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Unemployment rate reduced to 14.4% in 1Q26
The unemployment rate declined by 0.3ppts y/y to 14.4% in 1Q26. Total employment stood at 1,369 thousand, down 1.8% y/y, reflecting a reallocation across employment categories. Hired employment fell by 3.8% y/y to 921.5 thousand (67.3% of total employment), largely due to the discontinuation of the state employment program for socially vulnerable persons at the start of 2026. In contrast, self-employment increased by 3.4% y/y, indicating continued labor market flexibility. As program participants exited the labor force, the participation rate adjusted to 53.4% in 1Q26 (-1.4ppts y/y), bringing the total labor force to 1,599 thousand (-2.1% y/y).
Trade deficit decreased by 15.7% y/y in Apr-26
In Apr-26, goods exports increased by 16.1% y/y to US$ 716.3mn, following a 24.0% y/y rise in previous month. Goods imports fell by 2.9% y/y to US$ 1.5bn, reversing the 6.7% y/y growth in the prior month. As a result, the trade deficit narrowed by 15.7% y/y to US$ 765.5mn.
The top 5 exported commodities were cars (-31.8% y/y), petroleum (+US$ 110.3mn y/y), precious metals (+27.2% y/y), fertilizers (+145.1% y/y) and wine (-6.5% y/y) in Apr-26. A 12.0% of exports were directed to the EU (+11.4% y/y), 51.9% to the CIS (-16.0% y/y) and 36.1% to other countries (+166.2% y/y). The top 5 imports were cars (-33.8% y/y), petroleum (+39.5% y/y), pharmaceuticals (+9.8% y/y), gases (+95.9% y/y) and phones (+5.5% y/y) in Apr-26.
Overall, in 4M26, the trade deficit decreased by 18.0% y/y to US$ 3.3bn, as exports grew by 21.1% y/y to US$ 2.4bn and imports were down by 4.9% y/y to US$ 5.7bn.
Producer price index increased by 6.7% y/y in Apr-26
Annual PPI for industrial goods increased by 6.7% in Apr-26, after a 6.5% rise in previous month. The annual growth was mainly driven by an increase in prices in the manufacturing (+5.3% y/y) and mining (+27.6% y/y) sectors.
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