The NBS reported today that GDP grew by 1.1% in the second quarter, balancing the contraction of the first quarter (-1.2%) and reaching zero at the end of the first half of 2025. The overall result is due to the reduction of the created value added due to the negative impact on the GDP structure of net exports of goods and services and the reduction of final consumption of non-commercial organizations (public sector services).
At the presentation of the data, Oleg Kara, Director General of the NBS, drew attention to the positive contribution of exports of services, which mitigated the impact of the trade balance deficit in goods on GDP dynamics.
“Exports of services in the first half of 2025, compared to the same period of the previous year, increased by 9.7%, its share in GDP increased to 16.3%, which in general contributed to GDP growth by 1.5%. It is worth noting that the value of exports of services in the first half of this year exceeded the value of exports of goods by about 6.6%, accounting for about 52% of total exports of goods and services,” said the Director General of the NBS.
GDP growth in the first half of 2025 in terms of utilization was mainly driven by gross fixed capital formation (+4.9%) with a share in GDP formation of 23.2% and volume growth of 25.3%. And also final consumption of households (+3.5%), whose share in the formation of GDP amounted to 85.8%, the volume of which increased by 4.2%.
As for the production factors, construction (GVA +8%), public utilities (+10%), traditionally – the financial sector and trade (+1.6%), information technology (+2%) made their contribution. Even health care and education (+1%) did not falter
The most pronounced negative impact on the results of the half-year was the decline in gross value added in agriculture (-6.1%), manufacturing (-3.4%), real estate operations (-4.6%). Self-employed and scientists worked very unproductively this year – the GVA of professional, scientific and technical activities decreased by 10%.
