Table 1: Cyclical behaviour of selected macroeconomic aggregates.

Variables Statistics
Real GDP (RGDP) Volatility 5.757%
Agricultural Value Added (AGV) Pro-cyclical
Contemporaneous correlation
Volatility
Relative Volatility
Phase Shift
0.281
6.871%
1.194
Lagging
Household final consumption (HCON) Pro-cyclical
Contemporaneous correlation
Volatility
Relative Volatility
Phase Shift
0.692
9.756%
1.694
Lagging
Government expenditure (GEX) Pro-cyclical
Contemporaneous correlation
Volatility
Relative Volatility
Phase Shift
0.683
31.87%
5.536
Leading
Total Exports (EXM) Pro-cyclical
Contemporaneous correlation
Volatility
Relative Volatility
Phase Shift
0.310
14.14%
2.465
Leading
Total Imports (IMP) Pro-cyclical
Contemporaneous correlation
Volatility
Relative Volatility
Phase Shift
0.454
24.71%
4.293
Leading

Source: Authors’ Compilation