GDP growth revised to +5.9% y-o-y in 2Q10

Ukraine’s real GDP grew 5.9% y-o-y in 2Q10 (vs. the previous estimate of +6%), according to the data published yesterday by the Statistics Committee (GDP saw a 4.9% y-o-y increase in 1Q10). Mykyta Mykhaylychenko: The details provided show the growth acceleration stemmed mainly from domestic household consumption, which grew 5.1% y-o-y in 2Q10, up from +0.5% in 1Q10. We expect growth to decelerate in 2H10 on the back of the slowing global economic recovery as well as diminishing low base effect. We maintain our 2010 GDP real growth forecast at +4.3% vs. -15.1% in 2009.