He has a low base and it's hard to get under him.

The growth rate was high at 13.4%, but the relatively low base must be considered.

The reason the deficit still grew in the last year, they said, was because exports were growing from a lower base.

They can be very dangerous when interest rates are rising from a low base.

While that is a fairly sharp rise, it comes off a lower base.

"But remember the first quarter of 1994 was a disaster, so the 20 percent increase is coming off a very low base."

"As an institution, we are looking at no loan growth from a very low base."

The idea is to have the lowest possible base when the rates start back up.

That changed our baseline for 1999, and we are now working off a lower base.

But the team is starting from a very low base.