Friday, August 15, 2008

GDP growth slows down to 7.6% y/y in Q2.

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GDP growth slows down to 7.6% y/y in Q2. GDP growth decelerated to 7.6% y/y in Q2 from 8.7% y/y expansion in the previous quarter, the Statistical Office reported on the basis of flash estimates. The slowdown was generally expected by the market. Given the absence of detailed information of the sources of growth, we expect that a factor behind the slower economic development in Q2 might be the weak export demand. Still, domestic demand probably was strong in Q2, as we believe that private consumption remained buoyant during the period on the back of high wage and employment growth. According to the flash estimates, non-adjusted employment in the economy rose by 2.9% y/y in Q2 after a 2.7% y/y growth in Q1. The Statistical Office is due to release detailed figures on economic growth in Q2 on Sept 3.

Bank deleveraging has barely started

Cash management poll 2008:

GDP growth slows down to 7.6% y/y in Q2.

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