Industrial output drops 1.9% mom in November

Industrial production in Ukraine fell 1.9% mom, the State Statistics Committee reported yesterday on its website. In 11M09 terms, industrial output is up 24% yoy; compared to November 2008, last month’s figure is up 8.6% yoy.  Mykyta Mykhaylychenko:  The yoy increase is mainly due to a low comparison base at end-2009. In monthly terms, metallurgy, one of the backbones of the Ukrainian economy, retained its October level of production at ~70% above its trough in November 2008. For the 2009, we expect industrial production to decline ~22%.