Express Analysis

In the first half of 2025, GDP grew by 2.1% YoY, and in June separaterly – by ≈0.3% YoY. The volume of GDP (seasonally adjusted) declined by ≈1% compared to May 2025. Weak output dynamics were observed across all major sectors of the economy in June. 

In Q2-2025 specifically, GDP grew by 1.1% YoY, following an increase of 3.2% YoY in January – March 2025. Adjusted for seasonal effects, quarterly GDP growth is estimated to be near zero. Agriculture, industry, and trade all contributed comparably negative impacts to output growth. Agricultural output was negatively affected by climatic conditions. The decline in industrial production and wholesale turnover is linked to weakening demand in the Russian market and low export volumes of petroleum products.

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