Russian GDP growth accelerated from 0.5% YoY in 1Q19 to 0.9% YoY in 2Q19, slightly exceeding the consensus and our forecast of 0.8% YoY. That's according to the State Statistics Service (Rosstat). While the structure of 2Q19 GDP won't be released until 9-10 September (by production) and October 2-3 (by usage), we can still make the following preliminary observations: The acceleration of industrial output growth from 2.1% YoY in 1Q19 to 3.0% in 2Q19 was the key positive contributor; The contribution of household consumption was neutral to slightly negative, as retail trade growth decelerated from 1.9% YoY in 1Q19 to ... (full story)