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Ministry of Economic Development estimates runway growth in 2019
At the end of 2019, the Ministry of Economic Development estimated GDP growth at 1,4%. This is slightly higher than the agency had previously predicted.
As noted in review Ministry of Economic Development “The picture of business activity”, in 2018 GDP grew by 2,5%. According to the agency, the slowdown is associated with a lower contribution of non-core industries.
According to the ministry, the contribution to GDP growth in 2019 of the basic industries - agriculture, industry, trade, construction - was slightly less than in 2018 - 0,8 percentage points against one percentage point a year earlier.
Basic industries accounted for about 60% of the entire economy, non-basic (real estate and financial industry) - 40%. Slowdown was shown by activities in the field of information and communications, the financial and insurance sector, and real estate transactions.