GDP rose 0.5% in third quarter

According to a flash estimate issued Monday by the Central Statistical Bureau (CSB), in the 3rd quarter of 2016, as compared to the 2nd quarter, gross domestic product value increased by 0.5% (seasonally and working days adjusted data).

Compared to the corresponding period of 2015, during the 3rd quarter of 2016 seasonally and working days adjusted GDP grew by 0.7%, while seasonally and working days non-adjusted GDP increased by 0.8%, the CSB said.

The growth of GDP was affected by a 2% increase in the output of industry and a 1% increase in the output of the service sector.

As compared to the 3rd quarter of 2015, there was a 24% drop in the construction sector, however, the added value of the construction sector increased by more than 30% (seasonally and working days non-adjusted data) in comparison to the 2nd quarter of the present year.

The volume of taxes collected on products was 4% larger than during the corresponding period of the previous year.

The data suggested a notable slowdown is happening as 2nd quarter data showed growth of 2% on the year and 0.6% on the 1st quarter. 

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