Table 3.

Results of mean difference tests for growth 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	1.047	11.17993185	0.099185526	25.13991667	-5.301330843
United Kingdom	0.66	8.681737714	0.073769216	17.83869576	-5.914500178
Italy	1.006	11.83256182	0.091527666	61.26289483	-2.324420755
Spain	1.011	11.2502479	0.092408959	43.68115673	-3.083147251
France	1.008	8.725214814	0.091838458	19.6109477	-5.175731897
China	0	3.933097137	4.70E-06	12.11761724	-4.26914095
India	1.005	10.52936256	0.091320714	32.02762148	-3.911374117

Note: Bold marks indicate significant results at 5% level.

Source: Authors’ calculations