​A dire set of GDP numbers
The latest national accounts from the NBS show that GDP growth (at constant basic prices) slowed to 2.1% y/y in Q4 2015 from 2.8% the previous quarter. These are very poor figures, and worse than expected. The imported macro headwinds did not improve. The fourth quarter is generally the strongest of the year due to enhanced household demand for the end-year festivities. Headline growth was weakened by oil sector contraction of -8.3% y/y. The fact remains that unchanged non-oil economy growth of 3.1% y/y disappointed.
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