According to the Ministry of Economic Development and Trade, this January-February GDP grew by 4.8%, while industrial production increased by 3.9%, with inflation at 3.9%.
In January-February 2004 GDP growth stood at 8%. Industrial production growth rates amounted to 7.5% year on year. Inflation was rated at 2.8% over January-February of the last year.
The Ministry of Economic Development and Trade notes GDP growth rates declined in this year's first two months. "Without seasonal adjustment, GDP virtually stopped growing since the beginning of the year (no growth in January and a 0,1% increase in February)," the ministry reports.
Industrial output was also "rather slack". Without calendar and seasonal adjustment, its growth made up 0.2% in January against December 2004 and 0.3% in February against January. This developed against the backdrop of "moderate foreign demand, a decline in investment and growing import," analysts at the ministry specified.
Growth in investment demand stopped affected by an investment and business pause during long New Year holidays.
January-February saw a decline in the dynamics of fixed asset formation, without seasonal adjustment. At the same time, investment growth reached 7.4% against 13.4% in January-February 2004, the document reads.
