Emerging Europe Economics

Emerging Europe Data Response

20 June, 2018

Russia Activity Data (May)

The strength of May’s Russian activity data, coupled with upwards revisions to the industrial output figures, suggests that GDP growth picked up to more than 2% y/y, compared with the latest estimate of 1.3% y/y for Q1. We will let the revised industrial figures bed down before making any changes to our forecasts. But, overall, the latest data supports our view that the economic recovery will strengthen.

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