In September, this indicator was at 11.1%. The reason for the slowdown was the lower contribution from agriculture due to the higher statistical base in October last year, reported the Institute for Economic Research (IER).
By comparison, real GDP in October 2023 was 28% lower than in October 2021. At the same time, real gross value added (GVA) in industry, by contrast, grew faster due to a lower base in October 2022, when Russia began to crack down on Ukraine’s energy infrastructure. IER estimated its growth at 16%, indicating an improvement in the areas of metallurgy and mechanical engineering.
In addition, survey results suggest that the business community remains optimistic and intends to increase production.
However, October exports, particularly road transport, were limited by Poland’s policy, and the truckers’ strike that began November 6 further complicates the situation. It has also been noted that the trade deficit reached a new historical high in October and inflation dropped to 5.1%.