Between 1999 and 2007, deposits grew a little over 8% per year. But from 2007 – at the time that the mortgage crisis was already unfolding in the US – Philippine system-wide deposit balances increased by 13.40% per year all the way to 2011… On the loan side, the numbers are even more dramatic.
Overall labour productivity increased at a year-on-year rate of 3,3 per cent in the first quarter of 2004 containing unit labour cost to a yearon-year rate of increase of 5,9 per cent. Notwithstanding the recovery in world economic growth, the volume of South African exports contracted further in the first quarter of 2004.