Cabinet Approves 2008 GDP, Inflation Forecasts

Yesterday the Cabinet of Ministers approved economic and macroeconomic forecasts for 2008. Finance Minister Mykola Azarov said the government forecasted GDP growth of 7.2% and inflation of 6.8% next year. Exports are expected to grow 20.4% and imports 15.5%, while the negative foreign trade balance is forecasted to decrease to USD 3 bln. The figures are identical to the Economy Ministry’s forecasts made public in May. At that time, Economic Minister Anatoly Kinakh said industrial output in 2008 will grow 9%.