 23545717496 | 1302977792 | 16351220412 | |||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 3130360587 | 18399532081 | 8243216 | 25048602217 | 10712364192 | 16699656597 | 1 | ||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 26477025015 | 14396669192 | 57641098471 | 25545421579 | 1131447151 | 14255519771 | 1 | ||||||||||||||||||||||||||||||||||||||||||
1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 1 | |||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | 1 | |||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | 1 | |||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 24535720549 | 23303837447 | 61225476607 | 11023093516 | 13152062849 | 11823671661 | |||||||||||||||||||||||||||||||||||||||||||
2019Q2 | 24438471492 | 1737510215 | 53847938302 | 22038851574 | 10028602649 | 1277684485 | |||||||||||||||||||||||||||||||||||||||||||
March | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 30435599871 | 23558387781 | 24375040067 | 1701955775 | 07134330493 | 16088352258 | 35025062659 | 28314211454 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24493075475 | 18629862191 | ||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20951800832 | 10792377387 | -03629441718 | 17452447165 | 24113300406 | Transform Annual Growth | blFGDP$_US | Central | 23313535291 | 13471543008 | ||||||||||||||||||||||||||||
2019Q1 | 30435599871 | 30961395462 | 81649173964 | 0 | 25893471992 | 17986022234 | Transform Annual Growth | blFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -0916830864 | 50939502296 | 114125001473 | 57641098471 | Transform Annual Growth | blFGDP$_ICHN | Central | 61225476607 | 44051562126 | |||||||||||||||||||||||||||
2019Q2 | 23558387781 | 20138186099 | 52832664449 | 21088484653 | -04326963218 | 06358352459 | Transform Annual Growth | blFGDP$_IBRA | Central | 0 | 21088484653 | 25309159859 | 20368839529 | 13204907937 | 19612066518 | 24768647224 | 25597150807 | Transform Annual Growth | blFGDP$_IBRA | Central | 11327391421 | 19967072205 | |||||||||||||||||||||||||||
2019Q3 | 24375040067 | 21035065819 | 52959086245 | 25309159859 | 19881876478 | 10998947573 | Transform Annual Growth | blFGDP$_IGBR | Central | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 06010071267 | 04808646914 | 12479154327 | 11215100886 | Transform Annual Growth | blFGDP$_IGBR | Central | 14029645318 | 07039544518 | |||||||||||||||||||||||||||
2019Q4 | 1701955775 | 20951800832 | 5081292422 | 20368839529 | 00955519539 | 023526783 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 023526783 | 06533523093 | 07718419397 | 12075824693 | 13342808024 | Transform Annual Growth | blFGDP$_IEUZN | Central | 11735219155 | 0763453073 | |||||||||||||||||||||||||||
2020Q1 | 07134330493 | 10792377387 | -0916830864 | 13204907937 | 06010071267 | 06533523093 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 16088352258 | -03629441718 | 50939502296 | 19612066518 | 04808646914 | 07718419397 | |||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 35025062659 | 17452447165 | 114125001473 | 24768647224 | 12479154327 | 12075824693 | 1 | ||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 28314211454 | 24113300406 | 57641098471 | 25597150807 | 11215100886 | 13342808024 | 1 | ||||||||||||||||||||||||||||||||||||||||||
1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 1 | |||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | 1 | |||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | 1 | |||||||||||||||||||||||||||||||||||||||||||
2019 | 24493075475 | 23313535291 | 61225476607 | 11327391421 | 14029645318 | 11735219155 | |||||||||||||||||||||||||||||||||||||||||||
2020 | 18629862191 | 13471543008 | 44051562126 | 19967072205 | 07039544518 | 0763453073 | |||||||||||||||||||||||||||||||||||||||||||
Pandemic | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 30435599871 | 23555223464 | 24368647931 | 16948755801 | -64626256402 | -01452879884 | 364230161 | 31919100165 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24487184631 | -02913403409 | ||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20951800832 | -12649625419 | -3866587391 | -05250627901 | 12952466239 | Transform Annual Growth | blFGDP$_US | Central | 23313535291 | -02697321313 | ||||||||||||||||||||||||||||
2019Q1 | 30435599871 | 30961395462 | 81649173964 | 0 | 25893471992 | 17986022234 | Transform Annual Growth | blFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -271595817928 | 213939810451 | 288661390234 | 126527577187 | Transform Annual Growth | blFGDP$_ICHN | Central | 61225476607 | 16783204982 | |||||||||||||||||||||||||||
2019Q2 | 23555223464 | 20138186099 | 52832664449 | 21088484653 | -04326963218 | 06358352459 | Transform Annual Growth | blFGDP$_IBRA | Central | 0 | 21088484653 | 25309159859 | 20368839529 | -49699609713 | -59050479329 | -14301609311 | 29311858824 | Transform Annual Growth | blFGDP$_IBRA | Central | 11327391421 | -15810356391 | |||||||||||||||||||||||||||
2019Q3 | 24368647931 | 21035065819 | 52959086245 | 25309159859 | 19881876478 | 10998947573 | Transform Annual Growth | blFGDP$_IGBR | Central | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 0 | -38926164109 | -50898073001 | -24773578171 | Transform Annual Growth | blFGDP$_IGBR | Central | 14029645318 | -13025752939 | |||||||||||||||||||||||||||
2019Q4 | 16948755801 | 20951800832 | 5081292422 | 20368839529 | 00955519539 | 023526783 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 023526783 | -56773778158 | -74279753282 | -0805227426 | 16043293021 | Transform Annual Growth | blFGDP$_IEUZN | Central | 11735219155 | -26504236812 | |||||||||||||||||||||||||||
2020Q1 | -64626256402 | -12649625419 | -271595817928 | -49699609713 | 0 | -56773778158 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | -01452879884 | -3866587391 | 213939810451 | -59050479329 | -38926164109 | -74279753282 | |||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 364230161 | -05250627901 | 288661390234 | -14301609311 | -50898073001 | -0805227426 | |||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 31919100165 | 12952466239 | 126527577187 | 29311858824 | -24773578171 | 16043293021 | |||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | ||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | ||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | ||||||||||||||||||||||||||||||||||||||||||||
2019 | 24487184631 | 23313535291 | 61225476607 | 11327391421 | 14029645318 | 11735219155 | |||||||||||||||||||||||||||||||||||||||||||
2020 | -02913403409 | -02697321313 | 16783204982 | -15810356391 | -13025752939 | -26504236812 |
2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||
World | January base | 29 | 23 | 24 | 25 | 27 | 29 | 27 | 26 | 25 | 26 | ||||||||||||
March base | 30 | 23 | 24 | 17 | 10 | 32 | 31 | 27 | 24 | 22 | |||||||||||||
Pandemic | 30 | 23 | 25 | 21 | -08 | -32 | -09 | 15 | 24 | -00 | |||||||||||||
United States | January base | 31 | 20 | 21 | 22 | 15 | 22 | 15 | 12 | 23 | 18 | ||||||||||||
March base | 31 | 20 | 21 | 21 | 10 | 08 | 18 | 21 | 23 | 15 | |||||||||||||
Pandemic | 31 | 20 | 21 | 21 | -08 | -29 | -20 | -02 | 23 | -02 | |||||||||||||
Japan | January base | 26 | 20 | 18 | -11 | 05 | 10 | 08 | 05 | 12 | 06 | ||||||||||||
March base | 26 | 19 | 05 | -63 | -00 | 10 | 09 | 07 | 08 | -07 | |||||||||||||
Pandemic | 26 | 20 | 18 | -11 | -25 | -23 | -28 | -03 | 12 | -13 | |||||||||||||
Mexico | January base | -04 | -02 | 01 | 10 | 10 | 21 | 21 | 22 | 00 | 12 | ||||||||||||
March base | -04 | -02 | 01 | -00 | 08 | 18 | 14 | 18 | -01 | 08 | |||||||||||||
Pandemic | -04 | -02 | 01 | -00 | -19 | -39 | -22 | -10 | -01 | -16 | |||||||||||||
Germany | January base | 19 | -10 | 03 | 07 | 10 | 17 | 20 | 15 | 06 | 10 | ||||||||||||
March base | 19 | -10 | 08 | 01 | 03 | 07 | 08 | 13 | 06 | 05 | |||||||||||||
Pandemic | 19 | -10 | 03 | 05 | -00 | -26 | -13 | -04 | 06 | -06 | |||||||||||||
United Kingdom | January base | 25 | -07 | 17 | 07 | 12 | 11 | 11 | 11 | 13 | 10 | ||||||||||||
March base | 26 | -04 | 20 | 01 | 07 | 09 | 12 | 10 | 14 | 08 | |||||||||||||
Pandemic | 25 | -07 | 17 | 07 | 07 | -08 | -02 | 03 | 13 | 03 | |||||||||||||
Brazil | January base | -00 | 19 | 25 | 19 | 20 | 24 | 25 | 26 | 11 | 22 | ||||||||||||
March base | -00 | 19 | 25 | 19 | 16 | 23 | 29 | 26 | 11 | 21 | |||||||||||||
Pandemic | -00 | 19 | 25 | 19 | -61 | -68 | -16 | 16 | 11 | -22 | |||||||||||||
China | January base | 78 | 53 | 50 | 61 | 72 | 66 | 55 | 58 | 61 | 62 | ||||||||||||
March base | 82 | 53 | 53 | 51 | -08 | 115 | 82 | 58 | 61 | 52 | |||||||||||||
Pandemic | 82 | 53 | 53 | 51 | -18 | -87 | -00 | 64 | 61 | 01 | |||||||||||||
Euro Zone | January base | 18 | 07 | 09 | 11 | 14 | 15 | 18 | 14 | 12 | 13 | ||||||||||||
March base | 18 | 06 | 11 | 02 | 13 | 13 | 14 | 14 | 12 | 10 | |||||||||||||
Pandemic | 18 | 06 | 11 | 04 | 04 | 00 | -04 | 08 | 12 | 04 |
Virus Changes the Outlook | |||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||
World | January base | 27 | 29 | 27 | 26 | 25 | 26 | ||||||||
February base | 14 | 36 | 31 | 26 | 25 | 24 | |||||||||
March prelim base | 07 | 16 | 35 | 28 | 24 | 19 | |||||||||
Pandemic | -65 | -01 | 36 | 32 | 24 | -03 | |||||||||
United States | January base | 15 | 22 | 15 | 12 | 23 | 18 | ||||||||
February base | 12 | 18 | 18 | 14 | 23 | 17 | |||||||||
March prelim base | 11 | -04 | 17 | 24 | 23 | 13 | |||||||||
Pandemic | -13 | -39 | -05 | 13 | 23 | -03 | |||||||||
China | January base | 72 | 66 | 55 | 58 | 61 | 62 | ||||||||
February base | -02 | 115 | 82 | 58 | 61 | 54 | |||||||||
March base | -09 | 51 | 114 | 58 | 61 | 44 | |||||||||
Pandemic | -272 | 214 | 289 | 127 | 61 | 17 | |||||||||
Brazil | January base | 20 | 24 | 25 | 26 | 11 | 22 | ||||||||
February base | 20 | 24 | 25 | 26 | 11 | 22 | |||||||||
March prelim base | 13 | 20 | 25 | 26 | 11 | 20 | |||||||||
Pandemic | -50 | -59 | -14 | 29 | 11 | -16 | |||||||||
United Kingdom | January base | 12 | 11 | 11 | 11 | 13 | 10 | ||||||||
February base | 11 | 13 | 11 | 11 | 13 | 10 | |||||||||
March base | 06 | 05 | 12 | 11 | 14 | 07 | |||||||||
Pandemic | 00 | -39 | -51 | -25 | 14 | -13 | |||||||||
Euro Zone | January base | 14 | 15 | 18 | 14 | 12 | 13 | ||||||||
February base | 17 | 16 | 17 | 14 | 12 | 13 | |||||||||
March prelim base | 07 | 08 | 12 | 13 | 12 | 08 | |||||||||
Pandemic | -57 | -74 | -08 | 16 | 12 | -27 |
Global Recession Under Pandemic Scenario | |||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||
World | January base | 27 | 29 | 27 | 26 | 25 | 26 | ||||||||
March base | 07 | 16 | 35 | 28 | 24 | 19 | |||||||||
April base | -109 | -221 | 199 | 45 | 24 | -42 | |||||||||
United States | January base | 15 | 22 | 15 | 12 | 23 | 18 | ||||||||
March base | 11 | -04 | 17 | 24 | 23 | 13 | |||||||||
April base | -81 | -302 | 166 | 04 | 23 | -58 | |||||||||
China | January base | 72 | 66 | 55 | 58 | 61 | 62 | ||||||||
March base | -09 | 51 | 114 | 58 | 61 | 44 | |||||||||
April base | -290 | 149 | 277 | 130 | 61 | -01 | |||||||||
Brazil | January base | 20 | 24 | 25 | 26 | 11 | 22 | ||||||||
March base | 13 | 20 | 25 | 26 | 11 | 20 | |||||||||
April base | -88 | -243 | 04 | 70 | 11 | -61 | |||||||||
United Kingdom | January base | 12 | 11 | 11 | 11 | 13 | 10 | ||||||||
March base | 06 | 05 | 12 | 11 | 14 | 07 | |||||||||
April base | -30 | -367 | 258 | 58 | 14 | -56 | |||||||||
Euro Zone | January base | 14 | 15 | 18 | 14 | 12 | 13 | ||||||||
March base | 07 | 08 | 12 | 13 | 12 | 08 | |||||||||
April base | -148 | -400 | 593 | 16 | 12 | -70 |
April 2020 11
hellipThat Is Intensifying
2020Q1 2020Q2 2020Q3 2020Q4 2019 2020January base 27 29 27 26 25 26March base 07 16 35 28 24 19April base -109 -221 199 45 24 -42January base 15 22 15 12 23 18March base 11 -04 17 24 23 13April base -81 -302 166 04 23 -58January base 72 66 55 58 61 62March base -09 51 114 58 61 44April base -290 149 277 130 61 -01January base 20 24 25 26 11 22March base 13 20 25 26 11 20April base -88 -243 04 70 11 -61January base 12 11 11 11 13 10March base 06 05 12 11 14 07April base -30 -367 258 58 14 -56January base 14 15 18 14 12 13March base 07 08 12 13 12 08April base -148 -400 593 16 12 -70
Brazil
United Kingdom
Euro Zone
World
United States
China
Real GDP growth annualized change
Source Moodyrsquos Analytics
April 2020 12
-10-8-6-4-202468
0 2 4 6 8 10 12
1980 1990 20012007 2020
A Swoosh Recovery Real GDP change since beginning of recessionhellip
Sources BEA Moodyrsquos Analytics
X-axis is qtrs since beginning of recession
13April 2020
-40
-30
-20
-10
0
10
20
19 20 21 22 23 24
Baseline (50ile)S0 (4ile)S4 (96ile)
Output to Collapse With Gradual RecoveryInflation adjusted GDP annualized quarterly growth
Source Moodyrsquos Analytics
April 2020 14
0
5
10
15
20
25
30 40 50 60 70 80 90 00 10 20
Financial crisisFed slays inflation
1930s Depression
WW II
COVID crisis April 2020
Not Since the Great DepressionUS unemployment rate
Sources Federal Reserve BEA Moodyrsquos Analytics
15April 2020
02468
101214161820
19 20 21 22 23 24
Baseline (50ile)
S0 (4ile)
S4 (96ile)
Unemployment to SpikeU-3 unemployment rate quarterly average
Source Moodyrsquos Analytics
April 2020 16
Job Market Will Struggle to Recover
Sources BLS Moodyrsquos Analytics
05 04 06 06 04
-171
81
-06 -03
00 10 13 14 14 13 12
-20
-15
-10
-5
0
5
10
3
5
7
9
11
13
15
19 20 21 22
Employment Change (Mil R)Unemployment Rate (L)
April 2020 17
Regional Risk Factors for COVID-19
Virus Exposure
Commodities
Demographics
Global Interconnectedness (TradeTravel)
Tourism
FinanceInvestment
April 2020 18
Large Coastal Urban Areas Are Hit HardestWeighted avg Z-score across rankings 0 = metro area average
gt025
-025 to lt0lt-025
0 to lt025
Source Moodyrsquos Analytics
April 2020 19
Active Listings Collapse Across Major Metros
Sources Realtorcom Moodyrsquos Analytics
-45 -40 -35 -30 -25 -20 -15 -10 -5 0
PhoenixMilwaukeeSan DiegoSan JosePhiladelphiaCincinnatiDenverRiversideProvidenceSeattle
Active listing count yr ago
April 2020 20
US Real Estate Prices Slump
Sources FHFA Moodyrsquos Analytics
75
80
85
90
95
100
105
19 20 21 22
FHFA HPI
Moodyrsquos Analytics CPPI
Index 2019Q4 = 100 April baseline
April 2020 21
Home Prices Could Fall Fasthellip
Sources BEA Moodyrsquos Analytics
FHFA all-transactions index forecasts from March 2020 V2 vintage year ago
-15
-10
-5
0
5
10
15
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
BaselineScenario 1Scenario 3Scenario 4
April 2020 22
hellipAs Commercial Properties Are Hit From All Sides
Sources Reis Moodyrsquos Analytics
Commercial property price index yr ago
-40
-30
-20
-10
0
10
20
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
BaselineScenario 1Scenario 3Scenario 4
April 2020 23
House Prices SlumphellipForeclosures Increase
Sources FHFA MBA Moodyrsquos Analytics
0
500
1000
1500
2000
2500
60
70
80
90
100
110
120
05 10 15 20 25
FHFA HPI Index 2020Q1 = 100 (L)
Foreclosures startedths SA (R)
April baseline forecast
April 2020 24
Price Declines Vary Throughout the CountryBaseline forecast FHFA purchase-only index for 2021Q1 year ago
Sources FHFA Moodyrsquos Analytics
Known Unknowns3
April 2020 26
01000002000003000004000005000006000007000008000009000001000000
05000
10000150002000025000300003500040000
01-M
ar
04-M
ar
07-M
ar
10-M
ar
13-M
ar
16-M
ar
19-M
ar
22-M
ar
25-M
ar
28-M
ar
31-M
ar
03-A
pr
06-A
pr
09-A
pr
12-A
pr
15-A
pr
18-A
pr
21-A
pr
24-A
pr
Daily Cases (L) Cumulative Cases (R )
US New Daily Cases Hovering Around 30000Number of confirmed COVID-19 cases
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 27
0
10
20
30
40
50
60
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60
Italy S Korea EU USDay 1 DatesItaly Feb 23S Korea Feb 20US March 3 EU Feb 23
Growth Rate of COVID Cases FallingDaily growth of COVID-19 cases days since 100 confirmed cases 3-day MA
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 28
Epidemiological Assumptions
S1 Scenario
bull lt1 mil confirmed US infectionsbull New infections peak in Aprilbull 5-6 case fatality ratebull 8 hospitalization ratebull Infections abate by Junebull Surplus of hospital bedsbull Surplus of ICU bedsbull Surplus of ventilators
Baseline Forecast
bull 1-3 mil confirmed US infectionsbull New infections peak in Maybull 7-11 case fatality ratebull 10 hospitalization ratebull Infections abate by Julybull Surplus of hospital bedsbull Small surplus of ICU bedsbull Small surplus of ventilators
S3 Scenario
bull 5-6 mil confirmed US infectionsbull New infections peak in Junebull 12-16 case fatality ratebull 15 hospitalization ratebull Infections abate by Septemberbull Small deficit of hospital bedsbull Large deficit of ICU bedsbull Large deficit of ventilators
April 2020 29
010002000300040005000600070008000
95 00 05 10 15
C B Ba Baa A Aa Aaa
Federal Reserve Must Shore Up the Firewall
Sources Moodyrsquos Investor Service Moodyrsquos Analytics
Corporate debt outstanding by rating $ bil
April 2020 30
0123456789
10
03 05 07 09 11 13 15 17 19 21 23 25
Up Up and AwayAssets held outright on the Fedrsquos balance sheet $ tril
Source Moodyrsquos Analytics
April 2020 31
Lawmakers Act But Need to Do More
Sources CRFB Moodyrsquos Analytics
Cost of Coronavirus Aid Relief amp Economic Security (CARES) Act
$510 BilLoans amp Loan
Guarantees for Large Firms amp Governments
$377 BilSmall Business Loans amp Grants
$290 BilOne-time Checks
$180 BilHealth
$150 BilAid to States
$72 BilTransp Grants
$280 BilBusiness Tax Cuts
$45 BilFEMA
$42 BilSafety Nets
$32 BilEducation$260 Bil
Unemployment Insurance
$25 BilOther
April 2020 32
Running Out of Fiscal Space
Source Moodyrsquos Analytics
Sovereign borrowing capacity given current yields projected output growth and primary balance
-500
50100150200250300350400450
0 50 100 150 200 250
Circle size=Real GDP US$Y-axis Fiscal spaceX-axis Debt-to-GDP ratioAs of 2020Q1 (ex COVID-19 policies)
China
US
Japan
ItalyFrance Greece
Russia
UK
Argentina
Germany
Turkey S Africa Egypt
Spain
IndiaBrazil
Mexico
Canada
April 2020 33
US Risk Matrix
Source Moodyrsquos Analytics
April 2020 34
Questions amp
AnswersQuestions Contact us at helpeconomycom
April 2020 35
Coronavirus Liveeventsmoodysiocoronavirus coronavirusmoodyscom
Full webinars schedule eventsmoodysioeventsemeamoodyscom
MoodyrsquosWebinars
April 2020 36
Please complete our surveyWe Want to Hear From You
A survey will appear on your screen at the end of our presentation Please take a few moments to complete it
and let us know how we can continue to improve
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Contact Us Economics amp Business Analytics Offices
April 2020 38
copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved
CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC ANDOR ITS CREDIT RATINGS AFFILIATES ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MATERIALS PRODUCTS SERVICES AND INFORMATION PUBLISHED BY MOODYrsquoS (COLLECTIVELY ldquoPUBLICATIONSrdquo) MAY INCLUDE SUCH CURRENT OPINIONS MOODYrsquoS INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS INVESTORS SERVICE CREDIT RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS NON-CREDIT ASSESSMENTS (ldquoASSESSMENTSrdquo) AND OTHER OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC ANDOR ITS AFFILIATES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER
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All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information
NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING ASSESSMENT OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER
Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any credit rating agreed to pay to Moodyrsquos Investors Service Inc for credit ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and Moodyrsquos investors Service also maintain policies and procedures to address the independence of Moodyrsquos Investors Service credit ratings and credit rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold credit ratings from Moodyrsquos Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo
Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors
Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any credit rating agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements
BLFGDP$_IWRLD | |
BLFGDP$_US | |
BLFGDP$_ICHN | |
BLFGDP$_IBRA | |
BLFGDP$_IGBR | |
BLFGDP$_IEUZN |
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | |||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 1004457845 | 10044578163 | 09921251807 | 09921251807 | -00439644998 | -00439645008 | 08490892284 | 08490892282 | 02987390528 | 02987390528 | 06602394397 | 06602394358 | 16040993663 | 16040993566 | 2020 | 21709930613 | 21709969799 | 15414354913 | 15414354614 | -07102897285 | -07102894824 | 08324283964 | 08324259976 | 04515958007 | 04515958007 | 07953949612 | 07953950128 | 21497054247 | 21497054504 | 52185934247 | 52185934247 | 10459481224 | 10459483101 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 32074829495 | 32074831252 | 08275731969 | 08275731787 | 10125815712 | 1012581938 | 18025324464 | 18025300718 | 07063814764 | 07063814764 | 09321922665 | 09321922955 | 23481470825 | 23481471214 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 31264533681 | 3126453553 | 18283102998 | 18283103389 | 08666505872 | 08666514849 | 14194129347 | 14194048288 | 08334022824 | 08334022824 | 12477941124 | 12477943726 | 29204265431 | 29204266796 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 27331374943 | 27331990841 | 20834052245 | 20834047228 | 06663085528 | 06663096538 | 18384431899 | 18384280067 | 13146543316 | 13146543316 | 09915534109 | 09915536456 | 26058164488 | 26058165097 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IWRLD | Central | 1004457845 | 32074829495 | 31264533681 | 27331374943 | Transform Annual Growth | blFGDP$_IWRLD | Central | 21709930613 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 10044578163 | 32074831252 | 3126453553 | 27331990841 | Local | 21709969799 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_US | Central | 09921251807 | 08275731969 | 18283102998 | 20834052245 | Transform Annual Growth | blFGDP$_US | Central | 15414354913 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 09921251807 | 08275731787 | 18283103389 | 20834047228 | Local | 15414354614 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Central | -00439644998 | 10125815712 | 08666505872 | 06663085528 | Transform Annual Growth | blFGDP$_IJPN | Central | -07102897285 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | -00439645008 | 1012581938 | 08666514849 | 06663096538 | Local | -07102894824 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IMEX | Central | 08490892284 | 18025324464 | 14194129347 | 18384431899 | Transform Annual Growth | blFGDP$_IMEX | Central | 08324283964 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 08490892282 | 18025300718 | 14194048288 | 18384280067 | Local | 08324259976 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IDEU | Central | 02987390528 | 07063814764 | 08334022824 | 13146543316 | Transform Annual Growth | blFGDP$_IDEU | Central | 04515958007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 02987390528 | 07063814764 | 08334022824 | 13146543316 | Local | 04515958007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IGBR | Central | 06602394397 | 09321922665 | 12477941124 | 09915534109 | Transform Annual Growth | blFGDP$_IGBR | Central | 07953949612 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 06602394358 | 09321922955 | 12477943726 | 09915536456 | Local | 07953950128 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IBRA | Central | 16040993663 | 23481470825 | 29204265431 | 26058164488 | Transform Annual Growth | blFGDP$_IBRA | Central | 21497054247 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Local | 16040993566 | 23481471214 | 29204266796 | 26058165097 | Local | 21497054504 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | Central | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 272065679 | 14854478326 | 04765669035 | 10081169396 | 10172628117 | 12466257645 | 2035391119 | 2020 | 26327068769 | 18444415498 | 05810706316 | 12256906248 | 10222414849 | 10119832734 | 22038851574 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 29246961109 | 21637882274 | 10099936598 | 20906101983 | 16794358524 | 11263116978 | 23545717496 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 26772534017 | 15212644402 | 08024032016 | 20970805994 | 19893661165 | 10681874364 | 25048602217 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 2610698539 | 1240462 | 04808646914 | 21918401913 | 14932062066 | 10996765728 | 25545421579 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IWRLD | Central | 272065679 | 29246961109 | 26772534017 | 2610698539 | Transform Annual Growth | blFGDP$_IWRLD | Central | 26327068769 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_US | Central | 14854478326 | 21637882274 | 15212644402 | 1240462 | Transform Annual Growth | blFGDP$_US | Central | 18444415498 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Central | 04765669035 | 10099936598 | 08024032016 | 04808646914 | Transform Annual Growth | blFGDP$_IJPN | Central | 05810706316 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IMEX | Central | 10081169396 | 20906101983 | 20970805994 | 21918401913 | Transform Annual Growth | blFGDP$_IMEX | Central | 12256906248 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IDEU | Central | 10172628117 | 16794358524 | 19893661165 | 14932062066 | Transform Annual Growth | blFGDP$_IDEU | Central | 10222414849 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IGBR | Central | 12466257645 | 11263116978 | 10681874364 | 10996765728 | Transform Annual Growth | blFGDP$_IGBR | Central | 10119832734 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IBRA | Central | 2035391119 | 23545717496 | 25048602217 | 25545421579 | Transform Annual Growth | blFGDP$_IBRA | Central | 22038851574 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | Current | 1004457845 | 32074829495 | 31264533681 | 27331374943 | 21709930613 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 272065679 | 29246961109 | 26772534017 | 2610698539 | 26327068769 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_US | Current | 09921251807 | 08275731969 | 18283102998 | 20834052245 | 15414354913 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 14854478326 | 21637882274 | 15212644402 | 1240462 | 18444415498 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IJPN | Current | -00439644998 | 10125815712 | 08666505872 | 06663085528 | -07102897285 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 04765669035 | 10099936598 | 08024032016 | 04808646914 | 05810706316 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IMEX | Current | 08490892284 | 18025324464 | 14194129347 | 18384431899 | 08324283964 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 10081169396 | 20906101983 | 20970805994 | 21918401913 | 12256906248 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IDEU | Current | 02987390528 | 07063814764 | 08334022824 | 13146543316 | 04515958007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 10172628117 | 16794358524 | 19893661165 | 14932062066 | 10222414849 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IGBR | Current | 06602394397 | 09321922665 | 12477941124 | 09915534109 | 07953949612 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 12466257645 | 11263116978 | 10681874364 | 10996765728 | 10119832734 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IBRA | Current | 16040993663 | 23481470825 | 29204265431 | 26058164488 | 21497054247 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January | 2035391119 | 23545717496 | 25048602217 | 25545421579 | 22038851574 |
