Summary:

Macro numbers reflect base effects. The macroeconomic numbers for January look better than December’s figures, but it is worth noting that the December data reflect the high base effect of December 2014. GDP is down ‘only’ 2.5%, against a 3.5% contraction in December, and inflation is below 10% versus 12.9% in December. Retail sales dropped 7.3% against a 15.4% contraction in December.

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