Real GDP grows 6.5% yoy in 7M08

Ukraine’s real GDP increased 6.5% yoy to USD 109.5 bln in 7M08, up from 6.3% yoy growth in 1H08, the State Statistics Committee reported on Friday. Key drivers were trade (+11.8% yoy), the processing industry (+8.4% yoy) and transport & communication (+8.4% yoy). Andrii Parkhomenko: The acceleration in GDP in July was precipitated by the surge in agriculture (+10.8% yoy), which contributed 0.4% of the 6.5% growth. We see this year’s record harvest being reflected in overall economic growth. We forecast that GDP will grow 6.8% yoy in FY2008.