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019 | 2020 | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 24351159023 | 21709930613 | Transform Annual Growth | blFGDP$_IWRLD | Central | 30284213704 | 23417301002 | 23990821589 | 16664397734 | 1004457845 | 32074829495 | 31264533681 | 27331374943 | |||||||||||||||||||||||||||||||||||||||||||||||
Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Local | 24351159023 | 21709969799 | Local | 30284213704 | 23417301002 | 23990821589 | 16664397734 | 10044578163 | 32074831252 | 3126453553 | 27331990841 | ||||||||||||||||||||||||||||||||||||||||||
2019 | 24351159023 | 24351159023 | 23313535291 | 23313535291 | 07546323236 | 07546323236 | -005744748 | -005744748 | 05986711898 | 05986711898 | 14029645318 | 14029645318 | 11023093516 | 11023093516 | 61225476607 | 61225476607 | 11735219155 | 11735219155 | Transform Annual Growth | blFGDP$_US | Central | 23313535291 | 15414354913 | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20951800832 | 09921251807 | 08275731969 | 18283102998 | 20834052245 | |||||||||||||||||||||||||||||||||||||
2020 | 21709930613 | 21709969799 | 15414354913 | 15414354614 | -07102897285 | -07102894824 | 08324283964 | 08324259976 | 04515958007 | 04515958007 | 07953949612 | 07953950128 | 21497054247 | 21497054504 | 52185934247 | 52185934247 | 10459481224 | 10459483101 | Local | 23313535291 | 15414354614 | Local | 30961395462 | 20138186099 | 21035065819 | 20951800832 | 09921251807 | 08275731787 | 18283103389 | 20834047228 | |||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Central | 07546323236 | -07102897285 | Transform Annual Growth | blFGDP$_IJPN | Central | 26108675557 | 1928453754 | 04856673069 | -62909369088 | -00439644998 | 10125815712 | 08666505872 | 06663085528 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Local | 07546323236 | -07102894824 | Local | 26108675557 | 1928453754 | 04856673069 | -62909369088 | -00439645008 | 1012581938 | 08666514849 | 06663096538 | |||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IMEX | Central | -005744748 | 08324283964 | Transform Annual Growth | blFGDP$_IMEX | Central | -03735112979 | -02398100266 | 00533779554 | -00006376933 | 08490892284 | 18025324464 | 14194129347 | 18384431898 | |||||||||||||||||||||||||||||||||||||||||||||||
Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Central | Local | Local | -005744748 | 08324259976 | Local | -03735112979 | -02398100266 | 00533779554 | -00006376933 | 08490892282 | 18025300718 | 14194048288 | 18384280067 | ||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 30284213704 | 30284213704 | 30961395462 | 30961395462 | 26108675557 | 26108675557 | -03735112979 | -03735112979 | 19164480743 | 19164480743 | 25893471992 | 25893471992 | -00237677886 | -00237677886 | 81649173964 | 81649173964 | 17986022234 | 17986022234 | Transform Annual Growth | blFGDP$_IDEU | Central | 05986711898 | 04515958007 | Transform Annual Growth | blFGDP$_IDEU | Central | 19164480743 | -09667798486 | 07878544616 | 01119058205 | 02987390528 | 07063814764 | 08334022824 | 13146543316 | |||||||||||||||||||||||||||||||||||||
2019Q2 | 23417301002 | 23417301002 | 20138186099 | 20138186099 | 1928453754 | 1928453754 | -02398100266 | -02398100266 | -09667798486 | -09667798486 | -04326963218 | -04326963218 | 19153104432 | 19153104432 | 52832664449 | 52832664449 | 06358352459 | 06358352459 | Local | 05986711898 | 04515958007 | Local | 19164480743 | -09667798486 | 07878544616 | 01119058205 | 02987390528 | 07063814764 | 08334022824 | 13146543316 | |||||||||||||||||||||||||||||||||||||||||
2019Q3 | 23990821589 | 23990821589 | 21035065819 | 21035065819 | 04856673069 | 04856673069 | 00533779554 | 00533779554 | 07878544616 | 07878544616 | 19881876478 | 19881876478 | 24592196357 | 24592196357 | 52959086245 | 52959086245 | 10998947573 | 10998947573 | Transform Annual Growth | blFGDP$_IGBR | Central | 14029645318 | 07953949612 | Transform Annual Growth | blFGDP$_IGBR | Central | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 06602394397 | 09321922665 | 12477941124 | 09915534109 | |||||||||||||||||||||||||||||||||||||
2019Q4 | 16664397734 | 16664397734 | 20951800832 | 20951800832 | -62909369088 | -62909369088 | -00006376933 | -00006376933 | 01119058205 | 01119058205 | 00955519539 | 00955519539 | 1884625331 | 1884625331 | 5081292422 | 5081292422 | 023526783 | 023526783 | Local | 14029645318 | 07953950128 | Local | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 06602394358 | 09321922955 | 12477943726 | 09915536456 | |||||||||||||||||||||||||||||||||||||||||
2020Q1 | 1004457845 | 10044578163 | 09921251807 | 09921251807 | -00439644998 | -00439645008 | 08490892284 | 08490892282 | 02987390528 | 02987390528 | 06602394397 | 06602394358 | 16040993663 | 16040993566 | -07976031984 | -07976031984 | 13072031191 | 13072029534 | Transform Annual Growth | blFGDP$_IBRA | Central | 11023093516 | 21497054247 | Transform Annual Growth | blFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 16040993663 | 23481470825 | 29204265431 | 26058164488 | |||||||||||||||||||||||||||||||||||||
2020Q2 | 32074829495 | 32074831252 | 08275731969 | 08275731787 | 10125815712 | 1012581938 | 18025324464 | 18025300718 | 07063814764 | 07063814764 | 09321922665 | 09321922955 | 23481470825 | 23481471214 | 114621259414 | 114621259414 | 12804875265 | 12804882285 | Local | 11023093516 | 21497054504 | Local | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 16040993566 | 23481471214 | 29204266796 | 26058165097 | |||||||||||||||||||||||||||||||||||||||||
2020Q3 | 31264533681 | 3126453553 | 18283102998 | 18283103389 | 08666505872 | 08666514849 | 14194129347 | 14194048288 | 08334022824 | 08334022824 | 12477941124 | 12477943726 | 29204265431 | 29204266796 | 8243216 | 8243216 | 13849193065 | 13849201636 | Transform Annual Growth | blFGDP$_ICHN | Central | 61225476607 | 52185934247 | Transform Annual Growth | blFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -07976031984 | 114621259414 | 8243216 | 57641098471 | |||||||||||||||||||||||||||||||||||||
2020Q4 | 27331374943 | 27331990841 | 20834052245 | 20834047228 | 06663085528 | 06663096538 | 18384431898 | 18384280067 | 13146543316 | 13146543316 | 09915534109 | 09915536456 | 26058164488 | 26058165097 | 57641098471 | 57641098471 | 13600290043 | 13600288501 | Local | 61225476607 | 52185934247 | Local | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -07976031984 | 114621259414 | 8243216 | 57641098471 | |||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IEUZN | Central | 11735219155 | 10459481224 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 023526783 | 13072031191 | 12804875265 | 13849193065 | 13600290043 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Local | 11735219155 | 10459483101 | Local | 17986022234 | 06358352459 | 10998947573 | 023526783 | 13072029534 | 12804882285 | 13849201636 | 13600288501 | |||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | 2019 | 2020 | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 24572687311 | 23378491108 | 12088413762 | 00063845975 | 05719546493 | 13152063114 | 11023093516 | 61482608188 | 12233338671 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24572687311 | 26327068769 | Transform Annual Growth | blFGDP$_IWRLD | Central | 29451354542 | 22599606628 | 24139793469 | 24684818352 | 272065679 | 29246961109 | 26772534017 | 2610698539 | ||||||||||||||||||||||||||||||||||||||||||||||
2020 | 26327068769 | 18444415498 | 05810706316 | 12256906248 | 10222414849 | 10119832734 | 22038851574 | 61879167766 | 13174813176 | Transform Annual Growth | blFGDP$_US | Central | 23378491108 | 18444415498 | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 21981110559 | 14854478326 | 21637882274 | 15212644402 | 1240462 | ||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Central | 12088413762 | 05810706316 | Transform Annual Growth | blFGDP$_IJPN | Central | 26155633695 | 20471054063 | 17999622217 | -10982174064 | 04765669035 | 10099936598 | 08024032016 | 04808646914 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | blFGDP$_IMEX | Central | 00063845975 | 12256906248 | Transform Annual Growth | blFGDP$_IMEX | Central | -03735112979 | -02398100266 | 00533779554 | 10252658827 | 10081169396 | 20906101983 | 20970805994 | 21918401913 | |||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_IJPN | blFGDP$_IMEX | blFGDP$_IDEU | blFGDP$_IGBR | blFGDP$_IBRA | blFGDP$_ICHN | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IDEU | Central | 05719546493 | 10222414849 | Transform Annual Growth | blFGDP$_IDEU | Central | 18878382403 | -09668474617 | 03371786209 | 06979229504 | 10172628117 | 16794358524 | 19893661165 | 14932062066 | |||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_IGBR | Central | 13152063114 | 10119832734 | Transform Annual Growth | blFGDP$_IGBR | Central | 24823649001 | -0739135003 | 16777739007 | 06643901326 | 12466257645 | 11263116978 | 10681874364 | 10996765728 | |||||||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 29451354542 | 30961395462 | 26155633695 | -03735112979 | 18878382403 | 24823649001 | -00237677886 | 78364853704 | 17754221786 | Transform Annual Growth | blFGDP$_IBRA | Central | 11023093516 | 22038851574 | Transform Annual Growth | blFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 2035391119 | 23545717496 | 25048602217 | 25545421579 | ||||||||||||||||||||||||||||||||||||||||||||||
2019Q2 | 22599606628 | 20138186099 | 20471054063 | -02398100266 | -09668474617 | -0739135003 | 19153104432 | 52562170871 | 07431449429 | Transform Annual Growth | blFGDP$_ICHN | Central | 61482608188 | 61879167766 | Transform Annual Growth | blFGDP$_ICHN | Central | 78364853704 | 52562170871 | 49639920827 | 60986346254 | 71996449976 | 66464447608 | 5516591118 | 57641098471 | ||||||||||||||||||||||||||||||||||||||||||||||
2019Q3 | 24139793469 | 21035065819 | 17999622217 | 00533779554 | 03371786209 | 16777739007 | 24592196357 | 49639920827 | 09419706317 | Transform Annual Growth | blFGDP$_IEUZN | Central | 12233338671 | 13174813176 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17754221786 | 07431449429 | 09419706317 | 10559422143 | 13970624004 | 1533923729 | 18296441479 | 14318726638 | ||||||||||||||||||||||||||||||||||||||||||||||
2019Q4 | 24684818352 | 21981110559 | -10982174064 | 10252658827 | 06979229504 | 06643901326 | 1884625331 | 60986346254 | 10559422143 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | 272065679 | 14854478326 | 04765669035 | 10081169396 | 10172628117 | 12466257645 | 2035391119 | 71996449976 | 13970624004 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 29246961109 | 21637882274 | 10099936598 | 20906101983 | 16794358524 | 11263116978 | 23545717496 | 66464447608 | 1533923729 | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 26772534017 | 15212644402 | 08024032016 | 20970805994 | 19893661165 | 10681874364 | 25048602217 | 5516591118 | 18296441479 | blFGDP$_IWRLD | blFGDP$_IWRLD | March base | 30284213704 | 23417301002 | 23990821589 | 16664397734 | 1004457845 | 32074829495 | 31264533681 | 27331374943 | 24351159023 | 21709930613 | |||||||||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 2610698539 | 1240462 | 04808646914 | 21918401913 | 14932062066 | 10996765728 | 25545421579 | 57641098471 | 14318726638 | January base | 29451354542 | 22599606628 | 24139793469 | 24684818352 | 272065679 | 29246961109 | 26772534017 | 2610698539 | 24572687311 | 26327068769 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Pandemic | 30159788147 | 22796482557 | 24591371048 | 20779599357 | -0821068591 | -32466569486 | -09134483601 | 14536598724 | 2445594268 | -00205231371 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_US | blFGDP$_US | March base | 30961395462 | 20138186099 | 21035065819 | 20951800832 | 09921251807 | 08275731969 | 18283102998 | 20834052245 | 23313535291 | 15414354913 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | January base | 30961395462 | 20138186099 | 21035065819 | 21981110559 | 14854478326 | 21637882274 | 15212644402 | 1240462 | 23378491108 | 18444415498 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
cvpFGDP$_IWRLD | cvpFGDP$_US | cvpFGDP$_IJPN | cvpFGDP$_IMEX | cvpFGDP$_IDEU | cvpFGDP$_IGBR | cvpFGDP$_IBRA | cvpFGDP$_ICHN | cvpFGDP$_IEUZN | Pandemic | 30961395462 | 20138186099 | 21035065819 | 20798192573 | -07791884072 | -28691380159 | -19527497926 | -02389473664 | 23303837447 | -02321135313 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | blFGDP$_IJPN | blFGDP$_IJPN | March base | 26108675557 | 1928453754 | 04856673069 | -62909369088 | -00439644998 | 10125815712 | 08666505872 | 06663085528 | 07546323236 | -07102897285 | ||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 30159788147 | 30961395462 | 26155633695 | -03735112979 | 18878382403 | 24823649001 | -00237677886 | 81649173964 | 17986022234 | January base | 26155633695 | 20471054063 | 17999622217 | -10982174064 | 04765669035 | 10099936598 | 08024032016 | 04808646914 | 12088413762 | 05810706316 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q2 | 22796482557 | 20138186099 | 20471054063 | -02398100266 | -09668474617 | -0739135003 | 19153104432 | 52832664449 | 06358352459 | Pandemic | 26155633695 | 20471054063 | 17999622217 | -11119794418 | -25355286898 | -22605799716 | -28490450305 | -02896175105 | 12079598883 | -13007210629 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q3 | 24591371048 | 21035065819 | 17999622217 | 00533779554 | 03371786209 | 16777739007 | 24592196357 | 52959086245 | 10998947573 | blFGDP$_IMEX | blFGDP$_IMEX | March base | -03735112979 | -02398100266 | 00533779554 | -00006376933 | 08490892284 | 18025324464 | 14194129347 | 18384431898 | -005744748 | 08324283964 | |||||||||||||||||||||||||||||||||||||||||||||||||
2019Q4 | 20779599357 | 20798192573 | -11119794418 | -00006387604 | 0483210256 | 06643894657 | 18846225607 | 5081292422 | 03752442079 | January base | -03735112979 | -02398100266 | 00533779554 | 10252658827 | 10081169396 | 20906101983 | 20970805994 | 21918401913 | 00063845975 | 12256906248 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q1 | -0821068591 | -07791884072 | -25355286898 | -19062201837 | -0047198012 | 06533113941 | -6057333778 | -18145761976 | 03759520935 | Pandemic | -03735112979 | -02398100266 | 00533779554 | -00006387604 | -19062201837 | -3940399 | -21819164585 | -09962562461 | -00574475466 | -15669083769 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q2 | -32466569486 | -28691380159 | -22605799716 | -3940399 | -26172511227 | -07999236088 | -68183843711 | -87426651892 | 00496751219 | blFGDP$_IDEU | blFGDP$_IDEU | March base | 19164480743 | -09667798486 | 07878544616 | 01119058205 | 02987390528 | 07063814764 | 08334022824 | 13146543316 | 05986711898 | 04515958007 | |||||||||||||||||||||||||||||||||||||||||||||||||
2020Q3 | -09134483601 | -19527497926 | -28490450305 | -21819164585 | -12905609117 | -02333238672 | -15904255744 | -00254038564 | -03786332106 | January base | 18878382403 | -09668474617 | 03371786209 | 06979229504 | 10172628117 | 16794358524 | 19893661165 | 14932062066 | 05719546493 | 10222414849 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 14536598724 | -02389473664 | -02896175105 | -09962562461 | -04107398878 | 02507136905 | 16096256256 | 6392235324 | 08103230917 | Pandemic | 18878382403 | -09668474617 | 03371786209 | 0483210256 | -0047198012 | -26172511227 | -12905609117 | -04107398878 | 05585261716 | -06226209775 | |||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IGBR | blFGDP$_IGBR | March base | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 06602394397 | 09321922665 | 12477941124 | 09915534109 | 14029645318 | 07953949612 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | January base | 24823649001 | -0739135003 | 16777739007 | 06643901326 | 12466257645 | 11263116978 | 10681874364 | 10996765728 | 13152063114 | 10119832734 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
cvpFGDP$_IWRLD | cvpFGDP$_US | cvpFGDP$_IJPN | cvpFGDP$_IMEX | cvpFGDP$_IDEU | cvpFGDP$_IGBR | cvpFGDP$_IBRA | cvpFGDP$_ICHN | cvpFGDP$_IEUZN | Pandemic | 24823649001 | -0739135003 | 16777739007 | 06643894657 | 06533113941 | -07999236088 | -02333238672 | 02507136905 | 13152062693 | 02846413002 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Central | Central | Central | blFGDP$_IBRA | blFGDP$_IBRA | March base | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 16040993663 | 23481470825 | 29204265431 | 26058164488 | 11023093516 | 21497054247 | ||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2445594268 | 23303837447 | 12079598883 | -00574475466 | 05585261716 | 13152062693 | 11023091785 | 61225476607 | 11823671661 | January base | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 2035391119 | 23545717496 | 25048602217 | 25545421579 | 11023093516 | 22038851574 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | -00205231371 | -02321135313 | -13007210629 | -15669083769 | -06226209775 | 02846413002 | -21884237028 | 01019172133 | 03531495954 | Pandemic | -00237677886 | 19153104432 | 24592196357 | 18846225607 | -6057333778 | -68183843711 | -15904255744 | 16096256256 | 11023091785 | -21884237028 | |||||||||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_ICHN | blFGDP$_ICHN | March base | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -07976031984 | 114621259414 | 8243216 | 57641098471 | 61225476607 | 52185934247 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | January base | 78364853704 | 52562170871 | 49639920827 | 60986346254 | 71996449976 | 66464447608 | 5516591118 | 57641098471 | 61482608188 | 61879167766 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IWRLD | Central | 30159788147 | 22796482557 | 24591371048 | 20779599357 | -0821068591 | -32466569486 | -09134483601 | 14536598724 | Transform Annual Growth | cvpFGDP$_IWRLD | Central | 2445594268 | -00205231371 | Pandemic | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -18145761976 | -87426651892 | -00254038564 | 6392235324 | 61225476607 | 01019172133 | |||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20798192573 | -07791884072 | -28691380159 | -19527497926 | -02389473664 | Transform Annual Growth | cvpFGDP$_US | Central | 23303837447 | -02321135313 | blFGDP$_IEUZN | blFGDP$_IEUZN | March base | 17986022234 | 06358352459 | 10998947573 | 023526783 | 13072031191 | 12804875265 | 13849193065 | 13600290043 | 11735219155 | 10459481224 | |||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IJPN | Central | 26155633695 | 20471054063 | 17999622217 | -11119794418 | -25355286898 | -22605799716 | -28490450305 | -02896175105 | Transform Annual Growth | cvpFGDP$_IJPN | Central | 12079598883 | -13007210629 | January base | 17754221786 | 07431449429 | 09419706317 | 10559422143 | 13970624004 | 1533923729 | 18296441479 | 14318726638 | 12233338671 | 13174813176 | |||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IMEX | Central | -03735112979 | -02398100266 | 00533779554 | -00006387604 | -19062201837 | -3940399 | -21819164585 | -09962562461 | Transform Annual Growth | cvpFGDP$_IMEX | Central | -00574475466 | -15669083769 | Pandemic | 17986022234 | 06358352459 | 10998947573 | 03752442079 | 03759520935 | 00496751219 | -03786332106 | 08103230917 | 11823671661 | 03531495954 | |||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IDEU | Central | 18878382403 | -09668474617 | 03371786209 | 0483210256 | -0047198012 | -26172511227 | -12905609117 | -04107398878 | Transform Annual Growth | cvpFGDP$_IDEU | Central | 05585261716 | -06226209775 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IGBR | Central | 24823649001 | -0739135003 | 16777739007 | 06643894657 | 06533113941 | -07999236088 | -02333238672 | 02507136905 | Transform Annual Growth | cvpFGDP$_IGBR | Central | 13152062693 | 02846413002 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 18846225607 | -6057333778 | -68183843711 | -15904255744 | 16096256256 | Transform Annual Growth | cvpFGDP$_IBRA | Central | 11023091785 | -21884237028 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -18145761976 | -87426651892 | -00254038564 | 6392235324 | Transform Annual Growth | cvpFGDP$_ICHN | Central | 61225476607 | 01019172133 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | cvpFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 03752442079 | 03759520935 | 00496751219 | -03786332106 | 08103230917 | Transform Annual Growth | cvpFGDP$_IEUZN | Central | 11823671661 | 03531495954 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IWRLD | Pandemic | 30159788147 | 22796482557 | 24591371048 | 20779599357 | -0821068591 | -32466569486 | -09134483601 | 14536598724 | 2445594268 | -00205231371 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_US | Pandemic | 30961395462 | 20138186099 | 21035065819 | 20798192573 | -07791884072 | -28691380159 | -19527497926 | -02389473664 | 23303837447 | -02321135313 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IJPN | Pandemic | 26155633695 | 20471054063 | 17999622217 | -11119794418 | -25355286898 | -22605799716 | -28490450305 | -02896175105 | 12079598883 | -13007210629 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IMEX | Pandemic | -03735112979 | -02398100266 | 00533779554 | -00006387604 | -19062201837 | -3940399 | -21819164585 | -09962562461 | -00574475466 | -15669083769 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IDEU | Pandemic | 18878382403 | -09668474617 | 03371786209 | 0483210256 | -0047198012 | -26172511227 | -12905609117 | -04107398878 | 05585261716 | -06226209775 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IGBR | Pandemic | 24823649001 | -0739135003 | 16777739007 | 06643894657 | 06533113941 | -07999236088 | -02333238672 | 02507136905 | 13152062693 | 02846413002 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IBRA | Pandemic | -00237677886 | 19153104432 | 24592196357 | 18846225607 | -6057333778 | -68183843711 | -15904255744 | 16096256256 | 11023091785 | -21884237028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_ICHN | Pandemic | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -18145761976 | -87426651892 | -00254038564 | 6392235324 | 61225476607 | 01019172133 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | blFGDP$_IEUZN | Pandemic | 17986022234 | 06358352459 | 10998947573 | 03752442079 | 03759520935 | 00496751219 | -03786332106 | 08103230917 | 11823671661 | 03531495954 |
January | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 29451354542 | 22599606628 | 24139793469 | 24684818352 | 272065679 | 29246961109 | 26772534017 | 2610698539 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24572687311 | 26327068769 | ||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 21981110559 | 14854478326 | 21637882274 | 15212644402 | 1240462 | Transform Annual Growth | blFGDP$_US | Central | 23378491108 | 18444415498 | ||||||||||||||||||||||||||||
2019Q1 | 29451354542 | 30961395462 | 78364853704 | -00237677886 | 24823649001 | 17754221786 | Transform Annual Growth | blFGDP$_ICHN | Central | 78364853704 | 52562170871 | 49639920827 | 60986346254 | 71996449976 | 66464447608 | 5516591118 | 57641098471 | Transform Annual Growth | blFGDP$_ICHN | Central | 61482608188 | 61879167766 | |||||||||||||||||||||||||||
2019Q2 | 22599606628 | 20138186099 | 52562170871 | 19153104432 | -0739135003 | 07431449429 | Transform Annual Growth | blFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 2035391119 | 23545717496 | 25048602217 | 25545421579 | Transform Annual Growth | blFGDP$_IBRA | Central | 11023093516 | 22038851574 | |||||||||||||||||||||||||||
2019Q3 | 24139793469 | 21035065819 | 49639920827 | 24592196357 | 16777739007 | 09419706317 | Transform Annual Growth | blFGDP$_IGBR | Central | 24823649001 | -0739135003 | 16777739007 | 06643901326 | 12466257645 | 11263116978 | 10681874364 | 10996765728 | Transform Annual Growth | blFGDP$_IGBR | Central | 13152063114 | 10119832734 | |||||||||||||||||||||||||||
2019Q4 | 24684818352 | 21981110559 | 60986346254 | 1884625331 | 06643901326 | 10559422143 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17754221786 | 07431449429 | 09419706317 | 10559422143 | 13970624004 | 1533923729 | 18296441479 | 14318726638 | Transform Annual Growth | blFGDP$_IEUZN | Central | 12233338671 | 13174813176 | |||||||||||||||||||||||||||
2020Q1 | 272065679 | 14854478326 | 71996449976 | 2035391119 | 12466257645 | 13970624004 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 29246961109 | 21637882274 | 66464447608 | 23545717496 | 11263116978 | 1533923729 | |||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 26772534017 | 15212644402 | 5516591118 | 25048602217 | 10681874364 | 18296441479 | 1 | ||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 2610698539 | 1240462 | 57641098471 | 25545421579 | 10996765728 | 14318726638 | 1 | ||||||||||||||||||||||||||||||||||||||||||
1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 1 | |||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | 1 | |||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | 1 | |||||||||||||||||||||||||||||||||||||||||||
