Due to the weakness of foreign markets, industrial performance decreased in December

By: Trademagazin Date: 2024. 02. 06. 11:42

The negative effects of the war and sanctions caused significant damage to the economy, and the weak demand associated with the weak European economy also negatively affected the performance of the domestic industry through exports – stated the Ministry of National Economy (NGM) in its commentary on the preliminary industrial data on Tuesday.

As a result, industrial output fell by 8.7 percent on an annual basis in December, while the volume of industrial production decreased by 5.5 percent for the year as a whole. The performance was negatively affected by the shutdown of some companies at the end of the year, especially in the field of vehicle production, NGM noted.

In its announcement, the ministry confirmed: in 2024, the government’s goal is to restore growth and to increase the GDP dynamically again, by around 4 percent. In order to do this, consumption must be restored and increased by gradually removing the cautionary motive and strengthening confidence, labor market activity must be further increased, and investments must be kept above the 25 percent level.