Ukraine's GDP growth slows to 2.1% in 2008

According to State Statistics Committee preliminary data released this morning, Ukraine’s gross domestic product growth slowed to 2.1% in 2008 (GDP growth was 7.6% in 2007). No further details have been disclosed yet. Nominal annual GDP made UAH 875.4 bln (USD 166.1 bln by average UAH/USD of 5.27). Andrii Parkhomenko: The GDP figure fell further than our forecast of 3.3%, which underlines the depth of the economic downturn in Ukraine. However, the release of the final figure in April is likely to be slightly higher, as the State Statistics Committee’s final estimate traditionally tends to be. We expect that in 2009 the economy will continue to contract.