2019 | 24572687311 | 23378491108 | 61482608188 | 11023093516 | 13152063114 | 12233338671 | |||||||||||||||||||||||||||||||||||||||||||
2020 | 26327068769 | 18444415498 | 61879167766 | 22038851574 | 10119832734 | 13174813176 | |||||||||||||||||||||||||||||||||||||||||||
February | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019Q1 | 2019Q2 | ||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 30161892099 | 22802828188 | 24594084962 | 22008966022 | 14267975445 | 35673397653 | 3130360587 | 26477025015 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24535720549 | 24438471492 | ||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20798192573 | 11808986302 | 18383570453 | 18399532081 | 14396669192 | Transform Annual Growth | blFGDP$_US | Central | 23303837447 | 1737510215 | ||||||||||||||||||||||||||||
2019Q1 | 30161892099 | 30961395462 | 81649173964 | -00237677886 | 24823649001 | 17986022234 | Transform Annual Growth | blFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -01693269995 | 114621259414 | 8243216 | 57641098471 | Transform Annual Growth | blFGDP$_ICHN | Central | 61225476607 | 53847938302 | |||||||||||||||||||||||||||
2019Q2 | 22802828188 | 20138186099 | 52832664449 | 19153104432 | -0739135003 | 06358352459 | Transform Annual Growth | blFGDP$_IBRA | Central | -00237677886 | 19153104432 | 24592196357 | 1884625331 | 2035391119 | 23545717496 | 25048602217 | 25545421579 | Transform Annual Growth | blFGDP$_IBRA | Central | 11023093516 | 22038851574 | |||||||||||||||||||||||||||
2019Q3 | 24594084962 | 21035065819 | 52959086245 | 24592196357 | 16777739007 | 10998947573 | Transform Annual Growth | blFGDP$_IGBR | Central | 24823649001 | -0739135003 | 16777739007 | 06643897131 | 10679572806 | 1302977792 | 10712364192 | 1131447151 | Transform Annual Growth | blFGDP$_IGBR | Central | 13152062849 | 10028602649 | |||||||||||||||||||||||||||
2019Q4 | 22008966022 | 20798192573 | 5081292422 | 1884625331 | 06643897131 | 03752442079 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 03752442079 | 17050563006 | 16351220412 | 16699656597 | 14255519771 | Transform Annual Growth | blFGDP$_IEUZN | Central | 11823671661 | 1277684485 | |||||||||||||||||||||||||||
2020Q1 | 14267975445 | 11808986302 | -01693269995 | 2035391119 | 10679572806 | 17050563006 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 35673397653 | 18383570453 | 114621259414 | 23545717496 | 1302977792 | 16351220412 | |||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 3130360587 | 18399532081 | 8243216 | 25048602217 | 10712364192 | 16699656597 | 1 | ||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 26477025015 | 14396669192 | 57641098471 | 25545421579 | 1131447151 | 14255519771 | 1 | ||||||||||||||||||||||||||||||||||||||||||
1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 1 | |||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | 1 | |||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | 1 | |||||||||||||||||||||||||||||||||||||||||||
2019Q1 | 24535720549 | 23303837447 | 61225476607 | 11023093516 | 13152062849 | 11823671661 | |||||||||||||||||||||||||||||||||||||||||||
2019Q2 | 24438471492 | 1737510215 | 53847938302 | 22038851574 | 10028602649 | 1277684485 | |||||||||||||||||||||||||||||||||||||||||||
March | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 30435599871 | 23558387781 | 24375040067 | 1701955775 | 07134330493 | 16088352258 | 35025062659 | 28314211454 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24493075475 | 18629862191 | ||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20951800832 | 10792377387 | -03629441718 | 17452447165 | 24113300406 | Transform Annual Growth | blFGDP$_US | Central | 23313535291 | 13471543008 | ||||||||||||||||||||||||||||
2019Q1 | 30435599871 | 30961395462 | 81649173964 | 0 | 25893471992 | 17986022234 | Transform Annual Growth | blFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -0916830864 | 50939502296 | 114125001473 | 57641098471 | Transform Annual Growth | blFGDP$_ICHN | Central | 61225476607 | 44051562126 | |||||||||||||||||||||||||||
2019Q2 | 23558387781 | 20138186099 | 52832664449 | 21088484653 | -04326963218 | 06358352459 | Transform Annual Growth | blFGDP$_IBRA | Central | 0 | 21088484653 | 25309159859 | 20368839529 | 13204907937 | 19612066518 | 24768647224 | 25597150807 | Transform Annual Growth | blFGDP$_IBRA | Central | 11327391421 | 19967072205 | |||||||||||||||||||||||||||
2019Q3 | 24375040067 | 21035065819 | 52959086245 | 25309159859 | 19881876478 | 10998947573 | Transform Annual Growth | blFGDP$_IGBR | Central | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 06010071267 | 04808646914 | 12479154327 | 11215100886 | Transform Annual Growth | blFGDP$_IGBR | Central | 14029645318 | 07039544518 | |||||||||||||||||||||||||||
2019Q4 | 1701955775 | 20951800832 | 5081292422 | 20368839529 | 00955519539 | 023526783 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 023526783 | 06533523093 | 07718419397 | 12075824693 | 13342808024 | Transform Annual Growth | blFGDP$_IEUZN | Central | 11735219155 | 0763453073 | |||||||||||||||||||||||||||
2020Q1 | 07134330493 | 10792377387 | -0916830864 | 13204907937 | 06010071267 | 06533523093 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | 16088352258 | -03629441718 | 50939502296 | 19612066518 | 04808646914 | 07718419397 | |||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 35025062659 | 17452447165 | 114125001473 | 24768647224 | 12479154327 | 12075824693 | 1 | ||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 28314211454 | 24113300406 | 57641098471 | 25597150807 | 11215100886 | 13342808024 | 1 | ||||||||||||||||||||||||||||||||||||||||||
1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 1 | |||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | 1 | |||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | 1 | |||||||||||||||||||||||||||||||||||||||||||
2019 | 24493075475 | 23313535291 | 61225476607 | 11327391421 | 14029645318 | 11735219155 | |||||||||||||||||||||||||||||||||||||||||||
2020 | 18629862191 | 13471543008 | 44051562126 | 19967072205 | 07039544518 | 0763453073 | |||||||||||||||||||||||||||||||||||||||||||
Pandemic | |||||||||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | Transform Annual Growth | blFGDP$_IWRLD | Central | 30435599871 | 23555223464 | 24368647931 | 16948755801 | -64626256402 | -01452879884 | 364230161 | 31919100165 | Transform Annual Growth | blFGDP$_IWRLD | Central | 24487184631 | -02913403409 | ||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | Transform Annual Growth | blFGDP$_US | Central | 30961395462 | 20138186099 | 21035065819 | 20951800832 | -12649625419 | -3866587391 | -05250627901 | 12952466239 | Transform Annual Growth | blFGDP$_US | Central | 23313535291 | -02697321313 | ||||||||||||||||||||||||||||
2019Q1 | 30435599871 | 30961395462 | 81649173964 | 0 | 25893471992 | 17986022234 | Transform Annual Growth | blFGDP$_ICHN | Central | 81649173964 | 52832664449 | 52959086245 | 5081292422 | -271595817928 | 213939810451 | 288661390234 | 126527577187 | Transform Annual Growth | blFGDP$_ICHN | Central | 61225476607 | 16783204982 | |||||||||||||||||||||||||||
2019Q2 | 23555223464 | 20138186099 | 52832664449 | 21088484653 | -04326963218 | 06358352459 | Transform Annual Growth | blFGDP$_IBRA | Central | 0 | 21088484653 | 25309159859 | 20368839529 | -49699609713 | -59050479329 | -14301609311 | 29311858824 | Transform Annual Growth | blFGDP$_IBRA | Central | 11327391421 | -15810356391 | |||||||||||||||||||||||||||
2019Q3 | 24368647931 | 21035065819 | 52959086245 | 25309159859 | 19881876478 | 10998947573 | Transform Annual Growth | blFGDP$_IGBR | Central | 25893471992 | -04326963218 | 19881876478 | 00955519539 | 0 | -38926164109 | -50898073001 | -24773578171 | Transform Annual Growth | blFGDP$_IGBR | Central | 14029645318 | -13025752939 | |||||||||||||||||||||||||||
2019Q4 | 16948755801 | 20951800832 | 5081292422 | 20368839529 | 00955519539 | 023526783 | Transform Annual Growth | blFGDP$_IEUZN | Central | 17986022234 | 06358352459 | 10998947573 | 023526783 | -56773778158 | -74279753282 | -0805227426 | 16043293021 | Transform Annual Growth | blFGDP$_IEUZN | Central | 11735219155 | -26504236812 | |||||||||||||||||||||||||||
2020Q1 | -64626256402 | -12649625419 | -271595817928 | -49699609713 | 0 | -56773778158 | |||||||||||||||||||||||||||||||||||||||||||
2020Q2 | -01452879884 | -3866587391 | 213939810451 | -59050479329 | -38926164109 | -74279753282 | |||||||||||||||||||||||||||||||||||||||||||
2020Q3 | 364230161 | -05250627901 | 288661390234 | -14301609311 | -50898073001 | -0805227426 | |||||||||||||||||||||||||||||||||||||||||||
2020Q4 | 31919100165 | 12952466239 | 126527577187 | 29311858824 | -24773578171 | 16043293021 | |||||||||||||||||||||||||||||||||||||||||||
Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | Transform Annual Growth | ||||||||||||||||||||||||||||||||||||||||||||
blFGDP$_IWRLD | blFGDP$_US | blFGDP$_ICHN | blFGDP$_IBRA | blFGDP$_IGBR | blFGDP$_IEUZN | ||||||||||||||||||||||||||||||||||||||||||||
Central | Central | Central | Central | Central | Central | ||||||||||||||||||||||||||||||||||||||||||||
2019 | 24487184631 | 23313535291 | 61225476607 | 11327391421 | 14029645318 | 11735219155 | |||||||||||||||||||||||||||||||||||||||||||
2020 | -02913403409 | -02697321313 | 16783204982 | -15810356391 | -13025752939 | -26504236812 |
2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||||||
World | January base | 29 | 23 | 24 | 25 | 27 | 29 | 27 | 26 | 25 | 26 | ||||||||||||
March base | 30 | 23 | 24 | 17 | 10 | 32 | 31 | 27 | 24 | 22 | |||||||||||||
Pandemic | 30 | 23 | 25 | 21 | -08 | -32 | -09 | 15 | 24 | -00 | |||||||||||||
United States | January base | 31 | 20 | 21 | 22 | 15 | 22 | 15 | 12 | 23 | 18 | ||||||||||||
March base | 31 | 20 | 21 | 21 | 10 | 08 | 18 | 21 | 23 | 15 | |||||||||||||
Pandemic | 31 | 20 | 21 | 21 | -08 | -29 | -20 | -02 | 23 | -02 | |||||||||||||
Japan | January base | 26 | 20 | 18 | -11 | 05 | 10 | 08 | 05 | 12 | 06 | ||||||||||||
March base | 26 | 19 | 05 | -63 | -00 | 10 | 09 | 07 | 08 | -07 | |||||||||||||
Pandemic | 26 | 20 | 18 | -11 | -25 | -23 | -28 | -03 | 12 | -13 | |||||||||||||
Mexico | January base | -04 | -02 | 01 | 10 | 10 | 21 | 21 | 22 | 00 | 12 | ||||||||||||
March base | -04 | -02 | 01 | -00 | 08 | 18 | 14 | 18 | -01 | 08 | |||||||||||||
Pandemic | -04 | -02 | 01 | -00 | -19 | -39 | -22 | -10 | -01 | -16 | |||||||||||||
Germany | January base | 19 | -10 | 03 | 07 | 10 | 17 | 20 | 15 | 06 | 10 | ||||||||||||
March base | 19 | -10 | 08 | 01 | 03 | 07 | 08 | 13 | 06 | 05 | |||||||||||||
Pandemic | 19 | -10 | 03 | 05 | -00 | -26 | -13 | -04 | 06 | -06 | |||||||||||||
United Kingdom | January base | 25 | -07 | 17 | 07 | 12 | 11 | 11 | 11 | 13 | 10 | ||||||||||||
March base | 26 | -04 | 20 | 01 | 07 | 09 | 12 | 10 | 14 | 08 | |||||||||||||
Pandemic | 25 | -07 | 17 | 07 | 07 | -08 | -02 | 03 | 13 | 03 | |||||||||||||
Brazil | January base | -00 | 19 | 25 | 19 | 20 | 24 | 25 | 26 | 11 | 22 | ||||||||||||
March base | -00 | 19 | 25 | 19 | 16 | 23 | 29 | 26 | 11 | 21 | |||||||||||||
Pandemic | -00 | 19 | 25 | 19 | -61 | -68 | -16 | 16 | 11 | -22 | |||||||||||||
China | January base | 78 | 53 | 50 | 61 | 72 | 66 | 55 | 58 | 61 | 62 | ||||||||||||
March base | 82 | 53 | 53 | 51 | -08 | 115 | 82 | 58 | 61 | 52 | |||||||||||||
Pandemic | 82 | 53 | 53 | 51 | -18 | -87 | -00 | 64 | 61 | 01 | |||||||||||||
Euro Zone | January base | 18 | 07 | 09 | 11 | 14 | 15 | 18 | 14 | 12 | 13 | ||||||||||||
March base | 18 | 06 | 11 | 02 | 13 | 13 | 14 | 14 | 12 | 10 | |||||||||||||
Pandemic | 18 | 06 | 11 | 04 | 04 | 00 | -04 | 08 | 12 | 04 |
Virus Changes the Outlook | |||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||
World | January base | 27 | 29 | 27 | 26 | 25 | 26 | ||||||||
February base | 14 | 36 | 31 | 26 | 25 | 24 | |||||||||
March prelim base | 07 | 16 | 35 | 28 | 24 | 19 | |||||||||
Pandemic | -65 | -01 | 36 | 32 | 24 | -03 | |||||||||
United States | January base | 15 | 22 | 15 | 12 | 23 | 18 | ||||||||
February base | 12 | 18 | 18 | 14 | 23 | 17 | |||||||||
March prelim base | 11 | -04 | 17 | 24 | 23 | 13 | |||||||||
Pandemic | -13 | -39 | -05 | 13 | 23 | -03 | |||||||||
China | January base | 72 | 66 | 55 | 58 | 61 | 62 | ||||||||
February base | -02 | 115 | 82 | 58 | 61 | 54 | |||||||||
March base | -09 | 51 | 114 | 58 | 61 | 44 | |||||||||
Pandemic | -272 | 214 | 289 | 127 | 61 | 17 | |||||||||
Brazil | January base | 20 | 24 | 25 | 26 | 11 | 22 | ||||||||
February base | 20 | 24 | 25 | 26 | 11 | 22 | |||||||||
March prelim base | 13 | 20 | 25 | 26 | 11 | 20 | |||||||||
Pandemic | -50 | -59 | -14 | 29 | 11 | -16 | |||||||||
United Kingdom | January base | 12 | 11 | 11 | 11 | 13 | 10 | ||||||||
February base | 11 | 13 | 11 | 11 | 13 | 10 | |||||||||
March base | 06 | 05 | 12 | 11 | 14 | 07 | |||||||||
Pandemic | 00 | -39 | -51 | -25 | 14 | -13 | |||||||||
Euro Zone | January base | 14 | 15 | 18 | 14 | 12 | 13 | ||||||||
February base | 17 | 16 | 17 | 14 | 12 | 13 | |||||||||
March prelim base | 07 | 08 | 12 | 13 | 12 | 08 | |||||||||
Pandemic | -57 | -74 | -08 | 16 | 12 | -27 |
Global Recession Under Pandemic Scenario | |||||||||||||||
2020Q1 | 2020Q2 | 2020Q3 | 2020Q4 | 2019 | 2020 | ||||||||||
World | January base | 27 | 29 | 27 | 26 | 25 | 26 | ||||||||
March base | 07 | 16 | 35 | 28 | 24 | 19 | |||||||||
April base | -109 | -221 | 199 | 45 | 24 | -42 | |||||||||
United States | January base | 15 | 22 | 15 | 12 | 23 | 18 | ||||||||
March base | 11 | -04 | 17 | 24 | 23 | 13 | |||||||||
April base | -81 | -302 | 166 | 04 | 23 | -58 | |||||||||
China | January base | 72 | 66 | 55 | 58 | 61 | 62 | ||||||||
March base | -09 | 51 | 114 | 58 | 61 | 44 | |||||||||
April base | -290 | 149 | 277 | 130 | 61 | -01 | |||||||||
Brazil | January base | 20 | 24 | 25 | 26 | 11 | 22 | ||||||||
March base | 13 | 20 | 25 | 26 | 11 | 20 | |||||||||
April base | -88 | -243 | 04 | 70 | 11 | -61 | |||||||||
United Kingdom | January base | 12 | 11 | 11 | 11 | 13 | 10 | ||||||||
March base | 06 | 05 | 12 | 11 | 14 | 07 | |||||||||
April base | -30 | -367 | 258 | 58 | 14 | -56 | |||||||||
Euro Zone | January base | 14 | 15 | 18 | 14 | 12 | 13 | ||||||||
March base | 07 | 08 | 12 | 13 | 12 | 08 | |||||||||
April base | -148 | -400 | 593 | 16 | 12 | -70 |
April 2020 12
-10-8-6-4-202468
0 2 4 6 8 10 12
1980 1990 20012007 2020
A Swoosh Recovery Real GDP change since beginning of recessionhellip
Sources BEA Moodyrsquos Analytics
X-axis is qtrs since beginning of recession
13April 2020
-40
-30
-20
-10
0
10
20
19 20 21 22 23 24
Baseline (50ile)S0 (4ile)S4 (96ile)
Output to Collapse With Gradual RecoveryInflation adjusted GDP annualized quarterly growth
Source Moodyrsquos Analytics
April 2020 14
0
5
10
15
20
25
30 40 50 60 70 80 90 00 10 20
Financial crisisFed slays inflation
1930s Depression
WW II
COVID crisis April 2020
Not Since the Great DepressionUS unemployment rate
Sources Federal Reserve BEA Moodyrsquos Analytics
15April 2020
02468
101214161820
19 20 21 22 23 24
Baseline (50ile)
S0 (4ile)
S4 (96ile)
Unemployment to SpikeU-3 unemployment rate quarterly average
Source Moodyrsquos Analytics
April 2020 16
Job Market Will Struggle to Recover
Sources BLS Moodyrsquos Analytics
05 04 06 06 04
-171
81
-06 -03
00 10 13 14 14 13 12
-20
-15
-10
-5
0
5
10
3
5
7
9
11
13
15
19 20 21 22
Employment Change (Mil R)Unemployment Rate (L)
April 2020 17
Regional Risk Factors for COVID-19
Virus Exposure
Commodities
Demographics
Global Interconnectedness (TradeTravel)
Tourism
FinanceInvestment
April 2020 18
Large Coastal Urban Areas Are Hit HardestWeighted avg Z-score across rankings 0 = metro area average
gt025
-025 to lt0lt-025
0 to lt025
Source Moodyrsquos Analytics
April 2020 19
Active Listings Collapse Across Major Metros
Sources Realtorcom Moodyrsquos Analytics
-45 -40 -35 -30 -25 -20 -15 -10 -5 0
PhoenixMilwaukeeSan DiegoSan JosePhiladelphiaCincinnatiDenverRiversideProvidenceSeattle
Active listing count yr ago
April 2020 20
US Real Estate Prices Slump
Sources FHFA Moodyrsquos Analytics
75
80
85
90
95
100
105
19 20 21 22
FHFA HPI
Moodyrsquos Analytics CPPI
Index 2019Q4 = 100 April baseline
April 2020 21
Home Prices Could Fall Fasthellip
Sources BEA Moodyrsquos Analytics
FHFA all-transactions index forecasts from March 2020 V2 vintage year ago
-15
-10
-5
0
5
10
15
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
BaselineScenario 1Scenario 3Scenario 4
April 2020 22
hellipAs Commercial Properties Are Hit From All Sides
Sources Reis Moodyrsquos Analytics
Commercial property price index yr ago
-40
-30
-20
-10
0
10
20
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
BaselineScenario 1Scenario 3Scenario 4
April 2020 23
House Prices SlumphellipForeclosures Increase
Sources FHFA MBA Moodyrsquos Analytics
0
500
1000
1500
2000
2500
60
70
80
90
100
110
120
05 10 15 20 25
FHFA HPI Index 2020Q1 = 100 (L)
Foreclosures startedths SA (R)
April baseline forecast
April 2020 24
Price Declines Vary Throughout the CountryBaseline forecast FHFA purchase-only index for 2021Q1 year ago
Sources FHFA Moodyrsquos Analytics
Known Unknowns3
April 2020 26
01000002000003000004000005000006000007000008000009000001000000
05000
10000150002000025000300003500040000
01-M
ar
04-M
ar
07-M
ar
10-M
ar
13-M
ar
16-M
ar
19-M
ar
22-M
ar
25-M
ar
28-M
ar
31-M
ar
03-A
pr
06-A
pr
09-A
pr
12-A
pr
15-A
pr
18-A
pr
21-A
pr
24-A
pr
Daily Cases (L) Cumulative Cases (R )
US New Daily Cases Hovering Around 30000Number of confirmed COVID-19 cases
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 27
0
10
20
30
40
50
60
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60
Italy S Korea EU USDay 1 DatesItaly Feb 23S Korea Feb 20US March 3 EU Feb 23
Growth Rate of COVID Cases FallingDaily growth of COVID-19 cases days since 100 confirmed cases 3-day MA
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 28
Epidemiological Assumptions
S1 Scenario
bull lt1 mil confirmed US infectionsbull New infections peak in Aprilbull 5-6 case fatality ratebull 8 hospitalization ratebull Infections abate by Junebull Surplus of hospital bedsbull Surplus of ICU bedsbull Surplus of ventilators
Baseline Forecast
bull 1-3 mil confirmed US infectionsbull New infections peak in Maybull 7-11 case fatality ratebull 10 hospitalization ratebull Infections abate by Julybull Surplus of hospital bedsbull Small surplus of ICU bedsbull Small surplus of ventilators
S3 Scenario
bull 5-6 mil confirmed US infectionsbull New infections peak in Junebull 12-16 case fatality ratebull 15 hospitalization ratebull Infections abate by Septemberbull Small deficit of hospital bedsbull Large deficit of ICU bedsbull Large deficit of ventilators
April 2020 29
010002000300040005000600070008000
95 00 05 10 15
C B Ba Baa A Aa Aaa
Federal Reserve Must Shore Up the Firewall
Sources Moodyrsquos Investor Service Moodyrsquos Analytics
Corporate debt outstanding by rating $ bil
April 2020 30
0123456789
10
03 05 07 09 11 13 15 17 19 21 23 25
Up Up and AwayAssets held outright on the Fedrsquos balance sheet $ tril
Source Moodyrsquos Analytics
April 2020 31
Lawmakers Act But Need to Do More
Sources CRFB Moodyrsquos Analytics
Cost of Coronavirus Aid Relief amp Economic Security (CARES) Act
$510 BilLoans amp Loan
Guarantees for Large Firms amp Governments
$377 BilSmall Business Loans amp Grants
$290 BilOne-time Checks
$180 BilHealth
$150 BilAid to States
$72 BilTransp Grants
$280 BilBusiness Tax Cuts
$45 BilFEMA
$42 BilSafety Nets
$32 BilEducation$260 Bil
Unemployment Insurance
$25 BilOther
April 2020 32
Running Out of Fiscal Space
Source Moodyrsquos Analytics
Sovereign borrowing capacity given current yields projected output growth and primary balance
-500
50100150200250300350400450
0 50 100 150 200 250
Circle size=Real GDP US$Y-axis Fiscal spaceX-axis Debt-to-GDP ratioAs of 2020Q1 (ex COVID-19 policies)
China
US
Japan
ItalyFrance Greece
Russia
UK
Argentina
Germany
Turkey S Africa Egypt
Spain
IndiaBrazil
Mexico
Canada
April 2020 33
US Risk Matrix
Source Moodyrsquos Analytics
April 2020 34
Questions amp
AnswersQuestions Contact us at helpeconomycom
April 2020 35
Coronavirus Liveeventsmoodysiocoronavirus coronavirusmoodyscom
Full webinars schedule eventsmoodysioeventsemeamoodyscom
MoodyrsquosWebinars
April 2020 36
Please complete our surveyWe Want to Hear From You
A survey will appear on your screen at the end of our presentation Please take a few moments to complete it
and let us know how we can continue to improve
moodyscom
West Chester EBA-HQ+16102355299121 North Walnut Street Suite 500West Chester PA 19380USA
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Contact Us Economics amp Business Analytics Offices
April 2020 38
copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved
CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC ANDOR ITS CREDIT RATINGS AFFILIATES ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MATERIALS PRODUCTS SERVICES AND INFORMATION PUBLISHED BY MOODYrsquoS (COLLECTIVELY ldquoPUBLICATIONSrdquo) MAY INCLUDE SUCH CURRENT OPINIONS MOODYrsquoS INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS INVESTORS SERVICE CREDIT RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS NON-CREDIT ASSESSMENTS (ldquoASSESSMENTSrdquo) AND OTHER OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC ANDOR ITS AFFILIATES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK
All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information
NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING ASSESSMENT OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER
Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any credit rating agreed to pay to Moodyrsquos Investors Service Inc for credit ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and Moodyrsquos investors Service also maintain policies and procedures to address the independence of Moodyrsquos Investors Service credit ratings and credit rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold credit ratings from Moodyrsquos Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo
Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors
Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any credit rating agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements
13April 2020
-40
-30
-20
-10
0
10
20
19 20 21 22 23 24
Baseline (50ile)S0 (4ile)S4 (96ile)
Output to Collapse With Gradual RecoveryInflation adjusted GDP annualized quarterly growth
Source Moodyrsquos Analytics
April 2020 14
0
5
10
15
20
25
30 40 50 60 70 80 90 00 10 20
Financial crisisFed slays inflation
1930s Depression
WW II
COVID crisis April 2020
Not Since the Great DepressionUS unemployment rate
Sources Federal Reserve BEA Moodyrsquos Analytics
15April 2020
02468
101214161820
19 20 21 22 23 24
Baseline (50ile)
S0 (4ile)
S4 (96ile)
Unemployment to SpikeU-3 unemployment rate quarterly average
Source Moodyrsquos Analytics
April 2020 16
Job Market Will Struggle to Recover
Sources BLS Moodyrsquos Analytics
05 04 06 06 04
-171
81
-06 -03
00 10 13 14 14 13 12
-20
-15
-10
-5
0
5
10
3
5
7
9
11
13
15
19 20 21 22
Employment Change (Mil R)Unemployment Rate (L)
April 2020 17
Regional Risk Factors for COVID-19
Virus Exposure
Commodities
Demographics
Global Interconnectedness (TradeTravel)
Tourism
FinanceInvestment
April 2020 18
Large Coastal Urban Areas Are Hit HardestWeighted avg Z-score across rankings 0 = metro area average
gt025
-025 to lt0lt-025
0 to lt025
Source Moodyrsquos Analytics
April 2020 19
Active Listings Collapse Across Major Metros
Sources Realtorcom Moodyrsquos Analytics
-45 -40 -35 -30 -25 -20 -15 -10 -5 0
PhoenixMilwaukeeSan DiegoSan JosePhiladelphiaCincinnatiDenverRiversideProvidenceSeattle
Active listing count yr ago
April 2020 20
US Real Estate Prices Slump
Sources FHFA Moodyrsquos Analytics
75
80
85
90
95
100
105
19 20 21 22
FHFA HPI
Moodyrsquos Analytics CPPI
Index 2019Q4 = 100 April baseline
April 2020 21
Home Prices Could Fall Fasthellip
Sources BEA Moodyrsquos Analytics
FHFA all-transactions index forecasts from March 2020 V2 vintage year ago
-15
-10
-5
0
5
10
15
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
BaselineScenario 1Scenario 3Scenario 4
April 2020 22
hellipAs Commercial Properties Are Hit From All Sides
Sources Reis Moodyrsquos Analytics
Commercial property price index yr ago
-40
-30
-20
-10
0
10
20
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
BaselineScenario 1Scenario 3Scenario 4
April 2020 23
House Prices SlumphellipForeclosures Increase
Sources FHFA MBA Moodyrsquos Analytics
0
500
1000
1500
2000
2500
60
70
80
90
100
110
120
05 10 15 20 25
FHFA HPI Index 2020Q1 = 100 (L)
Foreclosures startedths SA (R)
April baseline forecast
April 2020 24
Price Declines Vary Throughout the CountryBaseline forecast FHFA purchase-only index for 2021Q1 year ago
Sources FHFA Moodyrsquos Analytics
Known Unknowns3
April 2020 26
01000002000003000004000005000006000007000008000009000001000000
05000
10000150002000025000300003500040000
01-M
ar
04-M
ar
07-M
ar
10-M
ar
13-M
ar
16-M
ar
19-M
ar
22-M
ar
25-M
ar
28-M
ar
31-M
ar
03-A
pr
06-A
pr
09-A
pr
12-A
pr
15-A
pr
18-A
pr
21-A
pr
24-A
pr
Daily Cases (L) Cumulative Cases (R )
US New Daily Cases Hovering Around 30000Number of confirmed COVID-19 cases
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 27
0
10
20
30
40
50
60
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60
Italy S Korea EU USDay 1 DatesItaly Feb 23S Korea Feb 20US March 3 EU Feb 23
Growth Rate of COVID Cases FallingDaily growth of COVID-19 cases days since 100 confirmed cases 3-day MA
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 28
Epidemiological Assumptions
S1 Scenario
bull lt1 mil confirmed US infectionsbull New infections peak in Aprilbull 5-6 case fatality ratebull 8 hospitalization ratebull Infections abate by Junebull Surplus of hospital bedsbull Surplus of ICU bedsbull Surplus of ventilators
Baseline Forecast
bull 1-3 mil confirmed US infectionsbull New infections peak in Maybull 7-11 case fatality ratebull 10 hospitalization ratebull Infections abate by Julybull Surplus of hospital bedsbull Small surplus of ICU bedsbull Small surplus of ventilators
S3 Scenario
