Table 2.
Results of mean difference tests for level values.
| Country | Average Forecast Values (Jul 12 to Sept 11) | Average Actual Values (Jan 21 to Jul 11) | SD of Forecast Values (Jul 12 to Sept 11) | SD of Actual Values (Jul 12 to Sept 11) | t of mean diff (Forecast-Actual) |
|---|---|---|---|---|---|
| United States | 6308829.855 | 895802.1098 | 1163835.327 | 945618.9185 | 32.93304191 |
| United Kingdom | 254811.2274 | 128530.3064 | 29537.26894 | 125255.824 | 12.33787841 |
| Italy | 33612.47177 | 130637.4104 | 5967.542088 | 101420.4233 | -12.52256661 |
| Spain | 76560.67274 | 132417.9249 | 13654.72482 | 107697.7555 | -6.673720841 |
| France | 54016.695 | 80319.65896 | 9605.449483 | 66498.99716 | -5.057373276 |
| China | 84786.14774 | 73425.23699 | 0.028825043 | 22993.84306 | 6.498672284 |
| India | 3171701.097 | 124574.4451 | 562470.0158 | 203673.8686 | 41.68842023 |
Note: Bold marks indicate significant results at 5% level.
Source: Author's calculations