🇮🇳India

Economic indicator correlations for India. See how 10 macro indicators move together and how India's GDP correlates with other major economies.

Updated Apr 6, 2026, 5:42 PM

Coverage

Tracked Indicators (10)

Real GDP

output

NGDPRNSAXDCINQ

CPI (YoY)

prices

CPALTT01INM657N

Unemployment Rate

labor

LRUN64TTINQ156S

3-Month Interbank Rate

rates

IR3TIB01INM156N

Long-Term Bond Yield

rates

IRLTLT01INM156N

Industrial Production

output

INDPROINDMISMEI

Exports

trade

XTEXVA01INM667S

Imports

trade

XTIMVA01INM667S

M1 Money Supply

monetary

MANMM101INM189S

PPI Manufacturing

prices

PIEAMP01INM661N

Intra-Country

How Indicators Move Together

Industrial Production vs Exports

r +0.624

345 pts

1.583

Exports vs Imports

r +0.386

431 pts

1.018

Real GDP vs Industrial Production

r +0.527

75 pts

0.992

Industrial Production vs Imports

r +0.375

345 pts

0.951

Real GDP vs Imports

r +0.285

86 pts

0.553

Real GDP vs Exports

r +0.285

86 pts

0.552

Real GDP vs M1 Money Supply

r +0.131

78 pts

0.248

CPI (YoY) vs Exports

r -0.093

361 pts

0.237

CPI (YoY) vs Industrial Production

r -0.058

304 pts

0.145

#10

CPI (YoY) vs Imports

r -0.055

361 pts

0.140

#11

Exports vs M1 Money Supply

r +0.048

405 pts

0.125

#12

Industrial Production vs M1 Money Supply

r +0.034

345 pts

0.087

#13

Real GDP vs CPI (YoY)

r -0.013

66 pts

0.023

#14

Imports vs M1 Money Supply

r +0.008

405 pts

0.021

#15

CPI (YoY) vs M1 Money Supply

r -0.004

671 pts

0.011

Cross-Country

GDP Correlations With Other Economies

🇨🇦

Canada

r +0.533

86 pts

1.034

🇫🇷

France

r +0.478

86 pts

0.927

🇺🇸

United States

r +0.452

86 pts

0.876

🇮🇹

Italy

r +0.450

86 pts

0.873

🇬🇧

United Kingdom

r +0.446

86 pts

0.866

🇧🇷

Brazil

r +0.394

86 pts

0.764

🇯🇵

Japan

r +0.389

86 pts

0.755

🇩🇪

Germany

r +0.383

86 pts

0.743

Level series (rates, unemployment, confidence) are used as-is; flow/stock series (GDP, trade, money supply, housing, prices) use period-over-period growth (%). Pairwise Pearson correlations. Ranking score = |r| × log10(overlap + 1).

Minimum overlap filter: 20 observations.

Diagnostics

Skipped Series

Unemployment Rate (LRUN64TTINQ156S): FRED request failed with status 400 Bad Request.

3-Month Interbank Rate (IR3TIB01INM156N): FRED request failed with status 400 Bad Request.

Long-Term Bond Yield (IRLTLT01INM156N): FRED request failed with status 400 Bad Request.

PPI Manufacturing (PIEAMP01INM661N): FRED request failed with status 400 Bad Request.