bull 5-6 mil confirmed US infectionsbull New infections peak in Junebull 12-16 case fatality ratebull 15 hospitalization ratebull Infections abate by Septemberbull Small deficit of hospital bedsbull Large deficit of ICU bedsbull Large deficit of ventilators
April 2020 29
010002000300040005000600070008000
95 00 05 10 15
C B Ba Baa A Aa Aaa
Federal Reserve Must Shore Up the Firewall
Sources Moodyrsquos Investor Service Moodyrsquos Analytics
Corporate debt outstanding by rating $ bil
April 2020 30
0123456789
10
03 05 07 09 11 13 15 17 19 21 23 25
Up Up and AwayAssets held outright on the Fedrsquos balance sheet $ tril
Source Moodyrsquos Analytics
April 2020 31
Lawmakers Act But Need to Do More
Sources CRFB Moodyrsquos Analytics
Cost of Coronavirus Aid Relief amp Economic Security (CARES) Act
$510 BilLoans amp Loan
Guarantees for Large Firms amp Governments
$377 BilSmall Business Loans amp Grants
$290 BilOne-time Checks
$180 BilHealth
$150 BilAid to States
$72 BilTransp Grants
$280 BilBusiness Tax Cuts
$45 BilFEMA
$42 BilSafety Nets
$32 BilEducation$260 Bil
Unemployment Insurance
$25 BilOther
April 2020 32
Running Out of Fiscal Space
Source Moodyrsquos Analytics
Sovereign borrowing capacity given current yields projected output growth and primary balance
-500
50100150200250300350400450
0 50 100 150 200 250
Circle size=Real GDP US$Y-axis Fiscal spaceX-axis Debt-to-GDP ratioAs of 2020Q1 (ex COVID-19 policies)
China
US
Japan
ItalyFrance Greece
Russia
UK
Argentina
Germany
Turkey S Africa Egypt
Spain
IndiaBrazil
Mexico
Canada
April 2020 33
US Risk Matrix
Source Moodyrsquos Analytics
April 2020 34
Questions amp
AnswersQuestions Contact us at helpeconomycom
April 2020 35
Coronavirus Liveeventsmoodysiocoronavirus coronavirusmoodyscom
Full webinars schedule eventsmoodysioeventsemeamoodyscom
MoodyrsquosWebinars
April 2020 36
Please complete our surveyWe Want to Hear From You
A survey will appear on your screen at the end of our presentation Please take a few moments to complete it
and let us know how we can continue to improve
moodyscom
West Chester EBA-HQ+16102355299121 North Walnut Street Suite 500West Chester PA 19380USA
New York Corporate-HQ+121255316537 World Trade Center 14th Floor250 Greenwich StreetNew York NY 10007USA
London+442077725454One Canada Square Canary Wharf London E14 5FAUnited Kingdom
Toronto4166812133200 Wellington Street West 15th FloorToronto ON M5V 3C7Canada
Prague+420224222929Washingtonova 17110 00 Prague 1Czech Republic
Sydney+61292708111Level 101 OConnell StreetSydney NSW 2000Australia
Singapore+65651144006 Shenton Way14-08 OUE Downtown 2Singapore 068809
Shanghai+862161010172Unit 2306 Citigroup Tower33 Huayuanshiqiao RoadPudong New Area 200120China
Contact Us Economics amp Business Analytics Offices
April 2020 38
copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved
CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC ANDOR ITS CREDIT RATINGS AFFILIATES ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MATERIALS PRODUCTS SERVICES AND INFORMATION PUBLISHED BY MOODYrsquoS (COLLECTIVELY ldquoPUBLICATIONSrdquo) MAY INCLUDE SUCH CURRENT OPINIONS MOODYrsquoS INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS INVESTORS SERVICE CREDIT RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS NON-CREDIT ASSESSMENTS (ldquoASSESSMENTSrdquo) AND OTHER OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC ANDOR ITS AFFILIATES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK
All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information
NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING ASSESSMENT OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER
Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any credit rating agreed to pay to Moodyrsquos Investors Service Inc for credit ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and Moodyrsquos investors Service also maintain policies and procedures to address the independence of Moodyrsquos Investors Service credit ratings and credit rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold credit ratings from Moodyrsquos Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo
Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors
Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any credit rating agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements
April 2020 14
0
5
10
15
20
25
30 40 50 60 70 80 90 00 10 20
Financial crisisFed slays inflation
1930s Depression
WW II
COVID crisis April 2020
Not Since the Great DepressionUS unemployment rate
Sources Federal Reserve BEA Moodyrsquos Analytics
15April 2020
02468
101214161820
19 20 21 22 23 24
Baseline (50ile)
S0 (4ile)
S4 (96ile)
Unemployment to SpikeU-3 unemployment rate quarterly average
Source Moodyrsquos Analytics
April 2020 16
Job Market Will Struggle to Recover
Sources BLS Moodyrsquos Analytics
05 04 06 06 04
-171
81
-06 -03
00 10 13 14 14 13 12
-20
-15
-10
-5
0
5
10
3
5
7
9
11
13
15
19 20 21 22
Employment Change (Mil R)Unemployment Rate (L)
April 2020 17
Regional Risk Factors for COVID-19
Virus Exposure
Commodities
Demographics
Global Interconnectedness (TradeTravel)
Tourism
FinanceInvestment
April 2020 18
Large Coastal Urban Areas Are Hit HardestWeighted avg Z-score across rankings 0 = metro area average
gt025
-025 to lt0lt-025
0 to lt025
Source Moodyrsquos Analytics
April 2020 19
Active Listings Collapse Across Major Metros
Sources Realtorcom Moodyrsquos Analytics
-45 -40 -35 -30 -25 -20 -15 -10 -5 0
PhoenixMilwaukeeSan DiegoSan JosePhiladelphiaCincinnatiDenverRiversideProvidenceSeattle
Active listing count yr ago
April 2020 20
US Real Estate Prices Slump
Sources FHFA Moodyrsquos Analytics
75
80
85
90
95
100
105
19 20 21 22
FHFA HPI
Moodyrsquos Analytics CPPI
Index 2019Q4 = 100 April baseline
April 2020 21
Home Prices Could Fall Fasthellip
Sources BEA Moodyrsquos Analytics
FHFA all-transactions index forecasts from March 2020 V2 vintage year ago
-15
-10
-5
0
5
10
15
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
BaselineScenario 1Scenario 3Scenario 4
April 2020 22
hellipAs Commercial Properties Are Hit From All Sides
Sources Reis Moodyrsquos Analytics
Commercial property price index yr ago
-40
-30
-20
-10
0
10
20
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
BaselineScenario 1Scenario 3Scenario 4
April 2020 23
House Prices SlumphellipForeclosures Increase
Sources FHFA MBA Moodyrsquos Analytics
0
500
1000
1500
2000
2500
60
70
80
90
100
110
120
05 10 15 20 25
FHFA HPI Index 2020Q1 = 100 (L)
Foreclosures startedths SA (R)
April baseline forecast
April 2020 24
Price Declines Vary Throughout the CountryBaseline forecast FHFA purchase-only index for 2021Q1 year ago
Sources FHFA Moodyrsquos Analytics
Known Unknowns3
April 2020 26
01000002000003000004000005000006000007000008000009000001000000
05000
10000150002000025000300003500040000
01-M
ar
04-M
ar
07-M
ar
10-M
ar
13-M
ar
16-M
ar
19-M
ar
22-M
ar
25-M
ar
28-M
ar
31-M
ar
03-A
pr
06-A
pr
09-A
pr
12-A
pr
15-A
pr
18-A
pr
21-A
pr
24-A
pr
Daily Cases (L) Cumulative Cases (R )
US New Daily Cases Hovering Around 30000Number of confirmed COVID-19 cases
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 27
0
10
20
30
40
50
60
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60
Italy S Korea EU USDay 1 DatesItaly Feb 23S Korea Feb 20US March 3 EU Feb 23
Growth Rate of COVID Cases FallingDaily growth of COVID-19 cases days since 100 confirmed cases 3-day MA
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 28
Epidemiological Assumptions
S1 Scenario
bull lt1 mil confirmed US infectionsbull New infections peak in Aprilbull 5-6 case fatality ratebull 8 hospitalization ratebull Infections abate by Junebull Surplus of hospital bedsbull Surplus of ICU bedsbull Surplus of ventilators
Baseline Forecast
bull 1-3 mil confirmed US infectionsbull New infections peak in Maybull 7-11 case fatality ratebull 10 hospitalization ratebull Infections abate by Julybull Surplus of hospital bedsbull Small surplus of ICU bedsbull Small surplus of ventilators
S3 Scenario
bull 5-6 mil confirmed US infectionsbull New infections peak in Junebull 12-16 case fatality ratebull 15 hospitalization ratebull Infections abate by Septemberbull Small deficit of hospital bedsbull Large deficit of ICU bedsbull Large deficit of ventilators
April 2020 29
010002000300040005000600070008000
95 00 05 10 15
C B Ba Baa A Aa Aaa
Federal Reserve Must Shore Up the Firewall
Sources Moodyrsquos Investor Service Moodyrsquos Analytics
Corporate debt outstanding by rating $ bil
April 2020 30
0123456789
10
03 05 07 09 11 13 15 17 19 21 23 25
Up Up and AwayAssets held outright on the Fedrsquos balance sheet $ tril
Source Moodyrsquos Analytics
April 2020 31
Lawmakers Act But Need to Do More
Sources CRFB Moodyrsquos Analytics
Cost of Coronavirus Aid Relief amp Economic Security (CARES) Act
$510 BilLoans amp Loan
Guarantees for Large Firms amp Governments
$377 BilSmall Business Loans amp Grants
$290 BilOne-time Checks
$180 BilHealth
$150 BilAid to States
$72 BilTransp Grants
$280 BilBusiness Tax Cuts
$45 BilFEMA
$42 BilSafety Nets
$32 BilEducation$260 Bil
Unemployment Insurance
$25 BilOther
April 2020 32
Running Out of Fiscal Space
Source Moodyrsquos Analytics
Sovereign borrowing capacity given current yields projected output growth and primary balance
-500
50100150200250300350400450
0 50 100 150 200 250
Circle size=Real GDP US$Y-axis Fiscal spaceX-axis Debt-to-GDP ratioAs of 2020Q1 (ex COVID-19 policies)
China
US
Japan
ItalyFrance Greece
Russia
UK
Argentina
Germany
Turkey S Africa Egypt
Spain
IndiaBrazil
Mexico
Canada
April 2020 33
US Risk Matrix
Source Moodyrsquos Analytics
April 2020 34
Questions amp
AnswersQuestions Contact us at helpeconomycom
April 2020 35
Coronavirus Liveeventsmoodysiocoronavirus coronavirusmoodyscom
Full webinars schedule eventsmoodysioeventsemeamoodyscom
MoodyrsquosWebinars
April 2020 36
Please complete our surveyWe Want to Hear From You
A survey will appear on your screen at the end of our presentation Please take a few moments to complete it
and let us know how we can continue to improve
moodyscom
West Chester EBA-HQ+16102355299121 North Walnut Street Suite 500West Chester PA 19380USA
New York Corporate-HQ+121255316537 World Trade Center 14th Floor250 Greenwich StreetNew York NY 10007USA
London+442077725454One Canada Square Canary Wharf London E14 5FAUnited Kingdom
Toronto4166812133200 Wellington Street West 15th FloorToronto ON M5V 3C7Canada
Prague+420224222929Washingtonova 17110 00 Prague 1Czech Republic
Sydney+61292708111Level 101 OConnell StreetSydney NSW 2000Australia
Singapore+65651144006 Shenton Way14-08 OUE Downtown 2Singapore 068809
Shanghai+862161010172Unit 2306 Citigroup Tower33 Huayuanshiqiao RoadPudong New Area 200120China
Contact Us Economics amp Business Analytics Offices
April 2020 38
copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved
CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC ANDOR ITS CREDIT RATINGS AFFILIATES ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MATERIALS PRODUCTS SERVICES AND INFORMATION PUBLISHED BY MOODYrsquoS (COLLECTIVELY ldquoPUBLICATIONSrdquo) MAY INCLUDE SUCH CURRENT OPINIONS MOODYrsquoS INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS INVESTORS SERVICE CREDIT RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS NON-CREDIT ASSESSMENTS (ldquoASSESSMENTSrdquo) AND OTHER OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC ANDOR ITS AFFILIATES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK
All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information
NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING ASSESSMENT OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER
Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any credit rating agreed to pay to Moodyrsquos Investors Service Inc for credit ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and Moodyrsquos investors Service also maintain policies and procedures to address the independence of Moodyrsquos Investors Service credit ratings and credit rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold credit ratings from Moodyrsquos Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo
Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors
Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any credit rating agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements
15April 2020
02468
101214161820
19 20 21 22 23 24
Baseline (50ile)
S0 (4ile)
S4 (96ile)
Unemployment to SpikeU-3 unemployment rate quarterly average
Source Moodyrsquos Analytics
April 2020 16
Job Market Will Struggle to Recover
Sources BLS Moodyrsquos Analytics
05 04 06 06 04
-171
81
-06 -03
00 10 13 14 14 13 12
-20
-15
-10
-5
0
5
10
3
5
7
9
11
13
15
19 20 21 22
Employment Change (Mil R)Unemployment Rate (L)
April 2020 17
Regional Risk Factors for COVID-19
Virus Exposure
Commodities
Demographics
Global Interconnectedness (TradeTravel)
Tourism
FinanceInvestment
April 2020 18
Large Coastal Urban Areas Are Hit HardestWeighted avg Z-score across rankings 0 = metro area average
gt025
-025 to lt0lt-025
0 to lt025
Source Moodyrsquos Analytics
April 2020 19
Active Listings Collapse Across Major Metros
Sources Realtorcom Moodyrsquos Analytics
-45 -40 -35 -30 -25 -20 -15 -10 -5 0
PhoenixMilwaukeeSan DiegoSan JosePhiladelphiaCincinnatiDenverRiversideProvidenceSeattle
Active listing count yr ago
April 2020 20
US Real Estate Prices Slump
Sources FHFA Moodyrsquos Analytics
75
80
85
90
95
100
105
19 20 21 22
FHFA HPI
Moodyrsquos Analytics CPPI
Index 2019Q4 = 100 April baseline
April 2020 21
Home Prices Could Fall Fasthellip
Sources BEA Moodyrsquos Analytics
FHFA all-transactions index forecasts from March 2020 V2 vintage year ago
-15
-10
-5
0
5
10
15
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
BaselineScenario 1Scenario 3Scenario 4
April 2020 22
hellipAs Commercial Properties Are Hit From All Sides
Sources Reis Moodyrsquos Analytics
Commercial property price index yr ago
-40
-30
-20
-10
0
10
20
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
BaselineScenario 1Scenario 3Scenario 4
April 2020 23
House Prices SlumphellipForeclosures Increase
Sources FHFA MBA Moodyrsquos Analytics
0
500
1000
1500
2000
2500
60
70
80
90
100
110
120
05 10 15 20 25
FHFA HPI Index 2020Q1 = 100 (L)
Foreclosures startedths SA (R)
April baseline forecast
April 2020 24
Price Declines Vary Throughout the CountryBaseline forecast FHFA purchase-only index for 2021Q1 year ago
Sources FHFA Moodyrsquos Analytics
Known Unknowns3
April 2020 26
01000002000003000004000005000006000007000008000009000001000000
05000
10000150002000025000300003500040000
01-M
ar
04-M
ar
07-M
ar
10-M
ar
13-M
ar
16-M
ar
19-M
ar
22-M
ar
25-M
ar
28-M
ar
31-M
ar
03-A
pr
06-A
pr
09-A
pr
12-A
pr
15-A
pr
18-A
pr
21-A
pr
24-A
pr
Daily Cases (L) Cumulative Cases (R )
US New Daily Cases Hovering Around 30000Number of confirmed COVID-19 cases
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 27
0
10
20
30
40
50
60
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60
Italy S Korea EU USDay 1 DatesItaly Feb 23S Korea Feb 20US March 3 EU Feb 23
Growth Rate of COVID Cases FallingDaily growth of COVID-19 cases days since 100 confirmed cases 3-day MA
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 28
Epidemiological Assumptions
S1 Scenario
bull lt1 mil confirmed US infectionsbull New infections peak in Aprilbull 5-6 case fatality ratebull 8 hospitalization ratebull Infections abate by Junebull Surplus of hospital bedsbull Surplus of ICU bedsbull Surplus of ventilators
Baseline Forecast
bull 1-3 mil confirmed US infectionsbull New infections peak in Maybull 7-11 case fatality ratebull 10 hospitalization ratebull Infections abate by Julybull Surplus of hospital bedsbull Small surplus of ICU bedsbull Small surplus of ventilators
S3 Scenario
bull 5-6 mil confirmed US infectionsbull New infections peak in Junebull 12-16 case fatality ratebull 15 hospitalization ratebull Infections abate by Septemberbull Small deficit of hospital bedsbull Large deficit of ICU bedsbull Large deficit of ventilators
April 2020 29
010002000300040005000600070008000
95 00 05 10 15
C B Ba Baa A Aa Aaa
Federal Reserve Must Shore Up the Firewall
Sources Moodyrsquos Investor Service Moodyrsquos Analytics
Corporate debt outstanding by rating $ bil
April 2020 30
0123456789
10
03 05 07 09 11 13 15 17 19 21 23 25
Up Up and AwayAssets held outright on the Fedrsquos balance sheet $ tril
Source Moodyrsquos Analytics
April 2020 31
Lawmakers Act But Need to Do More
Sources CRFB Moodyrsquos Analytics
Cost of Coronavirus Aid Relief amp Economic Security (CARES) Act
$510 BilLoans amp Loan
Guarantees for Large Firms amp Governments
$377 BilSmall Business Loans amp Grants
$290 BilOne-time Checks
$180 BilHealth
$150 BilAid to States
$72 BilTransp Grants
$280 BilBusiness Tax Cuts
$45 BilFEMA
$42 BilSafety Nets
$32 BilEducation$260 Bil
Unemployment Insurance
$25 BilOther
April 2020 32
Running Out of Fiscal Space
Source Moodyrsquos Analytics
Sovereign borrowing capacity given current yields projected output growth and primary balance
-500
50100150200250300350400450
0 50 100 150 200 250
Circle size=Real GDP US$Y-axis Fiscal spaceX-axis Debt-to-GDP ratioAs of 2020Q1 (ex COVID-19 policies)
China
US
Japan
ItalyFrance Greece
Russia
UK
Argentina
Germany
Turkey S Africa Egypt
Spain
IndiaBrazil
Mexico
Canada
April 2020 33
US Risk Matrix
Source Moodyrsquos Analytics
April 2020 34
Questions amp
AnswersQuestions Contact us at helpeconomycom
April 2020 35
Coronavirus Liveeventsmoodysiocoronavirus coronavirusmoodyscom
Full webinars schedule eventsmoodysioeventsemeamoodyscom
MoodyrsquosWebinars
April 2020 36
Please complete our surveyWe Want to Hear From You
A survey will appear on your screen at the end of our presentation Please take a few moments to complete it
and let us know how we can continue to improve
moodyscom
West Chester EBA-HQ+16102355299121 North Walnut Street Suite 500West Chester PA 19380USA
New York Corporate-HQ+121255316537 World Trade Center 14th Floor250 Greenwich StreetNew York NY 10007USA
London+442077725454One Canada Square Canary Wharf London E14 5FAUnited Kingdom
Toronto4166812133200 Wellington Street West 15th FloorToronto ON M5V 3C7Canada
Prague+420224222929Washingtonova 17110 00 Prague 1Czech Republic
Sydney+61292708111Level 101 OConnell StreetSydney NSW 2000Australia
Singapore+65651144006 Shenton Way14-08 OUE Downtown 2Singapore 068809
Shanghai+862161010172Unit 2306 Citigroup Tower33 Huayuanshiqiao RoadPudong New Area 200120China
Contact Us Economics amp Business Analytics Offices
April 2020 38
copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved
CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC ANDOR ITS CREDIT RATINGS AFFILIATES ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MATERIALS PRODUCTS SERVICES AND INFORMATION PUBLISHED BY MOODYrsquoS (COLLECTIVELY ldquoPUBLICATIONSrdquo) MAY INCLUDE SUCH CURRENT OPINIONS MOODYrsquoS INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS INVESTORS SERVICE CREDIT RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS NON-CREDIT ASSESSMENTS (ldquoASSESSMENTSrdquo) AND OTHER OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC ANDOR ITS AFFILIATES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK
All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information
NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING ASSESSMENT OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER
Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any credit rating agreed to pay to Moodyrsquos Investors Service Inc for credit ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and Moodyrsquos investors Service also maintain policies and procedures to address the independence of Moodyrsquos Investors Service credit ratings and credit rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold credit ratings from Moodyrsquos Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo
Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors
Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any credit rating agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements
April 2020 16
Job Market Will Struggle to Recover
Sources BLS Moodyrsquos Analytics
05 04 06 06 04
-171
81
-06 -03
00 10 13 14 14 13 12
-20
-15
-10
-5
0
5
10
3
5
7
9
11
13
15
19 20 21 22
Employment Change (Mil R)Unemployment Rate (L)
April 2020 17
Regional Risk Factors for COVID-19
Virus Exposure
Commodities
Demographics
Global Interconnectedness (TradeTravel)
Tourism
FinanceInvestment
April 2020 18
Large Coastal Urban Areas Are Hit HardestWeighted avg Z-score across rankings 0 = metro area average
gt025
-025 to lt0lt-025
0 to lt025
Source Moodyrsquos Analytics
April 2020 19
Active Listings Collapse Across Major Metros
Sources Realtorcom Moodyrsquos Analytics
-45 -40 -35 -30 -25 -20 -15 -10 -5 0
PhoenixMilwaukeeSan DiegoSan JosePhiladelphiaCincinnatiDenverRiversideProvidenceSeattle
Active listing count yr ago
April 2020 20
US Real Estate Prices Slump
Sources FHFA Moodyrsquos Analytics
75
80
85
90
95
100
105
19 20 21 22
FHFA HPI
Moodyrsquos Analytics CPPI
Index 2019Q4 = 100 April baseline
April 2020 21
Home Prices Could Fall Fasthellip
Sources BEA Moodyrsquos Analytics
FHFA all-transactions index forecasts from March 2020 V2 vintage year ago
-15
-10
-5
0
5
10
15
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
BaselineScenario 1Scenario 3Scenario 4
April 2020 22
hellipAs Commercial Properties Are Hit From All Sides
Sources Reis Moodyrsquos Analytics
Commercial property price index yr ago
-40
-30
-20
-10
0
10
20
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
BaselineScenario 1Scenario 3Scenario 4
April 2020 23
House Prices SlumphellipForeclosures Increase
Sources FHFA MBA Moodyrsquos Analytics
0
500
1000
1500
2000
2500
60
70
80
90
100
110
120
05 10 15 20 25
FHFA HPI Index 2020Q1 = 100 (L)
Foreclosures startedths SA (R)
April baseline forecast
April 2020 24
Price Declines Vary Throughout the CountryBaseline forecast FHFA purchase-only index for 2021Q1 year ago
Sources FHFA Moodyrsquos Analytics
Known Unknowns3
April 2020 26
01000002000003000004000005000006000007000008000009000001000000
05000
10000150002000025000300003500040000
01-M
ar
04-M
ar
07-M
ar
10-M
ar
13-M
ar
16-M
ar
19-M
ar
22-M
ar
25-M
ar
28-M
ar
31-M
ar
03-A
pr
06-A
pr
09-A
pr
12-A
pr
15-A
pr
18-A
pr
21-A
pr
24-A
pr
Daily Cases (L) Cumulative Cases (R )
US New Daily Cases Hovering Around 30000Number of confirmed COVID-19 cases
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 27
0
10
20
30
40
50
60
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60
Italy S Korea EU USDay 1 DatesItaly Feb 23S Korea Feb 20US March 3 EU Feb 23
Growth Rate of COVID Cases FallingDaily growth of COVID-19 cases days since 100 confirmed cases 3-day MA
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 28
Epidemiological Assumptions
S1 Scenario
bull lt1 mil confirmed US infectionsbull New infections peak in Aprilbull 5-6 case fatality ratebull 8 hospitalization ratebull Infections abate by Junebull Surplus of hospital bedsbull Surplus of ICU bedsbull Surplus of ventilators
Baseline Forecast
bull 1-3 mil confirmed US infectionsbull New infections peak in Maybull 7-11 case fatality ratebull 10 hospitalization ratebull Infections abate by Julybull Surplus of hospital bedsbull Small surplus of ICU bedsbull Small surplus of ventilators
S3 Scenario
bull 5-6 mil confirmed US infectionsbull New infections peak in Junebull 12-16 case fatality ratebull 15 hospitalization ratebull Infections abate by Septemberbull Small deficit of hospital bedsbull Large deficit of ICU bedsbull Large deficit of ventilators
April 2020 29
010002000300040005000600070008000
95 00 05 10 15
C B Ba Baa A Aa Aaa
Federal Reserve Must Shore Up the Firewall
Sources Moodyrsquos Investor Service Moodyrsquos Analytics
Corporate debt outstanding by rating $ bil
April 2020 30
0123456789
10
03 05 07 09 11 13 15 17 19 21 23 25
Up Up and AwayAssets held outright on the Fedrsquos balance sheet $ tril
Source Moodyrsquos Analytics
April 2020 31
Lawmakers Act But Need to Do More
Sources CRFB Moodyrsquos Analytics
Cost of Coronavirus Aid Relief amp Economic Security (CARES) Act
$510 BilLoans amp Loan
Guarantees for Large Firms amp Governments
$377 BilSmall Business Loans amp Grants
$290 BilOne-time Checks
$180 BilHealth
$150 BilAid to States
$72 BilTransp Grants
$280 BilBusiness Tax Cuts
$45 BilFEMA
$42 BilSafety Nets
$32 BilEducation$260 Bil
Unemployment Insurance
$25 BilOther
April 2020 32
Running Out of Fiscal Space
Source Moodyrsquos Analytics
Sovereign borrowing capacity given current yields projected output growth and primary balance
-500
50100150200250300350400450
0 50 100 150 200 250
Circle size=Real GDP US$Y-axis Fiscal spaceX-axis Debt-to-GDP ratioAs of 2020Q1 (ex COVID-19 policies)
China
US
Japan
ItalyFrance Greece
Russia
UK
Argentina
Germany
Turkey S Africa Egypt
Spain
IndiaBrazil
Mexico
Canada
April 2020 33
US Risk Matrix
Source Moodyrsquos Analytics
April 2020 34
Questions amp
AnswersQuestions Contact us at helpeconomycom
April 2020 35
Coronavirus Liveeventsmoodysiocoronavirus coronavirusmoodyscom
Full webinars schedule eventsmoodysioeventsemeamoodyscom
MoodyrsquosWebinars
April 2020 36
Please complete our surveyWe Want to Hear From You
A survey will appear on your screen at the end of our presentation Please take a few moments to complete it
and let us know how we can continue to improve
moodyscom
West Chester EBA-HQ+16102355299121 North Walnut Street Suite 500West Chester PA 19380USA
New York Corporate-HQ+121255316537 World Trade Center 14th Floor250 Greenwich StreetNew York NY 10007USA
London+442077725454One Canada Square Canary Wharf London E14 5FAUnited Kingdom
Toronto4166812133200 Wellington Street West 15th FloorToronto ON M5V 3C7Canada
Prague+420224222929Washingtonova 17110 00 Prague 1Czech Republic
Sydney+61292708111Level 101 OConnell StreetSydney NSW 2000Australia
Singapore+65651144006 Shenton Way14-08 OUE Downtown 2Singapore 068809
Shanghai+862161010172Unit 2306 Citigroup Tower33 Huayuanshiqiao RoadPudong New Area 200120China
Contact Us Economics amp Business Analytics Offices
April 2020 38
copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved
CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC ANDOR ITS CREDIT RATINGS AFFILIATES ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MATERIALS PRODUCTS SERVICES AND INFORMATION PUBLISHED BY MOODYrsquoS (COLLECTIVELY ldquoPUBLICATIONSrdquo) MAY INCLUDE SUCH CURRENT OPINIONS MOODYrsquoS INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS INVESTORS SERVICE CREDIT RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS NON-CREDIT ASSESSMENTS (ldquoASSESSMENTSrdquo) AND OTHER OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC ANDOR ITS AFFILIATES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK
All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information
NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING ASSESSMENT OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER
Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any credit rating agreed to pay to Moodyrsquos Investors Service Inc for credit ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and Moodyrsquos investors Service also maintain policies and procedures to address the independence of Moodyrsquos Investors Service credit ratings and credit rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold credit ratings from Moodyrsquos Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo
Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors
Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any credit rating agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements
April 2020 17
Regional Risk Factors for COVID-19
Virus Exposure
Commodities
Demographics
Global Interconnectedness (TradeTravel)
Tourism
FinanceInvestment
April 2020 18
Large Coastal Urban Areas Are Hit HardestWeighted avg Z-score across rankings 0 = metro area average
gt025
-025 to lt0lt-025
0 to lt025
Source Moodyrsquos Analytics
April 2020 19
Active Listings Collapse Across Major Metros
Sources Realtorcom Moodyrsquos Analytics
-45 -40 -35 -30 -25 -20 -15 -10 -5 0
PhoenixMilwaukeeSan DiegoSan JosePhiladelphiaCincinnatiDenverRiversideProvidenceSeattle
Active listing count yr ago
April 2020 20
US Real Estate Prices Slump
Sources FHFA Moodyrsquos Analytics
75
80
85
90
95
100
105
19 20 21 22
FHFA HPI
Moodyrsquos Analytics CPPI
Index 2019Q4 = 100 April baseline
April 2020 21
Home Prices Could Fall Fasthellip
Sources BEA Moodyrsquos Analytics
FHFA all-transactions index forecasts from March 2020 V2 vintage year ago
-15
-10
-5
0
5
10
15
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
BaselineScenario 1Scenario 3Scenario 4
April 2020 22
hellipAs Commercial Properties Are Hit From All Sides
Sources Reis Moodyrsquos Analytics
Commercial property price index yr ago
-40
-30
-20
-10
0
10
20
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
BaselineScenario 1Scenario 3Scenario 4
April 2020 23
House Prices SlumphellipForeclosures Increase
Sources FHFA MBA Moodyrsquos Analytics
0
500
1000
1500
2000
2500
60
70
80
90
100
110
120
05 10 15 20 25
FHFA HPI Index 2020Q1 = 100 (L)
Foreclosures startedths SA (R)
April baseline forecast
April 2020 24
Price Declines Vary Throughout the CountryBaseline forecast FHFA purchase-only index for 2021Q1 year ago
Sources FHFA Moodyrsquos Analytics
Known Unknowns3
April 2020 26
01000002000003000004000005000006000007000008000009000001000000
05000
10000150002000025000300003500040000
01-M
ar
04-M
ar
07-M
ar
10-M
ar
13-M
ar
16-M
ar
19-M
ar
22-M
ar
25-M
ar
28-M
ar
31-M
ar
03-A
pr
06-A
pr
09-A
pr
12-A
pr
15-A
pr
18-A
pr
21-A
pr
24-A
pr
Daily Cases (L) Cumulative Cases (R )
US New Daily Cases Hovering Around 30000Number of confirmed COVID-19 cases
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 27
0
10
20
30
40
50
60
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60
Italy S Korea EU USDay 1 DatesItaly Feb 23S Korea Feb 20US March 3 EU Feb 23
Growth Rate of COVID Cases FallingDaily growth of COVID-19 cases days since 100 confirmed cases 3-day MA
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 28
Epidemiological Assumptions
S1 Scenario
bull lt1 mil confirmed US infectionsbull New infections peak in Aprilbull 5-6 case fatality ratebull 8 hospitalization ratebull Infections abate by Junebull Surplus of hospital bedsbull Surplus of ICU bedsbull Surplus of ventilators
Baseline Forecast
bull 1-3 mil confirmed US infectionsbull New infections peak in Maybull 7-11 case fatality ratebull 10 hospitalization ratebull Infections abate by Julybull Surplus of hospital bedsbull Small surplus of ICU bedsbull Small surplus of ventilators
S3 Scenario
bull 5-6 mil confirmed US infectionsbull New infections peak in Junebull 12-16 case fatality ratebull 15 hospitalization ratebull Infections abate by Septemberbull Small deficit of hospital bedsbull Large deficit of ICU bedsbull Large deficit of ventilators
April 2020 29
010002000300040005000600070008000
95 00 05 10 15
C B Ba Baa A Aa Aaa
Federal Reserve Must Shore Up the Firewall
Sources Moodyrsquos Investor Service Moodyrsquos Analytics
Corporate debt outstanding by rating $ bil
April 2020 30
0123456789
10
03 05 07 09 11 13 15 17 19 21 23 25
Up Up and AwayAssets held outright on the Fedrsquos balance sheet $ tril
Source Moodyrsquos Analytics
April 2020 31
Lawmakers Act But Need to Do More
Sources CRFB Moodyrsquos Analytics
Cost of Coronavirus Aid Relief amp Economic Security (CARES) Act
$510 BilLoans amp Loan
Guarantees for Large Firms amp Governments
$377 BilSmall Business Loans amp Grants
$290 BilOne-time Checks
$180 BilHealth
$150 BilAid to States
$72 BilTransp Grants
$280 BilBusiness Tax Cuts
$45 BilFEMA
$42 BilSafety Nets
$32 BilEducation$260 Bil
Unemployment Insurance
$25 BilOther
April 2020 32
Running Out of Fiscal Space
Source Moodyrsquos Analytics
Sovereign borrowing capacity given current yields projected output growth and primary balance
-500
50100150200250300350400450
0 50 100 150 200 250
Circle size=Real GDP US$Y-axis Fiscal spaceX-axis Debt-to-GDP ratioAs of 2020Q1 (ex COVID-19 policies)
China
US
Japan
ItalyFrance Greece
Russia
UK
Argentina
Germany
Turkey S Africa Egypt
Spain
IndiaBrazil
Mexico
Canada
April 2020 33
US Risk Matrix
Source Moodyrsquos Analytics
April 2020 34
Questions amp
AnswersQuestions Contact us at helpeconomycom
April 2020 35
Coronavirus Liveeventsmoodysiocoronavirus coronavirusmoodyscom
Full webinars schedule eventsmoodysioeventsemeamoodyscom
MoodyrsquosWebinars
April 2020 36
Please complete our surveyWe Want to Hear From You
A survey will appear on your screen at the end of our presentation Please take a few moments to complete it
and let us know how we can continue to improve
moodyscom
West Chester EBA-HQ+16102355299121 North Walnut Street Suite 500West Chester PA 19380USA
New York Corporate-HQ+121255316537 World Trade Center 14th Floor250 Greenwich StreetNew York NY 10007USA
London+442077725454One Canada Square Canary Wharf London E14 5FAUnited Kingdom
Toronto4166812133200 Wellington Street West 15th FloorToronto ON M5V 3C7Canada
Prague+420224222929Washingtonova 17110 00 Prague 1Czech Republic
Sydney+61292708111Level 101 OConnell StreetSydney NSW 2000Australia
Singapore+65651144006 Shenton Way14-08 OUE Downtown 2Singapore 068809
Shanghai+862161010172Unit 2306 Citigroup Tower33 Huayuanshiqiao RoadPudong New Area 200120China
Contact Us Economics amp Business Analytics Offices
April 2020 38
copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved
CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC ANDOR ITS CREDIT RATINGS AFFILIATES ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MATERIALS PRODUCTS SERVICES AND INFORMATION PUBLISHED BY MOODYrsquoS (COLLECTIVELY ldquoPUBLICATIONSrdquo) MAY INCLUDE SUCH CURRENT OPINIONS MOODYrsquoS INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS INVESTORS SERVICE CREDIT RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS NON-CREDIT ASSESSMENTS (ldquoASSESSMENTSrdquo) AND OTHER OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC ANDOR ITS AFFILIATES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK
All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information
NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING ASSESSMENT OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER
Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any credit rating agreed to pay to Moodyrsquos Investors Service Inc for credit ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and Moodyrsquos investors Service also maintain policies and procedures to address the independence of Moodyrsquos Investors Service credit ratings and credit rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold credit ratings from Moodyrsquos Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo
Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors
Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any credit rating agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements
April 2020 18
Large Coastal Urban Areas Are Hit HardestWeighted avg Z-score across rankings 0 = metro area average
gt025
-025 to lt0lt-025
0 to lt025
Source Moodyrsquos Analytics
April 2020 19
Active Listings Collapse Across Major Metros
Sources Realtorcom Moodyrsquos Analytics
-45 -40 -35 -30 -25 -20 -15 -10 -5 0
PhoenixMilwaukeeSan DiegoSan JosePhiladelphiaCincinnatiDenverRiversideProvidenceSeattle
Active listing count yr ago
April 2020 20
US Real Estate Prices Slump
Sources FHFA Moodyrsquos Analytics
75
80
85
90
95
100
105
19 20 21 22
FHFA HPI
Moodyrsquos Analytics CPPI
Index 2019Q4 = 100 April baseline
April 2020 21
Home Prices Could Fall Fasthellip
Sources BEA Moodyrsquos Analytics
FHFA all-transactions index forecasts from March 2020 V2 vintage year ago
-15
-10
-5
0
5
10
15
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
BaselineScenario 1Scenario 3Scenario 4
April 2020 22
hellipAs Commercial Properties Are Hit From All Sides
Sources Reis Moodyrsquos Analytics
Commercial property price index yr ago
-40
-30
-20
-10
0
10
20
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
BaselineScenario 1Scenario 3Scenario 4
April 2020 23
House Prices SlumphellipForeclosures Increase
Sources FHFA MBA Moodyrsquos Analytics
0
500
1000
1500
2000
2500
60
70
80
90
100
110
120
05 10 15 20 25
FHFA HPI Index 2020Q1 = 100 (L)
Foreclosures startedths SA (R)
April baseline forecast
April 2020 24
Price Declines Vary Throughout the CountryBaseline forecast FHFA purchase-only index for 2021Q1 year ago
Sources FHFA Moodyrsquos Analytics
Known Unknowns3
April 2020 26
01000002000003000004000005000006000007000008000009000001000000
05000
10000150002000025000300003500040000
01-M
ar
04-M
ar
07-M
ar
10-M
ar
13-M
ar
16-M
ar
19-M
ar
22-M
ar
25-M
ar
28-M
ar
31-M
ar
03-A
pr
06-A
pr
09-A
pr
12-A
pr
15-A
pr
18-A
pr
21-A
pr
24-A
pr
Daily Cases (L) Cumulative Cases (R )
US New Daily Cases Hovering Around 30000Number of confirmed COVID-19 cases
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 27
0
10
20
30
40
50
60
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60
Italy S Korea EU USDay 1 DatesItaly Feb 23S Korea Feb 20US March 3 EU Feb 23
Growth Rate of COVID Cases FallingDaily growth of COVID-19 cases days since 100 confirmed cases 3-day MA
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 28
Epidemiological Assumptions
S1 Scenario
bull lt1 mil confirmed US infectionsbull New infections peak in Aprilbull 5-6 case fatality ratebull 8 hospitalization ratebull Infections abate by Junebull Surplus of hospital bedsbull Surplus of ICU bedsbull Surplus of ventilators
Baseline Forecast
bull 1-3 mil confirmed US infectionsbull New infections peak in Maybull 7-11 case fatality ratebull 10 hospitalization ratebull Infections abate by Julybull Surplus of hospital bedsbull Small surplus of ICU bedsbull Small surplus of ventilators
S3 Scenario
bull 5-6 mil confirmed US infectionsbull New infections peak in Junebull 12-16 case fatality ratebull 15 hospitalization ratebull Infections abate by Septemberbull Small deficit of hospital bedsbull Large deficit of ICU bedsbull Large deficit of ventilators
April 2020 29
010002000300040005000600070008000
95 00 05 10 15
C B Ba Baa A Aa Aaa
Federal Reserve Must Shore Up the Firewall
Sources Moodyrsquos Investor Service Moodyrsquos Analytics
Corporate debt outstanding by rating $ bil
April 2020 30
0123456789
10
03 05 07 09 11 13 15 17 19 21 23 25
Up Up and AwayAssets held outright on the Fedrsquos balance sheet $ tril
Source Moodyrsquos Analytics
April 2020 31
Lawmakers Act But Need to Do More
Sources CRFB Moodyrsquos Analytics
Cost of Coronavirus Aid Relief amp Economic Security (CARES) Act
$510 BilLoans amp Loan
Guarantees for Large Firms amp Governments
$377 BilSmall Business Loans amp Grants
$290 BilOne-time Checks
$180 BilHealth
$150 BilAid to States
$72 BilTransp Grants
$280 BilBusiness Tax Cuts
$45 BilFEMA
$42 BilSafety Nets
$32 BilEducation$260 Bil
Unemployment Insurance
$25 BilOther
April 2020 32
Running Out of Fiscal Space
Source Moodyrsquos Analytics
Sovereign borrowing capacity given current yields projected output growth and primary balance
-500
50100150200250300350400450
0 50 100 150 200 250
Circle size=Real GDP US$Y-axis Fiscal spaceX-axis Debt-to-GDP ratioAs of 2020Q1 (ex COVID-19 policies)
China
US
Japan
ItalyFrance Greece
Russia
UK
Argentina
Germany
Turkey S Africa Egypt
Spain
IndiaBrazil
Mexico
Canada
April 2020 33
US Risk Matrix
Source Moodyrsquos Analytics
April 2020 34
Questions amp
AnswersQuestions Contact us at helpeconomycom
April 2020 35
Coronavirus Liveeventsmoodysiocoronavirus coronavirusmoodyscom
Full webinars schedule eventsmoodysioeventsemeamoodyscom
MoodyrsquosWebinars
April 2020 36
Please complete our surveyWe Want to Hear From You
A survey will appear on your screen at the end of our presentation Please take a few moments to complete it
and let us know how we can continue to improve
moodyscom
West Chester EBA-HQ+16102355299121 North Walnut Street Suite 500West Chester PA 19380USA
New York Corporate-HQ+121255316537 World Trade Center 14th Floor250 Greenwich StreetNew York NY 10007USA
London+442077725454One Canada Square Canary Wharf London E14 5FAUnited Kingdom
Toronto4166812133200 Wellington Street West 15th FloorToronto ON M5V 3C7Canada
Prague+420224222929Washingtonova 17110 00 Prague 1Czech Republic
Sydney+61292708111Level 101 OConnell StreetSydney NSW 2000Australia
Singapore+65651144006 Shenton Way14-08 OUE Downtown 2Singapore 068809
Shanghai+862161010172Unit 2306 Citigroup Tower33 Huayuanshiqiao RoadPudong New Area 200120China
Contact Us Economics amp Business Analytics Offices
April 2020 38
copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved
CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC ANDOR ITS CREDIT RATINGS AFFILIATES ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MATERIALS PRODUCTS SERVICES AND INFORMATION PUBLISHED BY MOODYrsquoS (COLLECTIVELY ldquoPUBLICATIONSrdquo) MAY INCLUDE SUCH CURRENT OPINIONS MOODYrsquoS INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS INVESTORS SERVICE CREDIT RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS NON-CREDIT ASSESSMENTS (ldquoASSESSMENTSrdquo) AND OTHER OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC ANDOR ITS AFFILIATES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK
All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information
NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING ASSESSMENT OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER
Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any credit rating agreed to pay to Moodyrsquos Investors Service Inc for credit ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and Moodyrsquos investors Service also maintain policies and procedures to address the independence of Moodyrsquos Investors Service credit ratings and credit rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold credit ratings from Moodyrsquos Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo
Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors
Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any credit rating agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements
April 2020 19
Active Listings Collapse Across Major Metros
Sources Realtorcom Moodyrsquos Analytics
-45 -40 -35 -30 -25 -20 -15 -10 -5 0
PhoenixMilwaukeeSan DiegoSan JosePhiladelphiaCincinnatiDenverRiversideProvidenceSeattle
Active listing count yr ago
April 2020 20
US Real Estate Prices Slump
Sources FHFA Moodyrsquos Analytics
75
80
85
90
95
100
105
19 20 21 22
FHFA HPI
Moodyrsquos Analytics CPPI
Index 2019Q4 = 100 April baseline
April 2020 21
Home Prices Could Fall Fasthellip
Sources BEA Moodyrsquos Analytics
FHFA all-transactions index forecasts from March 2020 V2 vintage year ago
-15
-10
-5
0
5
10
15
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
BaselineScenario 1Scenario 3Scenario 4
April 2020 22
hellipAs Commercial Properties Are Hit From All Sides
Sources Reis Moodyrsquos Analytics
Commercial property price index yr ago
-40
-30
-20
-10
0
10
20
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
BaselineScenario 1Scenario 3Scenario 4
April 2020 23
House Prices SlumphellipForeclosures Increase
Sources FHFA MBA Moodyrsquos Analytics
0
500
1000
1500
2000
2500
60
70
80
90
100
110
120
05 10 15 20 25
FHFA HPI Index 2020Q1 = 100 (L)
Foreclosures startedths SA (R)
April baseline forecast
April 2020 24
Price Declines Vary Throughout the CountryBaseline forecast FHFA purchase-only index for 2021Q1 year ago
Sources FHFA Moodyrsquos Analytics
Known Unknowns3
April 2020 26
01000002000003000004000005000006000007000008000009000001000000
05000
10000150002000025000300003500040000
01-M
ar
04-M
ar
07-M
ar
10-M
ar
13-M
ar
16-M
ar
19-M
ar
22-M
ar
25-M
ar
28-M
ar
31-M
ar
03-A
pr
06-A
pr
09-A
pr
12-A
pr
15-A
pr
18-A
pr
21-A
pr
24-A
pr
Daily Cases (L) Cumulative Cases (R )
US New Daily Cases Hovering Around 30000Number of confirmed COVID-19 cases
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 27
0
10
20
30
40
50
60
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60
Italy S Korea EU USDay 1 DatesItaly Feb 23S Korea Feb 20US March 3 EU Feb 23
Growth Rate of COVID Cases FallingDaily growth of COVID-19 cases days since 100 confirmed cases 3-day MA
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 28
Epidemiological Assumptions
S1 Scenario
bull lt1 mil confirmed US infectionsbull New infections peak in Aprilbull 5-6 case fatality ratebull 8 hospitalization ratebull Infections abate by Junebull Surplus of hospital bedsbull Surplus of ICU bedsbull Surplus of ventilators
Baseline Forecast
bull 1-3 mil confirmed US infectionsbull New infections peak in Maybull 7-11 case fatality ratebull 10 hospitalization ratebull Infections abate by Julybull Surplus of hospital bedsbull Small surplus of ICU bedsbull Small surplus of ventilators
S3 Scenario
bull 5-6 mil confirmed US infectionsbull New infections peak in Junebull 12-16 case fatality ratebull 15 hospitalization ratebull Infections abate by Septemberbull Small deficit of hospital bedsbull Large deficit of ICU bedsbull Large deficit of ventilators
April 2020 29
010002000300040005000600070008000
95 00 05 10 15
C B Ba Baa A Aa Aaa
Federal Reserve Must Shore Up the Firewall
Sources Moodyrsquos Investor Service Moodyrsquos Analytics
Corporate debt outstanding by rating $ bil
April 2020 30
0123456789
10
03 05 07 09 11 13 15 17 19 21 23 25
Up Up and AwayAssets held outright on the Fedrsquos balance sheet $ tril
Source Moodyrsquos Analytics
April 2020 31
Lawmakers Act But Need to Do More
Sources CRFB Moodyrsquos Analytics
Cost of Coronavirus Aid Relief amp Economic Security (CARES) Act
$510 BilLoans amp Loan
Guarantees for Large Firms amp Governments
$377 BilSmall Business Loans amp Grants
$290 BilOne-time Checks
$180 BilHealth
$150 BilAid to States
$72 BilTransp Grants
$280 BilBusiness Tax Cuts
$45 BilFEMA
$42 BilSafety Nets
$32 BilEducation$260 Bil
Unemployment Insurance
$25 BilOther
April 2020 32
Running Out of Fiscal Space
Source Moodyrsquos Analytics
Sovereign borrowing capacity given current yields projected output growth and primary balance
-500
50100150200250300350400450
0 50 100 150 200 250
Circle size=Real GDP US$Y-axis Fiscal spaceX-axis Debt-to-GDP ratioAs of 2020Q1 (ex COVID-19 policies)
China
US
Japan
ItalyFrance Greece
Russia
UK
Argentina
Germany
Turkey S Africa Egypt
Spain
IndiaBrazil
Mexico
Canada
April 2020 33
US Risk Matrix
Source Moodyrsquos Analytics
April 2020 34
Questions amp
AnswersQuestions Contact us at helpeconomycom
April 2020 35
Coronavirus Liveeventsmoodysiocoronavirus coronavirusmoodyscom
Full webinars schedule eventsmoodysioeventsemeamoodyscom
MoodyrsquosWebinars
April 2020 36
Please complete our surveyWe Want to Hear From You
A survey will appear on your screen at the end of our presentation Please take a few moments to complete it
and let us know how we can continue to improve
moodyscom
West Chester EBA-HQ+16102355299121 North Walnut Street Suite 500West Chester PA 19380USA
New York Corporate-HQ+121255316537 World Trade Center 14th Floor250 Greenwich StreetNew York NY 10007USA
London+442077725454One Canada Square Canary Wharf London E14 5FAUnited Kingdom
Toronto4166812133200 Wellington Street West 15th FloorToronto ON M5V 3C7Canada
Prague+420224222929Washingtonova 17110 00 Prague 1Czech Republic
Sydney+61292708111Level 101 OConnell StreetSydney NSW 2000Australia
Singapore+65651144006 Shenton Way14-08 OUE Downtown 2Singapore 068809
Shanghai+862161010172Unit 2306 Citigroup Tower33 Huayuanshiqiao RoadPudong New Area 200120China
Contact Us Economics amp Business Analytics Offices
April 2020 38
copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved
CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC ANDOR ITS CREDIT RATINGS AFFILIATES ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MATERIALS PRODUCTS SERVICES AND INFORMATION PUBLISHED BY MOODYrsquoS (COLLECTIVELY ldquoPUBLICATIONSrdquo) MAY INCLUDE SUCH CURRENT OPINIONS MOODYrsquoS INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS INVESTORS SERVICE CREDIT RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS NON-CREDIT ASSESSMENTS (ldquoASSESSMENTSrdquo) AND OTHER OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC ANDOR ITS AFFILIATES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK
All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information
NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING ASSESSMENT OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER
Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any credit rating agreed to pay to Moodyrsquos Investors Service Inc for credit ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and Moodyrsquos investors Service also maintain policies and procedures to address the independence of Moodyrsquos Investors Service credit ratings and credit rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold credit ratings from Moodyrsquos Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo
Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors
Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any credit rating agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements
April 2020 20
US Real Estate Prices Slump
Sources FHFA Moodyrsquos Analytics
75
80
85
90
95
100
105
19 20 21 22
FHFA HPI
Moodyrsquos Analytics CPPI
Index 2019Q4 = 100 April baseline
April 2020 21
Home Prices Could Fall Fasthellip
Sources BEA Moodyrsquos Analytics
FHFA all-transactions index forecasts from March 2020 V2 vintage year ago
-15
-10
-5
0
5
10
15
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
BaselineScenario 1Scenario 3Scenario 4
April 2020 22
hellipAs Commercial Properties Are Hit From All Sides
Sources Reis Moodyrsquos Analytics
Commercial property price index yr ago
-40
-30
-20
-10
0
10
20
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
BaselineScenario 1Scenario 3Scenario 4
April 2020 23
House Prices SlumphellipForeclosures Increase
Sources FHFA MBA Moodyrsquos Analytics
0
500
1000
1500
2000
2500
60
70
80
90
100
110
120
05 10 15 20 25
FHFA HPI Index 2020Q1 = 100 (L)
Foreclosures startedths SA (R)
April baseline forecast
April 2020 24
Price Declines Vary Throughout the CountryBaseline forecast FHFA purchase-only index for 2021Q1 year ago
Sources FHFA Moodyrsquos Analytics
Known Unknowns3
April 2020 26
01000002000003000004000005000006000007000008000009000001000000
05000
10000150002000025000300003500040000
01-M
ar
04-M
ar
07-M
ar
10-M
ar
13-M
ar
16-M
ar
19-M
ar
22-M
ar
25-M
ar
28-M
ar
31-M
ar
03-A
pr
06-A
pr
09-A
pr
12-A
pr
15-A
pr
18-A
pr
21-A
pr
24-A
pr
Daily Cases (L) Cumulative Cases (R )
US New Daily Cases Hovering Around 30000Number of confirmed COVID-19 cases
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 27
0
10
20
30
40
50
60
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60
Italy S Korea EU USDay 1 DatesItaly Feb 23S Korea Feb 20US March 3 EU Feb 23
Growth Rate of COVID Cases FallingDaily growth of COVID-19 cases days since 100 confirmed cases 3-day MA
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 28
Epidemiological Assumptions
S1 Scenario
bull lt1 mil confirmed US infectionsbull New infections peak in Aprilbull 5-6 case fatality ratebull 8 hospitalization ratebull Infections abate by Junebull Surplus of hospital bedsbull Surplus of ICU bedsbull Surplus of ventilators
Baseline Forecast
bull 1-3 mil confirmed US infectionsbull New infections peak in Maybull 7-11 case fatality ratebull 10 hospitalization ratebull Infections abate by Julybull Surplus of hospital bedsbull Small surplus of ICU bedsbull Small surplus of ventilators
S3 Scenario
bull 5-6 mil confirmed US infectionsbull New infections peak in Junebull 12-16 case fatality ratebull 15 hospitalization ratebull Infections abate by Septemberbull Small deficit of hospital bedsbull Large deficit of ICU bedsbull Large deficit of ventilators
April 2020 29
010002000300040005000600070008000
95 00 05 10 15
C B Ba Baa A Aa Aaa
Federal Reserve Must Shore Up the Firewall
Sources Moodyrsquos Investor Service Moodyrsquos Analytics
Corporate debt outstanding by rating $ bil
April 2020 30
0123456789
10
03 05 07 09 11 13 15 17 19 21 23 25
Up Up and AwayAssets held outright on the Fedrsquos balance sheet $ tril
Source Moodyrsquos Analytics
April 2020 31
Lawmakers Act But Need to Do More
Sources CRFB Moodyrsquos Analytics
Cost of Coronavirus Aid Relief amp Economic Security (CARES) Act
$510 BilLoans amp Loan
Guarantees for Large Firms amp Governments
$377 BilSmall Business Loans amp Grants
$290 BilOne-time Checks
$180 BilHealth
$150 BilAid to States
$72 BilTransp Grants
$280 BilBusiness Tax Cuts
$45 BilFEMA
