Economic and Foreign Trade Activity
According to Statistical Office data, real y-o-y GDP growth amounted to 4.6% in Q1, exceeding the preliminary estimate of 4.5%. On the production side, GDP growth was supported by all sectors of the economy. On the expenditure side, the key contribution came from rising investment and final consumption.
In April, industrial production rose by 3.1% y-o-y. In the same period, production increased in all sectors of the industry – manufacturing: 1.0%, mining: 1.7%, and electricity, gas and steam supply: 13.0%. In the January–April period, industrial production grew by 5.2% y-o-y.
In April, retail trade was up by 5.1% in real y-o-y terms. In the January–April period, real retail trade was higher by 3.8% y-o-y, reflecting rising trade in food and non-food products and motor fuels.
From January to April, commodity exports grew by 7.5%, most notably owing to an 11.0% rise in manufacturing exports, recorded in 22 out of 23 areas. In the same period, y-o-y growth in imports came at 13.5%, led mainly by higher import procurements of raw materials and equipment.