C/A deficit shrinks to 5.8% of GDP in 8M08

According to preliminary data from the National Bank of Ukraine, the current account deficit narrowed to 5.8% of GDP (USD 7.5 bln), down from 9.8% of GDP in 1Q08. The financial account surplus exceeded the C/A shortfall by 4.8% of GDP (USD 6.2 bln). Net FDI amounted to USD 8.1 bln in 8M08. Andrii Parkhomenko: We believe that the current account deficit will continue deteriorating through yearend and will amount to 4.3% of GDP (USD 8.7 bln) in 2008.