$42 BilSafety Nets
$32 BilEducation$260 Bil
Unemployment Insurance
$25 BilOther
April 2020 32
Running Out of Fiscal Space
Source Moodyrsquos Analytics
Sovereign borrowing capacity given current yields projected output growth and primary balance
-500
50100150200250300350400450
0 50 100 150 200 250
Circle size=Real GDP US$Y-axis Fiscal spaceX-axis Debt-to-GDP ratioAs of 2020Q1 (ex COVID-19 policies)
China
US
Japan
ItalyFrance Greece
Russia
UK
Argentina
Germany
Turkey S Africa Egypt
Spain
IndiaBrazil
Mexico
Canada
April 2020 33
US Risk Matrix
Source Moodyrsquos Analytics
April 2020 34
Questions amp
AnswersQuestions Contact us at helpeconomycom
April 2020 35
Coronavirus Liveeventsmoodysiocoronavirus coronavirusmoodyscom
Full webinars schedule eventsmoodysioeventsemeamoodyscom
MoodyrsquosWebinars
April 2020 36
Please complete our surveyWe Want to Hear From You
A survey will appear on your screen at the end of our presentation Please take a few moments to complete it
and let us know how we can continue to improve
moodyscom
West Chester EBA-HQ+16102355299121 North Walnut Street Suite 500West Chester PA 19380USA
New York Corporate-HQ+121255316537 World Trade Center 14th Floor250 Greenwich StreetNew York NY 10007USA
London+442077725454One Canada Square Canary Wharf London E14 5FAUnited Kingdom
Toronto4166812133200 Wellington Street West 15th FloorToronto ON M5V 3C7Canada
Prague+420224222929Washingtonova 17110 00 Prague 1Czech Republic
Sydney+61292708111Level 101 OConnell StreetSydney NSW 2000Australia
Singapore+65651144006 Shenton Way14-08 OUE Downtown 2Singapore 068809
Shanghai+862161010172Unit 2306 Citigroup Tower33 Huayuanshiqiao RoadPudong New Area 200120China
Contact Us Economics amp Business Analytics Offices
April 2020 38
copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved
CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC ANDOR ITS CREDIT RATINGS AFFILIATES ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MATERIALS PRODUCTS SERVICES AND INFORMATION PUBLISHED BY MOODYrsquoS (COLLECTIVELY ldquoPUBLICATIONSrdquo) MAY INCLUDE SUCH CURRENT OPINIONS MOODYrsquoS INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS INVESTORS SERVICE CREDIT RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS NON-CREDIT ASSESSMENTS (ldquoASSESSMENTSrdquo) AND OTHER OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC ANDOR ITS AFFILIATES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK
All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information
NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING ASSESSMENT OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER
Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any credit rating agreed to pay to Moodyrsquos Investors Service Inc for credit ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and Moodyrsquos investors Service also maintain policies and procedures to address the independence of Moodyrsquos Investors Service credit ratings and credit rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold credit ratings from Moodyrsquos Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo
Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors
Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any credit rating agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements
April 2020 21
Home Prices Could Fall Fasthellip
Sources BEA Moodyrsquos Analytics
FHFA all-transactions index forecasts from March 2020 V2 vintage year ago
-15
-10
-5
0
5
10
15
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
BaselineScenario 1Scenario 3Scenario 4
April 2020 22
hellipAs Commercial Properties Are Hit From All Sides
Sources Reis Moodyrsquos Analytics
Commercial property price index yr ago
-40
-30
-20
-10
0
10
20
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
BaselineScenario 1Scenario 3Scenario 4
April 2020 23
House Prices SlumphellipForeclosures Increase
Sources FHFA MBA Moodyrsquos Analytics
0
500
1000
1500
2000
2500
60
70
80
90
100
110
120
05 10 15 20 25
FHFA HPI Index 2020Q1 = 100 (L)
Foreclosures startedths SA (R)
April baseline forecast
April 2020 24
Price Declines Vary Throughout the CountryBaseline forecast FHFA purchase-only index for 2021Q1 year ago
Sources FHFA Moodyrsquos Analytics
Known Unknowns3
April 2020 26
01000002000003000004000005000006000007000008000009000001000000
05000
10000150002000025000300003500040000
01-M
ar
04-M
ar
07-M
ar
10-M
ar
13-M
ar
16-M
ar
19-M
ar
22-M
ar
25-M
ar
28-M
ar
31-M
ar
03-A
pr
06-A
pr
09-A
pr
12-A
pr
15-A
pr
18-A
pr
21-A
pr
24-A
pr
Daily Cases (L) Cumulative Cases (R )
US New Daily Cases Hovering Around 30000Number of confirmed COVID-19 cases
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 27
0
10
20
30
40
50
60
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60
Italy S Korea EU USDay 1 DatesItaly Feb 23S Korea Feb 20US March 3 EU Feb 23
Growth Rate of COVID Cases FallingDaily growth of COVID-19 cases days since 100 confirmed cases 3-day MA
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 28
Epidemiological Assumptions
S1 Scenario
bull lt1 mil confirmed US infectionsbull New infections peak in Aprilbull 5-6 case fatality ratebull 8 hospitalization ratebull Infections abate by Junebull Surplus of hospital bedsbull Surplus of ICU bedsbull Surplus of ventilators
Baseline Forecast
bull 1-3 mil confirmed US infectionsbull New infections peak in Maybull 7-11 case fatality ratebull 10 hospitalization ratebull Infections abate by Julybull Surplus of hospital bedsbull Small surplus of ICU bedsbull Small surplus of ventilators
S3 Scenario
bull 5-6 mil confirmed US infectionsbull New infections peak in Junebull 12-16 case fatality ratebull 15 hospitalization ratebull Infections abate by Septemberbull Small deficit of hospital bedsbull Large deficit of ICU bedsbull Large deficit of ventilators
April 2020 29
010002000300040005000600070008000
95 00 05 10 15
C B Ba Baa A Aa Aaa
Federal Reserve Must Shore Up the Firewall
Sources Moodyrsquos Investor Service Moodyrsquos Analytics
Corporate debt outstanding by rating $ bil
April 2020 30
0123456789
10
03 05 07 09 11 13 15 17 19 21 23 25
Up Up and AwayAssets held outright on the Fedrsquos balance sheet $ tril
Source Moodyrsquos Analytics
April 2020 31
Lawmakers Act But Need to Do More
Sources CRFB Moodyrsquos Analytics
Cost of Coronavirus Aid Relief amp Economic Security (CARES) Act
$510 BilLoans amp Loan
Guarantees for Large Firms amp Governments
$377 BilSmall Business Loans amp Grants
$290 BilOne-time Checks
$180 BilHealth
$150 BilAid to States
$72 BilTransp Grants
$280 BilBusiness Tax Cuts
$45 BilFEMA
$42 BilSafety Nets
$32 BilEducation$260 Bil
Unemployment Insurance
$25 BilOther
April 2020 32
Running Out of Fiscal Space
Source Moodyrsquos Analytics
Sovereign borrowing capacity given current yields projected output growth and primary balance
-500
50100150200250300350400450
0 50 100 150 200 250
Circle size=Real GDP US$Y-axis Fiscal spaceX-axis Debt-to-GDP ratioAs of 2020Q1 (ex COVID-19 policies)
China
US
Japan
ItalyFrance Greece
Russia
UK
Argentina
Germany
Turkey S Africa Egypt
Spain
IndiaBrazil
Mexico
Canada
April 2020 33
US Risk Matrix
Source Moodyrsquos Analytics
April 2020 34
Questions amp
AnswersQuestions Contact us at helpeconomycom
April 2020 35
Coronavirus Liveeventsmoodysiocoronavirus coronavirusmoodyscom
Full webinars schedule eventsmoodysioeventsemeamoodyscom
MoodyrsquosWebinars
April 2020 36
Please complete our surveyWe Want to Hear From You
A survey will appear on your screen at the end of our presentation Please take a few moments to complete it
and let us know how we can continue to improve
moodyscom
West Chester EBA-HQ+16102355299121 North Walnut Street Suite 500West Chester PA 19380USA
New York Corporate-HQ+121255316537 World Trade Center 14th Floor250 Greenwich StreetNew York NY 10007USA
London+442077725454One Canada Square Canary Wharf London E14 5FAUnited Kingdom
Toronto4166812133200 Wellington Street West 15th FloorToronto ON M5V 3C7Canada
Prague+420224222929Washingtonova 17110 00 Prague 1Czech Republic
Sydney+61292708111Level 101 OConnell StreetSydney NSW 2000Australia
Singapore+65651144006 Shenton Way14-08 OUE Downtown 2Singapore 068809
Shanghai+862161010172Unit 2306 Citigroup Tower33 Huayuanshiqiao RoadPudong New Area 200120China
Contact Us Economics amp Business Analytics Offices
April 2020 38
copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved
CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC ANDOR ITS CREDIT RATINGS AFFILIATES ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MATERIALS PRODUCTS SERVICES AND INFORMATION PUBLISHED BY MOODYrsquoS (COLLECTIVELY ldquoPUBLICATIONSrdquo) MAY INCLUDE SUCH CURRENT OPINIONS MOODYrsquoS INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS INVESTORS SERVICE CREDIT RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS NON-CREDIT ASSESSMENTS (ldquoASSESSMENTSrdquo) AND OTHER OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC ANDOR ITS AFFILIATES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK
All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information
NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING ASSESSMENT OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER
Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any credit rating agreed to pay to Moodyrsquos Investors Service Inc for credit ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and Moodyrsquos investors Service also maintain policies and procedures to address the independence of Moodyrsquos Investors Service credit ratings and credit rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold credit ratings from Moodyrsquos Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo
Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors
Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any credit rating agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements
April 2020 22
hellipAs Commercial Properties Are Hit From All Sides
Sources Reis Moodyrsquos Analytics
Commercial property price index yr ago
-40
-30
-20
-10
0
10
20
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
BaselineScenario 1Scenario 3Scenario 4
April 2020 23
House Prices SlumphellipForeclosures Increase
Sources FHFA MBA Moodyrsquos Analytics
0
500
1000
1500
2000
2500
60
70
80
90
100
110
120
05 10 15 20 25
FHFA HPI Index 2020Q1 = 100 (L)
Foreclosures startedths SA (R)
April baseline forecast
April 2020 24
Price Declines Vary Throughout the CountryBaseline forecast FHFA purchase-only index for 2021Q1 year ago
Sources FHFA Moodyrsquos Analytics
Known Unknowns3
April 2020 26
01000002000003000004000005000006000007000008000009000001000000
05000
10000150002000025000300003500040000
01-M
ar
04-M
ar
07-M
ar
10-M
ar
13-M
ar
16-M
ar
19-M
ar
22-M
ar
25-M
ar
28-M
ar
31-M
ar
03-A
pr
06-A
pr
09-A
pr
12-A
pr
15-A
pr
18-A
pr
21-A
pr
24-A
pr
Daily Cases (L) Cumulative Cases (R )
US New Daily Cases Hovering Around 30000Number of confirmed COVID-19 cases
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 27
0
10
20
30
40
50
60
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60
Italy S Korea EU USDay 1 DatesItaly Feb 23S Korea Feb 20US March 3 EU Feb 23
Growth Rate of COVID Cases FallingDaily growth of COVID-19 cases days since 100 confirmed cases 3-day MA
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 28
Epidemiological Assumptions
S1 Scenario
bull lt1 mil confirmed US infectionsbull New infections peak in Aprilbull 5-6 case fatality ratebull 8 hospitalization ratebull Infections abate by Junebull Surplus of hospital bedsbull Surplus of ICU bedsbull Surplus of ventilators
Baseline Forecast
bull 1-3 mil confirmed US infectionsbull New infections peak in Maybull 7-11 case fatality ratebull 10 hospitalization ratebull Infections abate by Julybull Surplus of hospital bedsbull Small surplus of ICU bedsbull Small surplus of ventilators
S3 Scenario
bull 5-6 mil confirmed US infectionsbull New infections peak in Junebull 12-16 case fatality ratebull 15 hospitalization ratebull Infections abate by Septemberbull Small deficit of hospital bedsbull Large deficit of ICU bedsbull Large deficit of ventilators
April 2020 29
010002000300040005000600070008000
95 00 05 10 15
C B Ba Baa A Aa Aaa
Federal Reserve Must Shore Up the Firewall
Sources Moodyrsquos Investor Service Moodyrsquos Analytics
Corporate debt outstanding by rating $ bil
April 2020 30
0123456789
10
03 05 07 09 11 13 15 17 19 21 23 25
Up Up and AwayAssets held outright on the Fedrsquos balance sheet $ tril
Source Moodyrsquos Analytics
April 2020 31
Lawmakers Act But Need to Do More
Sources CRFB Moodyrsquos Analytics
Cost of Coronavirus Aid Relief amp Economic Security (CARES) Act
$510 BilLoans amp Loan
Guarantees for Large Firms amp Governments
$377 BilSmall Business Loans amp Grants
$290 BilOne-time Checks
$180 BilHealth
$150 BilAid to States
$72 BilTransp Grants
$280 BilBusiness Tax Cuts
$45 BilFEMA
$42 BilSafety Nets
$32 BilEducation$260 Bil
Unemployment Insurance
$25 BilOther
April 2020 32
Running Out of Fiscal Space
Source Moodyrsquos Analytics
Sovereign borrowing capacity given current yields projected output growth and primary balance
-500
50100150200250300350400450
0 50 100 150 200 250
Circle size=Real GDP US$Y-axis Fiscal spaceX-axis Debt-to-GDP ratioAs of 2020Q1 (ex COVID-19 policies)
China
US
Japan
ItalyFrance Greece
Russia
UK
Argentina
Germany
Turkey S Africa Egypt
Spain
IndiaBrazil
Mexico
Canada
April 2020 33
US Risk Matrix
Source Moodyrsquos Analytics
April 2020 34
Questions amp
AnswersQuestions Contact us at helpeconomycom
April 2020 35
Coronavirus Liveeventsmoodysiocoronavirus coronavirusmoodyscom
Full webinars schedule eventsmoodysioeventsemeamoodyscom
MoodyrsquosWebinars
April 2020 36
Please complete our surveyWe Want to Hear From You
A survey will appear on your screen at the end of our presentation Please take a few moments to complete it
and let us know how we can continue to improve
moodyscom
West Chester EBA-HQ+16102355299121 North Walnut Street Suite 500West Chester PA 19380USA
New York Corporate-HQ+121255316537 World Trade Center 14th Floor250 Greenwich StreetNew York NY 10007USA
London+442077725454One Canada Square Canary Wharf London E14 5FAUnited Kingdom
Toronto4166812133200 Wellington Street West 15th FloorToronto ON M5V 3C7Canada
Prague+420224222929Washingtonova 17110 00 Prague 1Czech Republic
Sydney+61292708111Level 101 OConnell StreetSydney NSW 2000Australia
Singapore+65651144006 Shenton Way14-08 OUE Downtown 2Singapore 068809
Shanghai+862161010172Unit 2306 Citigroup Tower33 Huayuanshiqiao RoadPudong New Area 200120China
Contact Us Economics amp Business Analytics Offices
April 2020 38
copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved
CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC ANDOR ITS CREDIT RATINGS AFFILIATES ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MATERIALS PRODUCTS SERVICES AND INFORMATION PUBLISHED BY MOODYrsquoS (COLLECTIVELY ldquoPUBLICATIONSrdquo) MAY INCLUDE SUCH CURRENT OPINIONS MOODYrsquoS INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS INVESTORS SERVICE CREDIT RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS NON-CREDIT ASSESSMENTS (ldquoASSESSMENTSrdquo) AND OTHER OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC ANDOR ITS AFFILIATES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK
All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information
NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING ASSESSMENT OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER
Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any credit rating agreed to pay to Moodyrsquos Investors Service Inc for credit ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and Moodyrsquos investors Service also maintain policies and procedures to address the independence of Moodyrsquos Investors Service credit ratings and credit rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold credit ratings from Moodyrsquos Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo
Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors
Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any credit rating agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements
April 2020 23
House Prices SlumphellipForeclosures Increase
Sources FHFA MBA Moodyrsquos Analytics
0
500
1000
1500
2000
2500
60
70
80
90
100
110
120
05 10 15 20 25
FHFA HPI Index 2020Q1 = 100 (L)
Foreclosures startedths SA (R)
April baseline forecast
April 2020 24
Price Declines Vary Throughout the CountryBaseline forecast FHFA purchase-only index for 2021Q1 year ago
Sources FHFA Moodyrsquos Analytics
Known Unknowns3
April 2020 26
01000002000003000004000005000006000007000008000009000001000000
05000
10000150002000025000300003500040000
01-M
ar
04-M
ar
07-M
ar
10-M
ar
13-M
ar
16-M
ar
19-M
ar
22-M
ar
25-M
ar
28-M
ar
31-M
ar
03-A
pr
06-A
pr
09-A
pr
12-A
pr
15-A
pr
18-A
pr
21-A
pr
24-A
pr
Daily Cases (L) Cumulative Cases (R )
US New Daily Cases Hovering Around 30000Number of confirmed COVID-19 cases
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 27
0
10
20
30
40
50
60
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60
Italy S Korea EU USDay 1 DatesItaly Feb 23S Korea Feb 20US March 3 EU Feb 23
Growth Rate of COVID Cases FallingDaily growth of COVID-19 cases days since 100 confirmed cases 3-day MA
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 28
Epidemiological Assumptions
S1 Scenario
bull lt1 mil confirmed US infectionsbull New infections peak in Aprilbull 5-6 case fatality ratebull 8 hospitalization ratebull Infections abate by Junebull Surplus of hospital bedsbull Surplus of ICU bedsbull Surplus of ventilators
Baseline Forecast
bull 1-3 mil confirmed US infectionsbull New infections peak in Maybull 7-11 case fatality ratebull 10 hospitalization ratebull Infections abate by Julybull Surplus of hospital bedsbull Small surplus of ICU bedsbull Small surplus of ventilators
S3 Scenario
bull 5-6 mil confirmed US infectionsbull New infections peak in Junebull 12-16 case fatality ratebull 15 hospitalization ratebull Infections abate by Septemberbull Small deficit of hospital bedsbull Large deficit of ICU bedsbull Large deficit of ventilators
April 2020 29
010002000300040005000600070008000
95 00 05 10 15
C B Ba Baa A Aa Aaa
Federal Reserve Must Shore Up the Firewall
Sources Moodyrsquos Investor Service Moodyrsquos Analytics
Corporate debt outstanding by rating $ bil
April 2020 30
0123456789
10
03 05 07 09 11 13 15 17 19 21 23 25
Up Up and AwayAssets held outright on the Fedrsquos balance sheet $ tril
Source Moodyrsquos Analytics
April 2020 31
Lawmakers Act But Need to Do More
Sources CRFB Moodyrsquos Analytics
Cost of Coronavirus Aid Relief amp Economic Security (CARES) Act
$510 BilLoans amp Loan
Guarantees for Large Firms amp Governments
$377 BilSmall Business Loans amp Grants
$290 BilOne-time Checks
$180 BilHealth
$150 BilAid to States
$72 BilTransp Grants
$280 BilBusiness Tax Cuts
$45 BilFEMA
$42 BilSafety Nets
$32 BilEducation$260 Bil
Unemployment Insurance
$25 BilOther
April 2020 32
Running Out of Fiscal Space
Source Moodyrsquos Analytics
Sovereign borrowing capacity given current yields projected output growth and primary balance
-500
50100150200250300350400450
0 50 100 150 200 250
Circle size=Real GDP US$Y-axis Fiscal spaceX-axis Debt-to-GDP ratioAs of 2020Q1 (ex COVID-19 policies)
China
US
Japan
ItalyFrance Greece
Russia
UK
Argentina
Germany
Turkey S Africa Egypt
Spain
IndiaBrazil
Mexico
Canada
April 2020 33
US Risk Matrix
Source Moodyrsquos Analytics
April 2020 34
Questions amp
AnswersQuestions Contact us at helpeconomycom
April 2020 35
Coronavirus Liveeventsmoodysiocoronavirus coronavirusmoodyscom
Full webinars schedule eventsmoodysioeventsemeamoodyscom
MoodyrsquosWebinars
April 2020 36
Please complete our surveyWe Want to Hear From You
A survey will appear on your screen at the end of our presentation Please take a few moments to complete it
and let us know how we can continue to improve
moodyscom
West Chester EBA-HQ+16102355299121 North Walnut Street Suite 500West Chester PA 19380USA
New York Corporate-HQ+121255316537 World Trade Center 14th Floor250 Greenwich StreetNew York NY 10007USA
London+442077725454One Canada Square Canary Wharf London E14 5FAUnited Kingdom
Toronto4166812133200 Wellington Street West 15th FloorToronto ON M5V 3C7Canada
Prague+420224222929Washingtonova 17110 00 Prague 1Czech Republic
Sydney+61292708111Level 101 OConnell StreetSydney NSW 2000Australia
Singapore+65651144006 Shenton Way14-08 OUE Downtown 2Singapore 068809
Shanghai+862161010172Unit 2306 Citigroup Tower33 Huayuanshiqiao RoadPudong New Area 200120China
Contact Us Economics amp Business Analytics Offices
April 2020 38
copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved
CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC ANDOR ITS CREDIT RATINGS AFFILIATES ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MATERIALS PRODUCTS SERVICES AND INFORMATION PUBLISHED BY MOODYrsquoS (COLLECTIVELY ldquoPUBLICATIONSrdquo) MAY INCLUDE SUCH CURRENT OPINIONS MOODYrsquoS INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS INVESTORS SERVICE CREDIT RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS NON-CREDIT ASSESSMENTS (ldquoASSESSMENTSrdquo) AND OTHER OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC ANDOR ITS AFFILIATES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK
All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information
NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING ASSESSMENT OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER
Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any credit rating agreed to pay to Moodyrsquos Investors Service Inc for credit ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and Moodyrsquos investors Service also maintain policies and procedures to address the independence of Moodyrsquos Investors Service credit ratings and credit rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold credit ratings from Moodyrsquos Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo
Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors
Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any credit rating agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements
April 2020 24
Price Declines Vary Throughout the CountryBaseline forecast FHFA purchase-only index for 2021Q1 year ago
Sources FHFA Moodyrsquos Analytics
Known Unknowns3
April 2020 26
01000002000003000004000005000006000007000008000009000001000000
05000
10000150002000025000300003500040000
01-M
ar
04-M
ar
07-M
ar
10-M
ar
13-M
ar
16-M
ar
19-M
ar
22-M
ar
25-M
ar
28-M
ar
31-M
ar
03-A
pr
06-A
pr
09-A
pr
12-A
pr
15-A
pr
18-A
pr
21-A
pr
24-A
pr
Daily Cases (L) Cumulative Cases (R )
US New Daily Cases Hovering Around 30000Number of confirmed COVID-19 cases
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 27
0
10
20
30
40
50
60
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60
Italy S Korea EU USDay 1 DatesItaly Feb 23S Korea Feb 20US March 3 EU Feb 23
Growth Rate of COVID Cases FallingDaily growth of COVID-19 cases days since 100 confirmed cases 3-day MA
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 28
Epidemiological Assumptions
S1 Scenario
bull lt1 mil confirmed US infectionsbull New infections peak in Aprilbull 5-6 case fatality ratebull 8 hospitalization ratebull Infections abate by Junebull Surplus of hospital bedsbull Surplus of ICU bedsbull Surplus of ventilators
Baseline Forecast
bull 1-3 mil confirmed US infectionsbull New infections peak in Maybull 7-11 case fatality ratebull 10 hospitalization ratebull Infections abate by Julybull Surplus of hospital bedsbull Small surplus of ICU bedsbull Small surplus of ventilators
S3 Scenario
bull 5-6 mil confirmed US infectionsbull New infections peak in Junebull 12-16 case fatality ratebull 15 hospitalization ratebull Infections abate by Septemberbull Small deficit of hospital bedsbull Large deficit of ICU bedsbull Large deficit of ventilators
April 2020 29
010002000300040005000600070008000
95 00 05 10 15
C B Ba Baa A Aa Aaa
Federal Reserve Must Shore Up the Firewall
Sources Moodyrsquos Investor Service Moodyrsquos Analytics
Corporate debt outstanding by rating $ bil
April 2020 30
0123456789
10
03 05 07 09 11 13 15 17 19 21 23 25
Up Up and AwayAssets held outright on the Fedrsquos balance sheet $ tril
Source Moodyrsquos Analytics
April 2020 31
Lawmakers Act But Need to Do More
Sources CRFB Moodyrsquos Analytics
Cost of Coronavirus Aid Relief amp Economic Security (CARES) Act
$510 BilLoans amp Loan
Guarantees for Large Firms amp Governments
$377 BilSmall Business Loans amp Grants
$290 BilOne-time Checks
$180 BilHealth
$150 BilAid to States
$72 BilTransp Grants
$280 BilBusiness Tax Cuts
$45 BilFEMA
$42 BilSafety Nets
$32 BilEducation$260 Bil
Unemployment Insurance
$25 BilOther
April 2020 32
Running Out of Fiscal Space
Source Moodyrsquos Analytics
Sovereign borrowing capacity given current yields projected output growth and primary balance
-500
50100150200250300350400450
0 50 100 150 200 250
Circle size=Real GDP US$Y-axis Fiscal spaceX-axis Debt-to-GDP ratioAs of 2020Q1 (ex COVID-19 policies)
China
US
Japan
ItalyFrance Greece
Russia
UK
Argentina
Germany
Turkey S Africa Egypt
Spain
IndiaBrazil
Mexico
Canada
April 2020 33
US Risk Matrix
Source Moodyrsquos Analytics
April 2020 34
Questions amp
AnswersQuestions Contact us at helpeconomycom
April 2020 35
Coronavirus Liveeventsmoodysiocoronavirus coronavirusmoodyscom
Full webinars schedule eventsmoodysioeventsemeamoodyscom
MoodyrsquosWebinars
April 2020 36
Please complete our surveyWe Want to Hear From You
A survey will appear on your screen at the end of our presentation Please take a few moments to complete it
and let us know how we can continue to improve
moodyscom
West Chester EBA-HQ+16102355299121 North Walnut Street Suite 500West Chester PA 19380USA
New York Corporate-HQ+121255316537 World Trade Center 14th Floor250 Greenwich StreetNew York NY 10007USA
London+442077725454One Canada Square Canary Wharf London E14 5FAUnited Kingdom
Toronto4166812133200 Wellington Street West 15th FloorToronto ON M5V 3C7Canada
Prague+420224222929Washingtonova 17110 00 Prague 1Czech Republic
Sydney+61292708111Level 101 OConnell StreetSydney NSW 2000Australia
