According to Derzhkomstat, the real GDP grew by 12.7% yoy during the first ten months of the year, decelerating compared to the nine-months figure.
MEMU SUPPLEMENT: "Overview of political crisis in November-early December"
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According to Derzhkomstat, the real GDP grew by 12.7% yoy during the first ten months of the year, decelerating compared to the nine-months figure.
MEMU SUPPLEMENT: "Overview of political crisis in November-early December"
According to Derzhkomstat, the real GDP growth rate for the first half of the year was 12.8% yoy. Increased final household consumption (15.8 yoy) was the main source of demand in the economy and thus the main contributor to growth, while state consumption declined by 2.7% yoy in real terms.
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The real GDP grew by 13.6% yoy between January and August, to a large extent due to high growth rates in agriculture, manufacturing, and trade. These three sectors explain almost two third of the overall increase.
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From January to July 2004 the real GDP increased by 13.5% yoy. In addition to the continuing high growth rates of value added in manufacturing, trade and construction, the strengthening of the economic performance was due to a recovery in agriculture. A high grain harvest resulted in a 23.7% yoy rise in agricultural value added in the first seven months of the year compared to an almost 30% yoy drop during the same period of 2003.
According to Derzhkomstat’s quarterly publication, the real GDP increased by 12.3% yoy during the first quarter of 2004. This is 1.5 percentage points higher than initially estimated on a monthly basis. In line with the monthly information, the growth of value added in manufacturing, construction, internal trade and transport made for the overall strong economic growth.
The real GDP increased by 11.3% yoy during the first five months of 2004. As before, the highest growth of value added was in construction, the manufacturing industry, and the wholesale and retail trade. The only sectors with negative growth were agriculture and production and distribution of electricity, gas and water. Industrial output grew by 16.9% yoy, thanks to expanding production in machine building, metallurgy, construction materials and most of other industries.
The real GDP has maintained its high growth established at the beginning of 2004. According to Derzhkomstat, it reached 11.5% yoy in the first four months of the year, compared to a 7.1% yoy increase for the same period of 2003. The major sectors contributing to this growth were the manufacturing industry, construction, the wholesale and retail trades, and transport. The most impressive growth of value added was reported in construction (31.9% yoy), mainly in the construction of industrial units, indicating continued high investment activity in the country.
The real GDP increased by 10.8% yoy between January and March. The manufacturing industry, transport, the wholesale and retail trades, and construction made for this economic growth, explaining almost three fourth of the total real GDP increase. Due to the poor harvest in 2003, the value added in agriculture declined by 4.1% yoy in real terms during the first three months. However, the expected better grain harvest this year should restore growth later in 2004.
The real GDP increased by 10.2% yoy between January and February 2004, backed by growth in all sectors of the economy except for agriculture and the production and distribution of electricity, gas, and water. Industrial output increased by 18.2% yoy compared to an 11.1% yoy rise during the same period in 2003. Among the industrial sectors machine building grew the most, reaching 38.0% yoy. Transport equipment production especially accelerated due to mounting domestic demand and exports.
In January the real GDP increased by 9.0% yoy. The highest growths of value added were registered in manufacturing and construction, while the value added in agriculture declined by 4.2% yoy, maintaining the 2003 tendencies. The industrial output grew by 16.1% yoy. Same as last year, the highest growth was in machine building (39.8% yoy), mainly due to an exceptional increase in transport equipment production. The persistence of high growth rates in construction and machine building suggests that investment demand growth continues in the first quarter of 2004.
According to Derzhkomstat’s preliminary estimates, the GDP grew by 8.5% in real terms in 2003. However, the final GDP figure is likely to be higher, since the cumulative increase in the real GDP between January and September had already been revised upward to 7.8% yoy from the previous 6.5% yoy. In 2003 the highest growth of value added was observed in construction. It increased by 23% caused by growing investment and by the low base of the previous year, when a 1.4% decline of construction had been registered.
Between January and November the real GDP increased by 7.7% yoy compared to a 4.1% yoy rise over the same period the year before. The fast growth of value added in manufacturing, construction, trade and transport caused this economic development. Agriculture still remained the major sector slowing down overall GDP growth: the value added in this sector decreased by 11.9% yoy.