Russia & Poland Activity Data (Nov.)

The disappointing batch of Russian activity data for November suggests that GDP growth may be on course to slow to 1.0-1.5% y/y in Q4. And the risks to our above-consensus growth forecast for 2018, of 2.5%, are building. In contrast to Russia, the latest activity from Poland suggest that the economy has continued to expand at a robust pace of 5% y/y in Q4.

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