Singapore+65651144006 Shenton Way14-08 OUE Downtown 2Singapore 068809
Shanghai+862161010172Unit 2306 Citigroup Tower33 Huayuanshiqiao RoadPudong New Area 200120China
Contact Us Economics amp Business Analytics Offices
April 2020 38
copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved
CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC ANDOR ITS CREDIT RATINGS AFFILIATES ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MATERIALS PRODUCTS SERVICES AND INFORMATION PUBLISHED BY MOODYrsquoS (COLLECTIVELY ldquoPUBLICATIONSrdquo) MAY INCLUDE SUCH CURRENT OPINIONS MOODYrsquoS INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS INVESTORS SERVICE CREDIT RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS NON-CREDIT ASSESSMENTS (ldquoASSESSMENTSrdquo) AND OTHER OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC ANDOR ITS AFFILIATES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK
All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information
NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING ASSESSMENT OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER
Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any credit rating agreed to pay to Moodyrsquos Investors Service Inc for credit ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and Moodyrsquos investors Service also maintain policies and procedures to address the independence of Moodyrsquos Investors Service credit ratings and credit rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold credit ratings from Moodyrsquos Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo
Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors
Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any credit rating agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements
Known Unknowns3
April 2020 26
01000002000003000004000005000006000007000008000009000001000000
05000
10000150002000025000300003500040000
01-M
ar
04-M
ar
07-M
ar
10-M
ar
13-M
ar
16-M
ar
19-M
ar
22-M
ar
25-M
ar
28-M
ar
31-M
ar
03-A
pr
06-A
pr
09-A
pr
12-A
pr
15-A
pr
18-A
pr
21-A
pr
24-A
pr
Daily Cases (L) Cumulative Cases (R )
US New Daily Cases Hovering Around 30000Number of confirmed COVID-19 cases
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 27
0
10
20
30
40
50
60
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60
Italy S Korea EU USDay 1 DatesItaly Feb 23S Korea Feb 20US March 3 EU Feb 23
Growth Rate of COVID Cases FallingDaily growth of COVID-19 cases days since 100 confirmed cases 3-day MA
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 28
Epidemiological Assumptions
S1 Scenario
bull lt1 mil confirmed US infectionsbull New infections peak in Aprilbull 5-6 case fatality ratebull 8 hospitalization ratebull Infections abate by Junebull Surplus of hospital bedsbull Surplus of ICU bedsbull Surplus of ventilators
Baseline Forecast
bull 1-3 mil confirmed US infectionsbull New infections peak in Maybull 7-11 case fatality ratebull 10 hospitalization ratebull Infections abate by Julybull Surplus of hospital bedsbull Small surplus of ICU bedsbull Small surplus of ventilators
S3 Scenario
bull 5-6 mil confirmed US infectionsbull New infections peak in Junebull 12-16 case fatality ratebull 15 hospitalization ratebull Infections abate by Septemberbull Small deficit of hospital bedsbull Large deficit of ICU bedsbull Large deficit of ventilators
April 2020 29
010002000300040005000600070008000
95 00 05 10 15
C B Ba Baa A Aa Aaa
Federal Reserve Must Shore Up the Firewall
Sources Moodyrsquos Investor Service Moodyrsquos Analytics
Corporate debt outstanding by rating $ bil
April 2020 30
0123456789
10
03 05 07 09 11 13 15 17 19 21 23 25
Up Up and AwayAssets held outright on the Fedrsquos balance sheet $ tril
Source Moodyrsquos Analytics
April 2020 31
Lawmakers Act But Need to Do More
Sources CRFB Moodyrsquos Analytics
Cost of Coronavirus Aid Relief amp Economic Security (CARES) Act
$510 BilLoans amp Loan
Guarantees for Large Firms amp Governments
$377 BilSmall Business Loans amp Grants
$290 BilOne-time Checks
$180 BilHealth
$150 BilAid to States
$72 BilTransp Grants
$280 BilBusiness Tax Cuts
$45 BilFEMA
$42 BilSafety Nets
$32 BilEducation$260 Bil
Unemployment Insurance
$25 BilOther
April 2020 32
Running Out of Fiscal Space
Source Moodyrsquos Analytics
Sovereign borrowing capacity given current yields projected output growth and primary balance
-500
50100150200250300350400450
0 50 100 150 200 250
Circle size=Real GDP US$Y-axis Fiscal spaceX-axis Debt-to-GDP ratioAs of 2020Q1 (ex COVID-19 policies)
China
US
Japan
ItalyFrance Greece
Russia
UK
Argentina
Germany
Turkey S Africa Egypt
Spain
IndiaBrazil
Mexico
Canada
April 2020 33
US Risk Matrix
Source Moodyrsquos Analytics
April 2020 34
Questions amp
AnswersQuestions Contact us at helpeconomycom
April 2020 35
Coronavirus Liveeventsmoodysiocoronavirus coronavirusmoodyscom
Full webinars schedule eventsmoodysioeventsemeamoodyscom
MoodyrsquosWebinars
April 2020 36
Please complete our surveyWe Want to Hear From You
A survey will appear on your screen at the end of our presentation Please take a few moments to complete it
and let us know how we can continue to improve
moodyscom
West Chester EBA-HQ+16102355299121 North Walnut Street Suite 500West Chester PA 19380USA
New York Corporate-HQ+121255316537 World Trade Center 14th Floor250 Greenwich StreetNew York NY 10007USA
London+442077725454One Canada Square Canary Wharf London E14 5FAUnited Kingdom
Toronto4166812133200 Wellington Street West 15th FloorToronto ON M5V 3C7Canada
Prague+420224222929Washingtonova 17110 00 Prague 1Czech Republic
Sydney+61292708111Level 101 OConnell StreetSydney NSW 2000Australia
Singapore+65651144006 Shenton Way14-08 OUE Downtown 2Singapore 068809
Shanghai+862161010172Unit 2306 Citigroup Tower33 Huayuanshiqiao RoadPudong New Area 200120China
Contact Us Economics amp Business Analytics Offices
April 2020 38
copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved
CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC ANDOR ITS CREDIT RATINGS AFFILIATES ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MATERIALS PRODUCTS SERVICES AND INFORMATION PUBLISHED BY MOODYrsquoS (COLLECTIVELY ldquoPUBLICATIONSrdquo) MAY INCLUDE SUCH CURRENT OPINIONS MOODYrsquoS INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS INVESTORS SERVICE CREDIT RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS NON-CREDIT ASSESSMENTS (ldquoASSESSMENTSrdquo) AND OTHER OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC ANDOR ITS AFFILIATES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK
All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information
NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING ASSESSMENT OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER
Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any credit rating agreed to pay to Moodyrsquos Investors Service Inc for credit ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and Moodyrsquos investors Service also maintain policies and procedures to address the independence of Moodyrsquos Investors Service credit ratings and credit rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold credit ratings from Moodyrsquos Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo
Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors
Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any credit rating agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements
April 2020 26
01000002000003000004000005000006000007000008000009000001000000
05000
10000150002000025000300003500040000
01-M
ar
04-M
ar
07-M
ar
10-M
ar
13-M
ar
16-M
ar
19-M
ar
22-M
ar
25-M
ar
28-M
ar
31-M
ar
03-A
pr
06-A
pr
09-A
pr
12-A
pr
15-A
pr
18-A
pr
21-A
pr
24-A
pr
Daily Cases (L) Cumulative Cases (R )
US New Daily Cases Hovering Around 30000Number of confirmed COVID-19 cases
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 27
0
10
20
30
40
50
60
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60
Italy S Korea EU USDay 1 DatesItaly Feb 23S Korea Feb 20US March 3 EU Feb 23
Growth Rate of COVID Cases FallingDaily growth of COVID-19 cases days since 100 confirmed cases 3-day MA
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 28
Epidemiological Assumptions
S1 Scenario
bull lt1 mil confirmed US infectionsbull New infections peak in Aprilbull 5-6 case fatality ratebull 8 hospitalization ratebull Infections abate by Junebull Surplus of hospital bedsbull Surplus of ICU bedsbull Surplus of ventilators
Baseline Forecast
bull 1-3 mil confirmed US infectionsbull New infections peak in Maybull 7-11 case fatality ratebull 10 hospitalization ratebull Infections abate by Julybull Surplus of hospital bedsbull Small surplus of ICU bedsbull Small surplus of ventilators
S3 Scenario
bull 5-6 mil confirmed US infectionsbull New infections peak in Junebull 12-16 case fatality ratebull 15 hospitalization ratebull Infections abate by Septemberbull Small deficit of hospital bedsbull Large deficit of ICU bedsbull Large deficit of ventilators
April 2020 29
010002000300040005000600070008000
95 00 05 10 15
C B Ba Baa A Aa Aaa
Federal Reserve Must Shore Up the Firewall
Sources Moodyrsquos Investor Service Moodyrsquos Analytics
Corporate debt outstanding by rating $ bil
April 2020 30
0123456789
10
03 05 07 09 11 13 15 17 19 21 23 25
Up Up and AwayAssets held outright on the Fedrsquos balance sheet $ tril
Source Moodyrsquos Analytics
April 2020 31
Lawmakers Act But Need to Do More
Sources CRFB Moodyrsquos Analytics
Cost of Coronavirus Aid Relief amp Economic Security (CARES) Act
$510 BilLoans amp Loan
Guarantees for Large Firms amp Governments
$377 BilSmall Business Loans amp Grants
$290 BilOne-time Checks
$180 BilHealth
$150 BilAid to States
$72 BilTransp Grants
$280 BilBusiness Tax Cuts
$45 BilFEMA
$42 BilSafety Nets
$32 BilEducation$260 Bil
Unemployment Insurance
$25 BilOther
April 2020 32
Running Out of Fiscal Space
Source Moodyrsquos Analytics
Sovereign borrowing capacity given current yields projected output growth and primary balance
-500
50100150200250300350400450
0 50 100 150 200 250
Circle size=Real GDP US$Y-axis Fiscal spaceX-axis Debt-to-GDP ratioAs of 2020Q1 (ex COVID-19 policies)
China
US
Japan
ItalyFrance Greece
Russia
UK
Argentina
Germany
Turkey S Africa Egypt
Spain
IndiaBrazil
Mexico
Canada
April 2020 33
US Risk Matrix
Source Moodyrsquos Analytics
April 2020 34
Questions amp
AnswersQuestions Contact us at helpeconomycom
April 2020 35
Coronavirus Liveeventsmoodysiocoronavirus coronavirusmoodyscom
Full webinars schedule eventsmoodysioeventsemeamoodyscom
MoodyrsquosWebinars
April 2020 36
Please complete our surveyWe Want to Hear From You
A survey will appear on your screen at the end of our presentation Please take a few moments to complete it
and let us know how we can continue to improve
moodyscom
West Chester EBA-HQ+16102355299121 North Walnut Street Suite 500West Chester PA 19380USA
New York Corporate-HQ+121255316537 World Trade Center 14th Floor250 Greenwich StreetNew York NY 10007USA
London+442077725454One Canada Square Canary Wharf London E14 5FAUnited Kingdom
Toronto4166812133200 Wellington Street West 15th FloorToronto ON M5V 3C7Canada
Prague+420224222929Washingtonova 17110 00 Prague 1Czech Republic
Sydney+61292708111Level 101 OConnell StreetSydney NSW 2000Australia
Singapore+65651144006 Shenton Way14-08 OUE Downtown 2Singapore 068809
Shanghai+862161010172Unit 2306 Citigroup Tower33 Huayuanshiqiao RoadPudong New Area 200120China
Contact Us Economics amp Business Analytics Offices
April 2020 38
copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved
CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC ANDOR ITS CREDIT RATINGS AFFILIATES ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MATERIALS PRODUCTS SERVICES AND INFORMATION PUBLISHED BY MOODYrsquoS (COLLECTIVELY ldquoPUBLICATIONSrdquo) MAY INCLUDE SUCH CURRENT OPINIONS MOODYrsquoS INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS INVESTORS SERVICE CREDIT RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS NON-CREDIT ASSESSMENTS (ldquoASSESSMENTSrdquo) AND OTHER OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC ANDOR ITS AFFILIATES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK
All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information
NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING ASSESSMENT OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER
Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any credit rating agreed to pay to Moodyrsquos Investors Service Inc for credit ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and Moodyrsquos investors Service also maintain policies and procedures to address the independence of Moodyrsquos Investors Service credit ratings and credit rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold credit ratings from Moodyrsquos Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo
Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors
Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any credit rating agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements
April 2020 27
0
10
20
30
40
50
60
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60
Italy S Korea EU USDay 1 DatesItaly Feb 23S Korea Feb 20US March 3 EU Feb 23
Growth Rate of COVID Cases FallingDaily growth of COVID-19 cases days since 100 confirmed cases 3-day MA
Sources Johns Hopkins CSSE COVID-19 Data Repository Moodyrsquos Analytics
April 2020 28
Epidemiological Assumptions
S1 Scenario
bull lt1 mil confirmed US infectionsbull New infections peak in Aprilbull 5-6 case fatality ratebull 8 hospitalization ratebull Infections abate by Junebull Surplus of hospital bedsbull Surplus of ICU bedsbull Surplus of ventilators
Baseline Forecast
bull 1-3 mil confirmed US infectionsbull New infections peak in Maybull 7-11 case fatality ratebull 10 hospitalization ratebull Infections abate by Julybull Surplus of hospital bedsbull Small surplus of ICU bedsbull Small surplus of ventilators
S3 Scenario
bull 5-6 mil confirmed US infectionsbull New infections peak in Junebull 12-16 case fatality ratebull 15 hospitalization ratebull Infections abate by Septemberbull Small deficit of hospital bedsbull Large deficit of ICU bedsbull Large deficit of ventilators
April 2020 29
010002000300040005000600070008000
95 00 05 10 15
C B Ba Baa A Aa Aaa
Federal Reserve Must Shore Up the Firewall
Sources Moodyrsquos Investor Service Moodyrsquos Analytics
Corporate debt outstanding by rating $ bil
April 2020 30
0123456789
10
03 05 07 09 11 13 15 17 19 21 23 25
Up Up and AwayAssets held outright on the Fedrsquos balance sheet $ tril
Source Moodyrsquos Analytics
April 2020 31
Lawmakers Act But Need to Do More
Sources CRFB Moodyrsquos Analytics
Cost of Coronavirus Aid Relief amp Economic Security (CARES) Act
$510 BilLoans amp Loan
Guarantees for Large Firms amp Governments
$377 BilSmall Business Loans amp Grants
$290 BilOne-time Checks
$180 BilHealth
$150 BilAid to States
$72 BilTransp Grants
$280 BilBusiness Tax Cuts
$45 BilFEMA
$42 BilSafety Nets
$32 BilEducation$260 Bil
Unemployment Insurance
$25 BilOther
April 2020 32
Running Out of Fiscal Space
Source Moodyrsquos Analytics
Sovereign borrowing capacity given current yields projected output growth and primary balance
-500
50100150200250300350400450
0 50 100 150 200 250
Circle size=Real GDP US$Y-axis Fiscal spaceX-axis Debt-to-GDP ratioAs of 2020Q1 (ex COVID-19 policies)
China
US
Japan
ItalyFrance Greece
Russia
UK
Argentina
Germany
Turkey S Africa Egypt
Spain
IndiaBrazil
Mexico
Canada
April 2020 33
US Risk Matrix
Source Moodyrsquos Analytics
April 2020 34
Questions amp
AnswersQuestions Contact us at helpeconomycom
April 2020 35
Coronavirus Liveeventsmoodysiocoronavirus coronavirusmoodyscom
Full webinars schedule eventsmoodysioeventsemeamoodyscom
MoodyrsquosWebinars
April 2020 36
Please complete our surveyWe Want to Hear From You
A survey will appear on your screen at the end of our presentation Please take a few moments to complete it
and let us know how we can continue to improve
moodyscom
West Chester EBA-HQ+16102355299121 North Walnut Street Suite 500West Chester PA 19380USA
New York Corporate-HQ+121255316537 World Trade Center 14th Floor250 Greenwich StreetNew York NY 10007USA
London+442077725454One Canada Square Canary Wharf London E14 5FAUnited Kingdom
Toronto4166812133200 Wellington Street West 15th FloorToronto ON M5V 3C7Canada
Prague+420224222929Washingtonova 17110 00 Prague 1Czech Republic
Sydney+61292708111Level 101 OConnell StreetSydney NSW 2000Australia
Singapore+65651144006 Shenton Way14-08 OUE Downtown 2Singapore 068809
Shanghai+862161010172Unit 2306 Citigroup Tower33 Huayuanshiqiao RoadPudong New Area 200120China
Contact Us Economics amp Business Analytics Offices
April 2020 38
copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved
CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC ANDOR ITS CREDIT RATINGS AFFILIATES ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MATERIALS PRODUCTS SERVICES AND INFORMATION PUBLISHED BY MOODYrsquoS (COLLECTIVELY ldquoPUBLICATIONSrdquo) MAY INCLUDE SUCH CURRENT OPINIONS MOODYrsquoS INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS INVESTORS SERVICE CREDIT RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS NON-CREDIT ASSESSMENTS (ldquoASSESSMENTSrdquo) AND OTHER OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC ANDOR ITS AFFILIATES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK
All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information
NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING ASSESSMENT OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER
Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any credit rating agreed to pay to Moodyrsquos Investors Service Inc for credit ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and Moodyrsquos investors Service also maintain policies and procedures to address the independence of Moodyrsquos Investors Service credit ratings and credit rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold credit ratings from Moodyrsquos Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo
Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors
Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any credit rating agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements
April 2020 28
Epidemiological Assumptions
S1 Scenario
bull lt1 mil confirmed US infectionsbull New infections peak in Aprilbull 5-6 case fatality ratebull 8 hospitalization ratebull Infections abate by Junebull Surplus of hospital bedsbull Surplus of ICU bedsbull Surplus of ventilators
Baseline Forecast
bull 1-3 mil confirmed US infectionsbull New infections peak in Maybull 7-11 case fatality ratebull 10 hospitalization ratebull Infections abate by Julybull Surplus of hospital bedsbull Small surplus of ICU bedsbull Small surplus of ventilators
S3 Scenario
bull 5-6 mil confirmed US infectionsbull New infections peak in Junebull 12-16 case fatality ratebull 15 hospitalization ratebull Infections abate by Septemberbull Small deficit of hospital bedsbull Large deficit of ICU bedsbull Large deficit of ventilators
April 2020 29
010002000300040005000600070008000
95 00 05 10 15
C B Ba Baa A Aa Aaa
Federal Reserve Must Shore Up the Firewall
Sources Moodyrsquos Investor Service Moodyrsquos Analytics
Corporate debt outstanding by rating $ bil
April 2020 30
0123456789
10
03 05 07 09 11 13 15 17 19 21 23 25
Up Up and AwayAssets held outright on the Fedrsquos balance sheet $ tril
Source Moodyrsquos Analytics
April 2020 31
Lawmakers Act But Need to Do More
Sources CRFB Moodyrsquos Analytics
Cost of Coronavirus Aid Relief amp Economic Security (CARES) Act
$510 BilLoans amp Loan
Guarantees for Large Firms amp Governments
$377 BilSmall Business Loans amp Grants
$290 BilOne-time Checks
$180 BilHealth
$150 BilAid to States
$72 BilTransp Grants
$280 BilBusiness Tax Cuts
$45 BilFEMA
$42 BilSafety Nets
$32 BilEducation$260 Bil
Unemployment Insurance
$25 BilOther
April 2020 32
Running Out of Fiscal Space
Source Moodyrsquos Analytics
Sovereign borrowing capacity given current yields projected output growth and primary balance
-500
50100150200250300350400450
0 50 100 150 200 250
Circle size=Real GDP US$Y-axis Fiscal spaceX-axis Debt-to-GDP ratioAs of 2020Q1 (ex COVID-19 policies)
China
US
Japan
ItalyFrance Greece
Russia
UK
Argentina
Germany
Turkey S Africa Egypt
Spain
IndiaBrazil
Mexico
Canada
April 2020 33
US Risk Matrix
Source Moodyrsquos Analytics
April 2020 34
Questions amp
AnswersQuestions Contact us at helpeconomycom
April 2020 35
Coronavirus Liveeventsmoodysiocoronavirus coronavirusmoodyscom
Full webinars schedule eventsmoodysioeventsemeamoodyscom
MoodyrsquosWebinars
April 2020 36
Please complete our surveyWe Want to Hear From You
A survey will appear on your screen at the end of our presentation Please take a few moments to complete it
and let us know how we can continue to improve
moodyscom
West Chester EBA-HQ+16102355299121 North Walnut Street Suite 500West Chester PA 19380USA
New York Corporate-HQ+121255316537 World Trade Center 14th Floor250 Greenwich StreetNew York NY 10007USA
London+442077725454One Canada Square Canary Wharf London E14 5FAUnited Kingdom
Toronto4166812133200 Wellington Street West 15th FloorToronto ON M5V 3C7Canada
Prague+420224222929Washingtonova 17110 00 Prague 1Czech Republic
Sydney+61292708111Level 101 OConnell StreetSydney NSW 2000Australia
Singapore+65651144006 Shenton Way14-08 OUE Downtown 2Singapore 068809
Shanghai+862161010172Unit 2306 Citigroup Tower33 Huayuanshiqiao RoadPudong New Area 200120China
Contact Us Economics amp Business Analytics Offices
April 2020 38
copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved
CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC ANDOR ITS CREDIT RATINGS AFFILIATES ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MATERIALS PRODUCTS SERVICES AND INFORMATION PUBLISHED BY MOODYrsquoS (COLLECTIVELY ldquoPUBLICATIONSrdquo) MAY INCLUDE SUCH CURRENT OPINIONS MOODYrsquoS INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS INVESTORS SERVICE CREDIT RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS NON-CREDIT ASSESSMENTS (ldquoASSESSMENTSrdquo) AND OTHER OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC ANDOR ITS AFFILIATES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK
All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information
NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING ASSESSMENT OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER
Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any credit rating agreed to pay to Moodyrsquos Investors Service Inc for credit ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and Moodyrsquos investors Service also maintain policies and procedures to address the independence of Moodyrsquos Investors Service credit ratings and credit rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold credit ratings from Moodyrsquos Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo
Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors
Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any credit rating agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements
April 2020 29
010002000300040005000600070008000
95 00 05 10 15
C B Ba Baa A Aa Aaa
Federal Reserve Must Shore Up the Firewall
Sources Moodyrsquos Investor Service Moodyrsquos Analytics
Corporate debt outstanding by rating $ bil
April 2020 30
0123456789
10
03 05 07 09 11 13 15 17 19 21 23 25
Up Up and AwayAssets held outright on the Fedrsquos balance sheet $ tril
Source Moodyrsquos Analytics
April 2020 31
Lawmakers Act But Need to Do More
Sources CRFB Moodyrsquos Analytics
Cost of Coronavirus Aid Relief amp Economic Security (CARES) Act
$510 BilLoans amp Loan
Guarantees for Large Firms amp Governments
$377 BilSmall Business Loans amp Grants
$290 BilOne-time Checks
$180 BilHealth
$150 BilAid to States
$72 BilTransp Grants
$280 BilBusiness Tax Cuts
$45 BilFEMA
$42 BilSafety Nets
$32 BilEducation$260 Bil
Unemployment Insurance
$25 BilOther
April 2020 32
Running Out of Fiscal Space
Source Moodyrsquos Analytics
Sovereign borrowing capacity given current yields projected output growth and primary balance
-500
50100150200250300350400450
0 50 100 150 200 250
Circle size=Real GDP US$Y-axis Fiscal spaceX-axis Debt-to-GDP ratioAs of 2020Q1 (ex COVID-19 policies)
China
US
Japan
ItalyFrance Greece
Russia
UK
Argentina
Germany
Turkey S Africa Egypt
Spain
IndiaBrazil
Mexico
Canada
April 2020 33
US Risk Matrix
Source Moodyrsquos Analytics
April 2020 34
Questions amp
AnswersQuestions Contact us at helpeconomycom
April 2020 35
Coronavirus Liveeventsmoodysiocoronavirus coronavirusmoodyscom
Full webinars schedule eventsmoodysioeventsemeamoodyscom
MoodyrsquosWebinars
April 2020 36
Please complete our surveyWe Want to Hear From You
A survey will appear on your screen at the end of our presentation Please take a few moments to complete it
and let us know how we can continue to improve
moodyscom
West Chester EBA-HQ+16102355299121 North Walnut Street Suite 500West Chester PA 19380USA
New York Corporate-HQ+121255316537 World Trade Center 14th Floor250 Greenwich StreetNew York NY 10007USA
London+442077725454One Canada Square Canary Wharf London E14 5FAUnited Kingdom
Toronto4166812133200 Wellington Street West 15th FloorToronto ON M5V 3C7Canada
Prague+420224222929Washingtonova 17110 00 Prague 1Czech Republic
Sydney+61292708111Level 101 OConnell StreetSydney NSW 2000Australia
Singapore+65651144006 Shenton Way14-08 OUE Downtown 2Singapore 068809
Shanghai+862161010172Unit 2306 Citigroup Tower33 Huayuanshiqiao RoadPudong New Area 200120China
Contact Us Economics amp Business Analytics Offices
April 2020 38
copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved
CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC ANDOR ITS CREDIT RATINGS AFFILIATES ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MATERIALS PRODUCTS SERVICES AND INFORMATION PUBLISHED BY MOODYrsquoS (COLLECTIVELY ldquoPUBLICATIONSrdquo) MAY INCLUDE SUCH CURRENT OPINIONS MOODYrsquoS INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS INVESTORS SERVICE CREDIT RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS NON-CREDIT ASSESSMENTS (ldquoASSESSMENTSrdquo) AND OTHER OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC ANDOR ITS AFFILIATES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK
