The 0.6% m/m gain in retail sales volumes in September is encouraging but, given the already reported 1.5% m/m slump in wholesales sales volumes that month, the economy still ended the third quarter on a soft footing. Nevertheless, the energy-driven rebound in external trade still means that, after contracting by 1.6% in the second quarter, the economy grew by close to 3.0% annualised in the third quarter.
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