GDP increases 6.1% yoy in 5M10 – Presidential Administration

Ukraine’s Presidential Administration said in a press release yesterday that Ukraine’s GDP rose 6.1% yoy in 5M10, Interfax reported. The latest official statistics for Ukrainian GDP, as published by the State Statistics Committee had GDP growth at 4.8% yoy in 1Q10. Mykyta Mykhaylychenko: We see GDP growth rates decelerating in 2H10 on the back of the decline in steel prices by 26% in May-June and a higher base-effect. Somewhat encouraging is that domestic demand is recovering gradually; in May, for the third consecutive month, retail sales saw real growth of 1.7% yoy. We keep our 2010 GDP growth forecast at 4%.