September’s activity data suggest that Russia is heading for a strong economic performance in the second half of 2011. What’s more, with both the consumer sector and industry picking up, growth looks set to be more broad-based. We estimate that GDP expanded by a healthy 4.5% in Q3. Elsewhere, Polish industrial production surprised on the upside in August, but we do not expect the robust performance to be sustained in the medium-term as the global economy slows down.
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