Industrial output declines 0.9% mom in August

The State Statistics Committee reported yesterday that industrial production in Ukraine in August was down 0.9% mom and 23.3% yoy. In 8M09, industrial output declined 29.6% yoy. Mykyta Mykhaylychenko: As before, metallurgy was the key driver of this slowdown due to rebounding external demand. Specifically, its decline equaled 21.1% yoy in August vs. -30.4% yoy in July. At the same time, industries more oriented to domestic demand (such as food and light industries) demonstrated more flat dynamics, with no significant improvement over the last few months. We expect metallurgy to continue playing a key role in Ukraine’s economic recovery in the months going forward.