GDP grows 4.6% in 2Q19, twice stronger than expected
GDP grew 4.6% y/y in 2Q19, according to provisional statistics agency report. The number is twice larger than we expected for the second quarter. Sluggish industry performance (+1.5% y/y in 2Q19) was among the reasons for our modest estimate. The report on GDP was provisional and we do not have details on this surprisingly high growth. However, the result means that GDP might grew much stronger than 3% in 2019. Should it happen that we have one more year of record high grain harvest the economy increase might be even more impressive.