Ukraine GDP increases 2.9% in 8M21, ministry estimates
19 October 2021
Ukraine’s real GDP increased 2.9% yoy in 8M21,
accelerating from a 2.1% yoy growth in 7M21, according to estimates published
on Oct. 18 by the Ministry of Economic Development. The estimates are based on
the General Production Index (GPI), which takes into account manufacturing
results during the period.
In 8M21, the GPI growth accelerated to 2.1% yoy (from
1.3% in 7M21), the ministry estimated. In particular, the improvement was due
to a significant upsurge in agriculture in August. Meanwhile, the contribution
of trade to GPI was negative in July-August as a result of a decline in
wholesale trade.
Evgeniya Akhtyrko: The
advancement of the economy in August was significant. Given an expected
historic record-high grain crop in 2021 coupled with the low comparative base
of agricultural output in 2020, the agricultural sector might boost Ukraine’s
economic growth through the end of 2021.
We expect Ukraine’s GDP to increase 4.1% yoy in
2021 (vs. a 4.0% yoy decline in 2020).
