Economic drivers preserve their roles

The economic situation in August continued to develop in the trajectory seen in two recent months. While export performance remains solid with a double-digit growth rate for the sixth consecutive month, the domestic consumption, represented by the retail sales, was somewhat worrisome with a deceleration. For the next month, the contribution of exports could be lower in the face of rising competition from cheap Chinese goods. Hence, we predict that economic activities would modestly decelerate as domestic buyers need more time to regain full confidence.