KSH: GDP increased by 6.5 percent in the second quarter

By: Trademagazin Date: 2022. 08. 17. 08:51

In the second quarter, the gross domestic product (GDP) increased by 6.5 percent compared to the same period of the previous year.

Compared to the previous quarter, the performance of the economy increased by 1.1 percent. In the first half of the year, the performance of the economy was 7.3 percent higher than in the same period of the previous year, the Central Statistical Office (KSH) reported on Wednesday based on its first estimate. Analysts expected a lower annual GDP growth of 6.1 percent and 0.4 percent compared to the previous quarter.

Industry and market services contributed the most to the growth. Within industry, the expansion of the food industry and the manufacture of electrical equipment was particularly significant, and among market services, the expansion of accommodation services, catering, as well as transport and storage was significant. A significant decline in agriculture curbed growth – added the KSH.

The CSO will announce the detailed data of the second quarter GDP on September 1.

KSH