ING is proud to sponsor the second quarter 2003 ING GAZELLE INDEX, a survey of CEOs of the nation's fastest growing African American-owned businesses. African American businesses included in the survey have between 10 and 100 employees and have experienced the fastest rate of employment growth over the last five years. The ING GAZELLE INDEX surveys the confidence, expectations and plans of the CEOs of these fast growing businesses.

During the second quarter of 2003, the US economy grew by 2.4%. This growth caused a significant increase in business optimism and this new optimism is reflected in the outlook of the Gazelle CEOs. The ING GAZELLE INDEX increased to 52.8 from its first quarter 2003 value of 37.9. This was the first time that the index reached the positive range in over a year (an index value of 50 or more means that CEO's are more positive than negative in their current and future outlook). Starting from a value of 67.7 in the second quarter of 2002, the Index declined during each of the last four quarters to a low of 37.9 in the first quarter of 2003. However, the second quarter 2003 Index value of 52.8 represented a 39% increase over the first quarter Index value. Also during the second quarter, each of the four component values of the ING GAZELLE INDEX increased significantly and three reached the positive range.

Gazelle Index Values

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