Ukraine GDP declines 1.1% yoy in 2Q13, according to preliminary data
31 July 2013
Ukraine’s 2Q13 GDP fell 1.1% yoy, according to the government’s provisional estimate released on July 31.
Alexander Paraschiy: The 2Q13 GDP result was in line with our estimates. It was difficult to anticipate positive GDP against the backdrop of sliding industrial output (-5.7% yoy in 2Q13), falling construction (-25.5% yoy in 2Q13) and slowing retail trade (+6.2% yoy in 2Q13 vs. +10.9% yoy in 1Q13). Agriculture was the only sector that sped up in 2Q13 (to 14.9% yoy from 5.9% yoy in 1Q13) but that was not enough to bring the whole economy into growth.
We are keeping our 2013 GDP growth forecast unchanged at 0.2% yoy, given the released data reflected our estimates.
