GDP Grows 4.7% YTD In Jan-May

In May, GDP increased 3.6% YoY. Concorde Capital: This year’s GDP growth rate is less than half that of 2004: 4.7% yoy versus 11.7% yoy.Since the year began, we have observed a gradual slow-down in GDP growth rates from 6.5% yoy in Jan. to 4.7% yoy in May. A more than three fold slowdown in industrial output, almost zero growth in trade (vs +18.3% last year), as well as negative growth (-6.7%) in construction largely contributed to such moderate GDP growth rates this year. The government forecast an 8.2% GDP growth this year. We still maintain our GDP growth projections for 2005 at 7%.