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GDP growth slows to 5.8% yoy in 10M08

GDP growth slows to 5.8% yoy in 10M08

14 November 2008

The State Statistics Committee reported today that GDP growth decelerated to 5.8% yoy in 10M08, down from 6.9% yoy in 9M08. In October alone, GDP dropped 2.1% yoy. Andrii Parkhomenko: The key factor undermining growth was the processing industry – industrial production tumbled 19.8% yoy in October. All other sectors of the economy also slowed, except agriculture – it grew 18.3% yoy in 10M08 vs. 15.7% yoy in 9M08. We revise our forecast of GDP growth in 2008 to 3.3% yoy, from 4.5% yoy. For more details, look for a flash note on Monday.

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