All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information
NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING ASSESSMENT OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER
Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any credit rating agreed to pay to Moodyrsquos Investors Service Inc for credit ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and Moodyrsquos investors Service also maintain policies and procedures to address the independence of Moodyrsquos Investors Service credit ratings and credit rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold credit ratings from Moodyrsquos Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo
Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors
Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any credit rating agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements
April 2020 30
0123456789
10
03 05 07 09 11 13 15 17 19 21 23 25
Up Up and AwayAssets held outright on the Fedrsquos balance sheet $ tril
Source Moodyrsquos Analytics
April 2020 31
Lawmakers Act But Need to Do More
Sources CRFB Moodyrsquos Analytics
Cost of Coronavirus Aid Relief amp Economic Security (CARES) Act
$510 BilLoans amp Loan
Guarantees for Large Firms amp Governments
$377 BilSmall Business Loans amp Grants
$290 BilOne-time Checks
$180 BilHealth
$150 BilAid to States
$72 BilTransp Grants
$280 BilBusiness Tax Cuts
$45 BilFEMA
$42 BilSafety Nets
$32 BilEducation$260 Bil
Unemployment Insurance
$25 BilOther
April 2020 32
Running Out of Fiscal Space
Source Moodyrsquos Analytics
Sovereign borrowing capacity given current yields projected output growth and primary balance
-500
50100150200250300350400450
0 50 100 150 200 250
Circle size=Real GDP US$Y-axis Fiscal spaceX-axis Debt-to-GDP ratioAs of 2020Q1 (ex COVID-19 policies)
China
US
Japan
ItalyFrance Greece
Russia
UK
Argentina
Germany
Turkey S Africa Egypt
Spain
IndiaBrazil
Mexico
Canada
April 2020 33
US Risk Matrix
Source Moodyrsquos Analytics
April 2020 34
Questions amp
AnswersQuestions Contact us at helpeconomycom
April 2020 35
Coronavirus Liveeventsmoodysiocoronavirus coronavirusmoodyscom
Full webinars schedule eventsmoodysioeventsemeamoodyscom
MoodyrsquosWebinars
April 2020 36
Please complete our surveyWe Want to Hear From You
A survey will appear on your screen at the end of our presentation Please take a few moments to complete it
and let us know how we can continue to improve
moodyscom
West Chester EBA-HQ+16102355299121 North Walnut Street Suite 500West Chester PA 19380USA
New York Corporate-HQ+121255316537 World Trade Center 14th Floor250 Greenwich StreetNew York NY 10007USA
London+442077725454One Canada Square Canary Wharf London E14 5FAUnited Kingdom
Toronto4166812133200 Wellington Street West 15th FloorToronto ON M5V 3C7Canada
Prague+420224222929Washingtonova 17110 00 Prague 1Czech Republic
Sydney+61292708111Level 101 OConnell StreetSydney NSW 2000Australia
Singapore+65651144006 Shenton Way14-08 OUE Downtown 2Singapore 068809
Shanghai+862161010172Unit 2306 Citigroup Tower33 Huayuanshiqiao RoadPudong New Area 200120China
Contact Us Economics amp Business Analytics Offices
April 2020 38
copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved
CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC ANDOR ITS CREDIT RATINGS AFFILIATES ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MATERIALS PRODUCTS SERVICES AND INFORMATION PUBLISHED BY MOODYrsquoS (COLLECTIVELY ldquoPUBLICATIONSrdquo) MAY INCLUDE SUCH CURRENT OPINIONS MOODYrsquoS INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS INVESTORS SERVICE CREDIT RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS NON-CREDIT ASSESSMENTS (ldquoASSESSMENTSrdquo) AND OTHER OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC ANDOR ITS AFFILIATES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK
All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information
NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING ASSESSMENT OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER
Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any credit rating agreed to pay to Moodyrsquos Investors Service Inc for credit ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and Moodyrsquos investors Service also maintain policies and procedures to address the independence of Moodyrsquos Investors Service credit ratings and credit rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold credit ratings from Moodyrsquos Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo
Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors
Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any credit rating agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements
April 2020 31
Lawmakers Act But Need to Do More
Sources CRFB Moodyrsquos Analytics
Cost of Coronavirus Aid Relief amp Economic Security (CARES) Act
$510 BilLoans amp Loan
Guarantees for Large Firms amp Governments
$377 BilSmall Business Loans amp Grants
$290 BilOne-time Checks
$180 BilHealth
$150 BilAid to States
$72 BilTransp Grants
$280 BilBusiness Tax Cuts
$45 BilFEMA
$42 BilSafety Nets
$32 BilEducation$260 Bil
Unemployment Insurance
$25 BilOther
April 2020 32
Running Out of Fiscal Space
Source Moodyrsquos Analytics
Sovereign borrowing capacity given current yields projected output growth and primary balance
-500
50100150200250300350400450
0 50 100 150 200 250
Circle size=Real GDP US$Y-axis Fiscal spaceX-axis Debt-to-GDP ratioAs of 2020Q1 (ex COVID-19 policies)
China
US
Japan
ItalyFrance Greece
Russia
UK
Argentina
Germany
Turkey S Africa Egypt
Spain
IndiaBrazil
Mexico
Canada
April 2020 33
US Risk Matrix
Source Moodyrsquos Analytics
April 2020 34
Questions amp
AnswersQuestions Contact us at helpeconomycom
April 2020 35
Coronavirus Liveeventsmoodysiocoronavirus coronavirusmoodyscom
Full webinars schedule eventsmoodysioeventsemeamoodyscom
MoodyrsquosWebinars
April 2020 36
Please complete our surveyWe Want to Hear From You
A survey will appear on your screen at the end of our presentation Please take a few moments to complete it
and let us know how we can continue to improve
moodyscom
West Chester EBA-HQ+16102355299121 North Walnut Street Suite 500West Chester PA 19380USA
New York Corporate-HQ+121255316537 World Trade Center 14th Floor250 Greenwich StreetNew York NY 10007USA
London+442077725454One Canada Square Canary Wharf London E14 5FAUnited Kingdom
Toronto4166812133200 Wellington Street West 15th FloorToronto ON M5V 3C7Canada
Prague+420224222929Washingtonova 17110 00 Prague 1Czech Republic
Sydney+61292708111Level 101 OConnell StreetSydney NSW 2000Australia
Singapore+65651144006 Shenton Way14-08 OUE Downtown 2Singapore 068809
Shanghai+862161010172Unit 2306 Citigroup Tower33 Huayuanshiqiao RoadPudong New Area 200120China
Contact Us Economics amp Business Analytics Offices
April 2020 38
copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved
CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC ANDOR ITS CREDIT RATINGS AFFILIATES ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MATERIALS PRODUCTS SERVICES AND INFORMATION PUBLISHED BY MOODYrsquoS (COLLECTIVELY ldquoPUBLICATIONSrdquo) MAY INCLUDE SUCH CURRENT OPINIONS MOODYrsquoS INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS INVESTORS SERVICE CREDIT RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS NON-CREDIT ASSESSMENTS (ldquoASSESSMENTSrdquo) AND OTHER OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC ANDOR ITS AFFILIATES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK
All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information
NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING ASSESSMENT OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER
Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any credit rating agreed to pay to Moodyrsquos Investors Service Inc for credit ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and Moodyrsquos investors Service also maintain policies and procedures to address the independence of Moodyrsquos Investors Service credit ratings and credit rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold credit ratings from Moodyrsquos Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo
Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors
Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any credit rating agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements
April 2020 32
Running Out of Fiscal Space
Source Moodyrsquos Analytics
Sovereign borrowing capacity given current yields projected output growth and primary balance
-500
50100150200250300350400450
0 50 100 150 200 250
Circle size=Real GDP US$Y-axis Fiscal spaceX-axis Debt-to-GDP ratioAs of 2020Q1 (ex COVID-19 policies)
China
US
Japan
ItalyFrance Greece
Russia
UK
Argentina
Germany
Turkey S Africa Egypt
Spain
IndiaBrazil
Mexico
Canada
April 2020 33
US Risk Matrix
Source Moodyrsquos Analytics
April 2020 34
Questions amp
AnswersQuestions Contact us at helpeconomycom
April 2020 35
Coronavirus Liveeventsmoodysiocoronavirus coronavirusmoodyscom
Full webinars schedule eventsmoodysioeventsemeamoodyscom
MoodyrsquosWebinars
April 2020 36
Please complete our surveyWe Want to Hear From You
A survey will appear on your screen at the end of our presentation Please take a few moments to complete it
and let us know how we can continue to improve
moodyscom
West Chester EBA-HQ+16102355299121 North Walnut Street Suite 500West Chester PA 19380USA
New York Corporate-HQ+121255316537 World Trade Center 14th Floor250 Greenwich StreetNew York NY 10007USA
London+442077725454One Canada Square Canary Wharf London E14 5FAUnited Kingdom
Toronto4166812133200 Wellington Street West 15th FloorToronto ON M5V 3C7Canada
Prague+420224222929Washingtonova 17110 00 Prague 1Czech Republic
Sydney+61292708111Level 101 OConnell StreetSydney NSW 2000Australia
Singapore+65651144006 Shenton Way14-08 OUE Downtown 2Singapore 068809
Shanghai+862161010172Unit 2306 Citigroup Tower33 Huayuanshiqiao RoadPudong New Area 200120China
Contact Us Economics amp Business Analytics Offices
April 2020 38
copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved
CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC ANDOR ITS CREDIT RATINGS AFFILIATES ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MATERIALS PRODUCTS SERVICES AND INFORMATION PUBLISHED BY MOODYrsquoS (COLLECTIVELY ldquoPUBLICATIONSrdquo) MAY INCLUDE SUCH CURRENT OPINIONS MOODYrsquoS INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS INVESTORS SERVICE CREDIT RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS NON-CREDIT ASSESSMENTS (ldquoASSESSMENTSrdquo) AND OTHER OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC ANDOR ITS AFFILIATES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK
All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information
NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING ASSESSMENT OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER
Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any credit rating agreed to pay to Moodyrsquos Investors Service Inc for credit ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and Moodyrsquos investors Service also maintain policies and procedures to address the independence of Moodyrsquos Investors Service credit ratings and credit rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold credit ratings from Moodyrsquos Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo
Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors
Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any credit rating agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements
April 2020 33
US Risk Matrix
Source Moodyrsquos Analytics
April 2020 34
Questions amp
AnswersQuestions Contact us at helpeconomycom
April 2020 35
Coronavirus Liveeventsmoodysiocoronavirus coronavirusmoodyscom
Full webinars schedule eventsmoodysioeventsemeamoodyscom
MoodyrsquosWebinars
April 2020 36
Please complete our surveyWe Want to Hear From You
A survey will appear on your screen at the end of our presentation Please take a few moments to complete it
and let us know how we can continue to improve
moodyscom
West Chester EBA-HQ+16102355299121 North Walnut Street Suite 500West Chester PA 19380USA
New York Corporate-HQ+121255316537 World Trade Center 14th Floor250 Greenwich StreetNew York NY 10007USA
London+442077725454One Canada Square Canary Wharf London E14 5FAUnited Kingdom
Toronto4166812133200 Wellington Street West 15th FloorToronto ON M5V 3C7Canada
Prague+420224222929Washingtonova 17110 00 Prague 1Czech Republic
Sydney+61292708111Level 101 OConnell StreetSydney NSW 2000Australia
Singapore+65651144006 Shenton Way14-08 OUE Downtown 2Singapore 068809
Shanghai+862161010172Unit 2306 Citigroup Tower33 Huayuanshiqiao RoadPudong New Area 200120China
Contact Us Economics amp Business Analytics Offices
April 2020 38
copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved
CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC ANDOR ITS CREDIT RATINGS AFFILIATES ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MATERIALS PRODUCTS SERVICES AND INFORMATION PUBLISHED BY MOODYrsquoS (COLLECTIVELY ldquoPUBLICATIONSrdquo) MAY INCLUDE SUCH CURRENT OPINIONS MOODYrsquoS INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS INVESTORS SERVICE CREDIT RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS NON-CREDIT ASSESSMENTS (ldquoASSESSMENTSrdquo) AND OTHER OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC ANDOR ITS AFFILIATES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK
All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information
NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING ASSESSMENT OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER
Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any credit rating agreed to pay to Moodyrsquos Investors Service Inc for credit ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and Moodyrsquos investors Service also maintain policies and procedures to address the independence of Moodyrsquos Investors Service credit ratings and credit rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold credit ratings from Moodyrsquos Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo
Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors
Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any credit rating agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements
April 2020 34
Questions amp
AnswersQuestions Contact us at helpeconomycom
April 2020 35
Coronavirus Liveeventsmoodysiocoronavirus coronavirusmoodyscom
Full webinars schedule eventsmoodysioeventsemeamoodyscom
MoodyrsquosWebinars
April 2020 36
Please complete our surveyWe Want to Hear From You
A survey will appear on your screen at the end of our presentation Please take a few moments to complete it
and let us know how we can continue to improve
moodyscom
West Chester EBA-HQ+16102355299121 North Walnut Street Suite 500West Chester PA 19380USA
New York Corporate-HQ+121255316537 World Trade Center 14th Floor250 Greenwich StreetNew York NY 10007USA
London+442077725454One Canada Square Canary Wharf London E14 5FAUnited Kingdom
Toronto4166812133200 Wellington Street West 15th FloorToronto ON M5V 3C7Canada
Prague+420224222929Washingtonova 17110 00 Prague 1Czech Republic
Sydney+61292708111Level 101 OConnell StreetSydney NSW 2000Australia
Singapore+65651144006 Shenton Way14-08 OUE Downtown 2Singapore 068809
Shanghai+862161010172Unit 2306 Citigroup Tower33 Huayuanshiqiao RoadPudong New Area 200120China
Contact Us Economics amp Business Analytics Offices
April 2020 38
copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved
CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC ANDOR ITS CREDIT RATINGS AFFILIATES ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MATERIALS PRODUCTS SERVICES AND INFORMATION PUBLISHED BY MOODYrsquoS (COLLECTIVELY ldquoPUBLICATIONSrdquo) MAY INCLUDE SUCH CURRENT OPINIONS MOODYrsquoS INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS INVESTORS SERVICE CREDIT RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS NON-CREDIT ASSESSMENTS (ldquoASSESSMENTSrdquo) AND OTHER OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC ANDOR ITS AFFILIATES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK
All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information
NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING ASSESSMENT OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER
Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any credit rating agreed to pay to Moodyrsquos Investors Service Inc for credit ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and Moodyrsquos investors Service also maintain policies and procedures to address the independence of Moodyrsquos Investors Service credit ratings and credit rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold credit ratings from Moodyrsquos Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo
Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors
Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any credit rating agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements
April 2020 35
Coronavirus Liveeventsmoodysiocoronavirus coronavirusmoodyscom
Full webinars schedule eventsmoodysioeventsemeamoodyscom
MoodyrsquosWebinars
April 2020 36
Please complete our surveyWe Want to Hear From You
A survey will appear on your screen at the end of our presentation Please take a few moments to complete it
and let us know how we can continue to improve
moodyscom
West Chester EBA-HQ+16102355299121 North Walnut Street Suite 500West Chester PA 19380USA
New York Corporate-HQ+121255316537 World Trade Center 14th Floor250 Greenwich StreetNew York NY 10007USA
London+442077725454One Canada Square Canary Wharf London E14 5FAUnited Kingdom
Toronto4166812133200 Wellington Street West 15th FloorToronto ON M5V 3C7Canada
Prague+420224222929Washingtonova 17110 00 Prague 1Czech Republic
Sydney+61292708111Level 101 OConnell StreetSydney NSW 2000Australia
Singapore+65651144006 Shenton Way14-08 OUE Downtown 2Singapore 068809
Shanghai+862161010172Unit 2306 Citigroup Tower33 Huayuanshiqiao RoadPudong New Area 200120China
Contact Us Economics amp Business Analytics Offices
April 2020 38
copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved
CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC ANDOR ITS CREDIT RATINGS AFFILIATES ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MATERIALS PRODUCTS SERVICES AND INFORMATION PUBLISHED BY MOODYrsquoS (COLLECTIVELY ldquoPUBLICATIONSrdquo) MAY INCLUDE SUCH CURRENT OPINIONS MOODYrsquoS INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS INVESTORS SERVICE CREDIT RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS NON-CREDIT ASSESSMENTS (ldquoASSESSMENTSrdquo) AND OTHER OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC ANDOR ITS AFFILIATES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK
All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information
NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING ASSESSMENT OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER
Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any credit rating agreed to pay to Moodyrsquos Investors Service Inc for credit ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and Moodyrsquos investors Service also maintain policies and procedures to address the independence of Moodyrsquos Investors Service credit ratings and credit rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold credit ratings from Moodyrsquos Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo
Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors
Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any credit rating agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements
April 2020 36
Please complete our surveyWe Want to Hear From You
A survey will appear on your screen at the end of our presentation Please take a few moments to complete it
and let us know how we can continue to improve
moodyscom
West Chester EBA-HQ+16102355299121 North Walnut Street Suite 500West Chester PA 19380USA
New York Corporate-HQ+121255316537 World Trade Center 14th Floor250 Greenwich StreetNew York NY 10007USA
London+442077725454One Canada Square Canary Wharf London E14 5FAUnited Kingdom
Toronto4166812133200 Wellington Street West 15th FloorToronto ON M5V 3C7Canada
Prague+420224222929Washingtonova 17110 00 Prague 1Czech Republic
Sydney+61292708111Level 101 OConnell StreetSydney NSW 2000Australia
Singapore+65651144006 Shenton Way14-08 OUE Downtown 2Singapore 068809
Shanghai+862161010172Unit 2306 Citigroup Tower33 Huayuanshiqiao RoadPudong New Area 200120China
Contact Us Economics amp Business Analytics Offices
April 2020 38
copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved
CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC ANDOR ITS CREDIT RATINGS AFFILIATES ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MATERIALS PRODUCTS SERVICES AND INFORMATION PUBLISHED BY MOODYrsquoS (COLLECTIVELY ldquoPUBLICATIONSrdquo) MAY INCLUDE SUCH CURRENT OPINIONS MOODYrsquoS INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS INVESTORS SERVICE CREDIT RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS NON-CREDIT ASSESSMENTS (ldquoASSESSMENTSrdquo) AND OTHER OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC ANDOR ITS AFFILIATES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK
All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information
NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING ASSESSMENT OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER
Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any credit rating agreed to pay to Moodyrsquos Investors Service Inc for credit ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and Moodyrsquos investors Service also maintain policies and procedures to address the independence of Moodyrsquos Investors Service credit ratings and credit rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold credit ratings from Moodyrsquos Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo
Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors
Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any credit rating agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements
moodyscom
West Chester EBA-HQ+16102355299121 North Walnut Street Suite 500West Chester PA 19380USA
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London+442077725454One Canada Square Canary Wharf London E14 5FAUnited Kingdom
Toronto4166812133200 Wellington Street West 15th FloorToronto ON M5V 3C7Canada
Prague+420224222929Washingtonova 17110 00 Prague 1Czech Republic
Sydney+61292708111Level 101 OConnell StreetSydney NSW 2000Australia
Singapore+65651144006 Shenton Way14-08 OUE Downtown 2Singapore 068809
Shanghai+862161010172Unit 2306 Citigroup Tower33 Huayuanshiqiao RoadPudong New Area 200120China
Contact Us Economics amp Business Analytics Offices
April 2020 38
copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved
CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC ANDOR ITS CREDIT RATINGS AFFILIATES ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MATERIALS PRODUCTS SERVICES AND INFORMATION PUBLISHED BY MOODYrsquoS (COLLECTIVELY ldquoPUBLICATIONSrdquo) MAY INCLUDE SUCH CURRENT OPINIONS MOODYrsquoS INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS INVESTORS SERVICE CREDIT RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS NON-CREDIT ASSESSMENTS (ldquoASSESSMENTSrdquo) AND OTHER OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC ANDOR ITS AFFILIATES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK
All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information
NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING ASSESSMENT OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER
Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any credit rating agreed to pay to Moodyrsquos Investors Service Inc for credit ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and Moodyrsquos investors Service also maintain policies and procedures to address the independence of Moodyrsquos Investors Service credit ratings and credit rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold credit ratings from Moodyrsquos Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo
Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors
Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any credit rating agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements
April 2020 38
copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved
CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC ANDOR ITS CREDIT RATINGS AFFILIATES ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MATERIALS PRODUCTS SERVICES AND INFORMATION PUBLISHED BY MOODYrsquoS (COLLECTIVELY ldquoPUBLICATIONSrdquo) MAY INCLUDE SUCH CURRENT OPINIONS MOODYrsquoS INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS INVESTORS SERVICE CREDIT RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS NON-CREDIT ASSESSMENTS (ldquoASSESSMENTSrdquo) AND OTHER OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC ANDOR ITS AFFILIATES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT
MOODYrsquoS CREDIT RATINGS ASSESSMENTS OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK
All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS
To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information
NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING ASSESSMENT OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER
Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any credit rating agreed to pay to Moodyrsquos Investors Service Inc for credit ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and Moodyrsquos investors Service also maintain policies and procedures to address the independence of Moodyrsquos Investors Service credit ratings and credit rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold credit ratings from Moodyrsquos Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo
Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors
Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any credit rating agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements