Both the retail sales and unemployment rate data for August released yesterday beat expectations. The former came in spot on our 11.5% y/y estimate and roughly in-line with the recent trend, confirming that domestic consumption growth has remained strong in 3Q. Yesterday’s data do not change our third quarter GDP growth estimate of 5.1% y/y and the 5.2% y/y forecast for the entire year. At the same time the unemployment rate dropped to 15.5% last month from 15.7% in July i.e. slightly below the market consensus and the preliminary 15.6% estimate from the Labour Ministry.