According to the CSO’s flash estimate, GDP rose 1.6% y/y in the first quarter of 2008, after the 0.8% y/y seen in 4Q07. The figure proved to be somewhat higher than our expectation (1.3% y/y) and the consensus estimate of around 1.2-1.4%. Based on calendar-adjusted figures, however, the economy grew by just 0.9% y/y in 1Q08, compared to 0.7% y/y in 4Q07. Thus, the adjusted figure was much lower and did not show as significant acceleration of growth as the unadjusted one. Compared to the

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