Industrial production drops 31.8% yoy in May

According to data from the State Statistics Committee, published yesterday, industrial production declined 31.8% yoy in May. At the same time, output was up 1.3% mom. Andrii Parkhomenko: Notably, we saw a strong increase in Ukraine’s largest industrial sector, metallurgy (+7.2% mom), and food processing (+5.7% mom). Meanwhile, machine building declined 3.1% mom, and chemicals were down 6.5% mom. We stick to our forecast that industrial production will fall 19.1% yoy in 2009, and do not see a confident recovery possible before 2010.