Industrial production slips back to negative in June
17 July 2012
June’s industrial production was down 1.4% yoy, taking 1H12 growth to a mere 0.4% yoy, according to UkrStat yesterday. Metallurgy and machine building, Ukraine’s key export-oriented industries, posted declines of 0.8% and 8.9% yoy, respectively, in June (1H12 growth stood at -1.5% yoy and +0.3%). Food processing was up 3.0% yoy in June, with the 1H12 tally finishing at 1.2% yoy.
Vitaliy Vavryshchuk: With external markets remaining weak, we expect industry growth will fluctuate near zero in 2H12. We lower our industrial output growth projection for 2012 to 0.2% yoy from 2.9% previously.
