NBRM: In the first quarter GDP with growth of 3.9 percent

In the first quarter of this year, gross domestic product, according to the National Bank, grew by 3.9 percents, which is higher than expected.

The main growth driver remains the export sector, as the effect of increased activity of new production facilities in the technological industrial development zones and the gradual strengthening of external demand. Strong effect on growth, according to the National Bank, and had gross capital mainly due to increased private and public investment. Such trends, in exports and investment enabled continuous maintenance of positive developments in the labor market and continuing growth of household consumption, and positive impact on the growth of GDP and public spending had.

By the Central Bank indicate that performance in the first quarter, and the available high frequency data for the second quarter of 2014 point to keeping the economy in the area of solid growth and are consistent with projected GDP growth of 3.7 percents and 4 4 percents for 2014 and 2015, respectively. It is expected that the chief of the growth will continue to represent the export sector and investment, which would also have positive repercussions on the labor market and will further stimulate household consumption.

In addition, during the second quarter the banks provided support for the economic recovery by further growth in credit to the private sector. New lending in this period was largely directed to households, with further maintenance and support of credit to the corporate sector. The annual growth rate of total loans in June reached 8.5 percents, the projection for the second quarter from 7.3 percents amid weaker performances of deposits relative to the April expectations of 8.3 percents to 9.5 percents in projection.

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