Ukrainian real GDP rose 5.5% yoy in September, down from 10.9% yoy in August, the State Statistics Committee reported yesterday. Growth in 9M08 was 6.9% yoy. The main contributors to the growth were agriculture (+15.7% yoy), transport & communication (+10.4% yoy) and trade (+9.4% yoy). Andrii Parkhomenko: The 5.4 pp slowdown since August was mainly caused by the slump in metallurgy, whose output declined 17% yoy in September. Although we believe metallurgical production will partly be revived by yearend, we downgrade our 2008 real GDP forecast from 6.8% yoy to 5.3% yoy.