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Key events are FY12 GDP and manufacturing PMI for January

This week, the main macro event is the release of the first official estimate of 2012 real GDP (due on 31 January). Manufacturing PMI for January is due for release on 1 February. In addition, on Wednesday, we are set to see the regular release of weekly CPI data.
We retain on our forecast for real GDP growth of 3.5% YoY in 2012 and 2.4% YoY in 4Q12. As for the first PMI reading for January, we do not expect any significant change, as economic growth will likely remain slow for months to come. We expect the weekly CPI to show a further slowdown in daily price growth, at 6.8% YoY.
Maxim Oreshkin, Daria Isakova
VTB Capital analyst

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