Industrial production rises 9.7% y-o-y in January

Ukraine’s industrial production picked up 9.7% y-o-y in January, marking some deceleration from +12.5% y-o-y in December 2010, according to fresh data released by the State Statistics Committee. Mykyta Mykhaylychenko: The rapid growth rate was maintained thanks to strong external demand, which, among other factors, facilitated an increase in metallurgy production by 13.3% y-o-y (vs. +12% y-o-y in December). For full year 2011, we expect industrial production to grow by 7%-7.5% y-o-y in real terms vs. +11.2% y-o-y in 2010.