GDP Up 4.9% yoy in January

According to the State Statistics Committee, real GDP surged 4.9% yoy in January 2008. Nominal GDP totaled UAH 57.7 bln (USD 11.4 bln). Current GDP growth was mostly driven by upsurges in trade (+14.0% yoy), utilities (+7.2% yoy), transportation (6.1%) and manufacturing (+6.0%). Polina Khomenko: Some of the slow down in real GDP growth in January (after average monthly growth of 7.3% yoy over 2007) is attributed to the effect of a high statistical base (in January 2007 GDP climbed 9.3% yoy versus 0.9% yoy in January 2006). As this will wear off toward the end of the year, we project GDP growth to speed up over 2008 and stick to our forecast of 6.8% yoy in 2008.