The second quarter GDP numbers were generally more favourable than expected. Measured from the expenditure side, quarter-on-quarter seasonally adjusted and annualised real growth amounted to 4.9% in the second quarter, compared with a downwardly revised 3.3% in the first quarter. Most of the positive growth in the second quarter could be attributed to the positive movement of the trade balance, with real exports rising by 17% (q/q saar) and real imports registering only a 1.6% increase.
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