Retail sales grew by a robust 5.8% y-to-y in August. It is a positive number, slightly below our forecast of 6%, but above the market consensus of 4% growth. Growth was evenly spread, only gas sales fell in real terms by 0.4%, for the third month in a row. The relatively modest growth of retail sales reflects similarly modest growth of real wages and a stable rise of "consumer confidence index" that stands at its highest level since the mid 1996. As the end of this year will be influenced by longer holidays, we expect a deceleration of retail sales growth by the end of year and the average growth of retail sales should be around 4.5% in 2000.