1 there is also a gdp split up into major service

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1 There is also a GDP split-up into major service sector categories available. According to these data, transport suffered the most. Its growth rate declined from 10.6% yoy in Q4 2002 to 2.1% yoy in Q2 2003, but recovered to about 6% thereafter. Hotel and catering growth dropped 4 pp in the same period. The SARS epidemic resulted in more supportive poli- cies. The PBoC delayed a tightening of the RRR to Sep- tember 2003. Fiscal policy set up a RMB 2 bn SARS re- lated fund and exceeded the budget by 0.7 pp of GDP. Coronavirus Mar 2003 Apr 2003 trough/peak date in 2003 max change till end of March, 2003** cng since 13/01/2020 MSCI EMU -16.6 -9.0 12-03 -24.7 -0.5 EU Growth -11.7 -4.4 12-03 -17.0 0.4 EU Value -10.8 -2.6 12-03 -17.9 -2.4 EU Cyclicals -13.2 -4.6 12-03 -20.2 -1.8 EU Defensives -9.4 -2.5 12-03 -14.7 0.3 S&P 500 -8.4 -3.3 11-03 -12.0 -0.4 MSCI China -3.9 -4.9 10-03 -6.9 -6.6 Shanghai Comp. 0.2 9.7 03-01 -9.8 -4.5 MSCI Hong Kong -9.4 -14.4 31-03 -12.7 -5.7 Oil 38.6 14.3 12-03 48.2 -8.2 Treasury yield -33 -9 10-03 -46.6 -25 Bunds yield -43 -31 10-03 -65.6 -18 Euro HY -133 -266 14-01 -217 23 Euro IG Corp. -14 -28 26-03 -22 -1 EUR/USD 6.4 8.0 10-03 9.4 -1.1 YEN/USD -1.8 -0.8 10-03 -3.0 -0.9 Caveat: the market performance during the period was heavily affected by the Iraq war. *Changes for FI instuments are in bps, percentage changes are taken for the rest. ** at trough/peak date SARS: changes* vs. 16/11/2002 Market
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