Actual (Jun): 6.6 % y/y
Consensus: 1.4 % y/y
Previous (May): 3.1 % y/y
Retail sector posted another strong figure, well above expectations. There are especially car sales behind the good result; they surged by nearly 19 pct y-o-y. Also sales of clothes, computers and tel-com equipment grew significantly. The working-day effect was neutral in June.
The June retail data show that consumer demand is recovering faster than expected, although the indicator may still be quite volatile in the next months. Also imports posted an impressive 28 pct growth in June; both consumer and capital goods stand behind. Consumer demand may contribute positively to the 2Q GDP, together with foreign trade that remains the key driver of the economic recovery.