UkrStat revises industrial output index for 2016-2019
3 March 2020
Ukraine’s State Statistics Service has revised its
industrial output index for 2019, its web site indicated on March 2. In
addition to the index’s regular annual correction, this year’s modification
also involved the adjustment to the base year of 2016 (instead of 2010), which
led to change of weights of sub-industries in the index.
Ukraine’s 2019 industrial output declined 0.5% yoy,
according to updated weights, compared to a 1.8% yoy decline reported previously.
The difference is due to revisions to the structure of industrial output. In
particular, the share of food production and metallurgy was revised higher,
while the share of machinery and iron ore mining was revised lower, UkrStat
reported.
The agency also revised retroactively the industrial
output index for 2016-2018. Industrial output increased 4.0% yoy (vs. 2.8% yoy
reported previously) in 2016, 1.1% yoy (vs. 0.4% yoy reported previously) in
2017 and 3.0% yoy in 2018 (vs. 1.6% yoy reported previously).
Evgeniya Akhtyrko: The decline
in 2019 industrial output looks less dramatic now, with the updated methodology
of Ukrainian industry’s structure offering a better understanding of economic
processes for policy formulation.
Given the revision to 2019 data, we are revising
our forecast for 2020 industrial output growth to 1.6% yoy (vs. 1.0% yoy
previously).
