The pick-up in Russian GDP growth, to 1.8% y/y in Q2, was a bit weaker than we had expected and there is now a downside risk to our growth forecast of 2.3% for the year as a whole. Even so, we think there’s a good chance that these data will be revised up. And, more importantly, we still think the conditions are in place for the recovery to strengthen in the next few quarters.
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