Real gross domestic product (GDP) growth in April 2026 amounted to 1% compared to April 2025, while the indicator had been declining for three consecutive months.
According to the Monthly Economic Monitoring (MEMU) published on the website of the Institute for Economic Research and Policy Consulting (IER), overall for Q1 2026 the decline amounted to 0.6%, while State Statistics Service data indicate a decline of 0.5% for Q1 2026.
“Lower consumption of electricity and gas due to the earlier end of the heating season, as well as repaired generation and transmission capacities, ensured mostly uninterrupted electricity supply despite fewer sunny days than in March. At the same time, the war in the Middle East led to higher fuel prices, which increased business costs,” the 256th issue of MEMU states.
It is noted that in April, despite access to electricity due to partial restoration of generation, the situation in the sector remained difficult. According to the institute’s assessment, electricity production and gas distribution decreased by 7% compared to the same period last year.
Real gross value added (GVA) in the extractive industry in April increased by only 1% year-on-year from a low base due to disruptions in gas and iron ore production caused by Russian strikes. Real GVA in the manufacturing industry is estimated to have increased by 4% compared to the same period in 2025, with the slowdown linked to a decline in metallurgy output.
Growth in real GVA in trade is estimated by IER at 4% (compared to April 2025), reflecting increased demand and positive business sentiment. Real GVA in transport fell by 7% due to higher fuel costs, lower volumes of iron ore and oil transportation, and continued Russian attacks. Construction likely showed slight growth.
