GDP growth in the third quarter was driven by agricultural activity, whose gross value added (GVA) increased by 15%. Construction (+8.3%), manufacturing sector (+3.8%), real estate transactions (+3.2%), trade, administrative and auxiliary activities also showed significant growth in GVA.
Net taxes on products, representing 13.8% of GDP, contributed 1.4% to GVA growth, with an increase of 11.1%. The main factors of this growth were: increase in production in agriculture by 15%, in manufacturing industry by 3.8%, in construction by 8.3%, in real estate operations by 3.2%, etc. The main factors of this growth were: increase in production in agriculture by 15%, in manufacturing industry by 3.8%, in construction by 8.3%, in real estate operations by 3.2%, etc.
As for the utilization of GDP, the final consumption of the population increased by 2.9%, investments in fixed capital – by 17.9%, exports of goods – by 18.5% and exports of services – by 9.6%. In general, as the statistics notes, the increase in exports of goods and services by 14% contributed to GDP growth by 3.9%.
The negative impact on GDP dynamics by consumption was mainly due to the increase in the volume of imports of goods and services by 5.5%, which reduced the GDP growth rate. Specifying the negative factors, the statistics names the “main culprits” of GDP slowdown in the third quarter – HoReCa, private household business and other types of services, which reduced the production of value added.
