On the busy domestic data front industrial production recorded a healthy 12.4% y/y increase in June, significantly above the conservative market consensus of roughly 10 percent and slightly higher than our 11.8% y/y estimate. The growth structure remained basically unchanged with the 13.9% increase in manufacturing output standing solely behind the strong results. The 50% growth in household electronics production and 20% increase car production solidify our view that net exports remained a strong contributor to growth in 2Q.
As for the GDP number itself (which is due late next month) the May and June output numbers fully compensate for the weaker April results and as such support our view that despite the smaller number in working days growth topped 5.0% y/y last quarter.