Industrial production up 12.6% yoy in 5M10
16 June 2010
In 5M10, industrial production in Ukraine saw 12.6% yoy growth, unchanged pace compared to that in 4M10. On a monthly basis, though, industrial production growth slowed to 12.7% yoy in May from 17.4% yoy in April, following a slowdown in metallurgy growth to 21.2% yoy in May from +33.4% yoy in April. Mykyta Mykhaylychenko: Cooling global demand for steel was reflected in a 20% decline of avg. export steel prices in May. Given further decline in steel prices in June (-2% in two last weeks) and high base effect (peak of metallurgy production in Ukraine occurred in July-August 2009), we expect industrial production growth to decelerate further in the coming months. For the whole year 2010, we see industrial production to be up 6.8%, after -22% in 2009.
