28 September 2011
Ukraine’s economic growth exceeded 5% y-o-y in 8M11, the National Bank of Ukraine announced yesterday. Latest available official data from the State Statistic Committee put GDP growth at 5.3% y-o-y in 1Q11 and 3.8% in 2Q11. Svetlana Rekrut: The acceleration in GDP stems from positive agricultural sector performance, which grew by 10.8% y-o-y in 8M11. Other drivers were domestic consumption (retail turnover rose by 16.4% y-o-y) and capital investments, which were boosted by construction growth by 10.4% y-o-y in 8M11. Industrial production grew 9.6% y-o-y in August (vs. 8.7% in July) and was mainly driven by machinery (+22.1% y-o-y). We expect economic growth in 2011 of 4.7% y-o-y.