2005 GDP Up 2.4% yoy.
19 January 2008
In 2005, ‘s gross domestic product rose by 2.4% from 2004. Concorde Capital: ’s 2005 GDP growth at 2.4% was far below the government’s initial estimates set in the 2005 budget (8.2%). Later, the Economic Ministry lowered the 2005 GDP growth forecast several times: first to 6-6.5% and then to 4-4.5%, later in November – to 3.8%, and in early December – to 3.2-3.5%. The slowdown in industrial output (to 3.1% from 12.3% in 2004), and decline in construction and wholesale trade were the main factors that led to modest GDP growth in 2005.
