Government Releases Strong Growth Figures For July

In January-July, GDP grew 7.7% yoy, just a hair down from June’s 7.9% growth according to the State Statistics Committee. Industrial output growth in 7M07 reached 11.2% yoy, driven by metallurgy (12.2% yoy), machine building (23.7% yoy) and food industry (13.9% yoy).  Our estimate for year end GDP and industrial growth is 7.3% and 9%, respectively.