According to the National Bureau of Statistics, the total gross value added (GVA) in the economy, which accounts for 85% of GDP, decreased by 1.4% compared to the first quarter of 2024. A more pronounced negative impact on GDP dynamics was caused by the reduction of GVA in agriculture (by 10%) and manufacturing industry (by 8.7%).
The decrease in exports in January-March by 19% also played its role. Negative impact on GDP dynamics was mainly made by net exports of goods and services (-13.8%), which was a result of reduction in the volume of exports of goods and services by 6.8% with a significant increase in the volume of imports of goods and services – by 19.6%.
The growth of exports of services during the analyzed period by 9.5% (its share in GDP increased to 15.7%) contributed to mitigating the decline in GDP. Construction (GVA growth by 8.6%), information and communication (+2.1%), financial activities and insurance (+1.3%) also had a positive impact. GVA growth was also recorded in education, health care and social assistance, public administration and defense, compulsory social insurance, which has not been observed in the economy for a long time.
In terms of utilization, a positive contribution to GDP in the first quarter of 2025 was recorded due to the growth of final consumption (+5.2%) and gross fixed capital formation (+3.2%).
