News
21.10.2010
Ukraine's Economy Grows Faster Than Expected: National Bank
Ukraine's economy was growing faster than expected, the National Bank of Ukraine (NBU) said in a statement Wednesday.
The NBU said the success was due to significant improvement in production in basic industries in September. "The growth on an annualized basis was 10.8 %, for nine months growth speeded up to 6.5 %," a statement said.
The main factor for the acceleration was a relative improvement in agricultural production, whose decline slowed from -4.1 % in the first eight months to -1.3 for the first nine months.
The growth of grain yields contributed to improving the dynamics of crop production, whose decline reduced to 4 % from previous -10, according to statistics. The situation in cattle breeding remained stable with 3 % growth recorded for nine months, the data showed.
The NBU said a recovery in economic activity in the Middle East and new demand in Western Europe contributed to increased metallurgical production. After a 1.1 % fall in August, production went up by 14 % in September.
According to earlier reports, January-September industrial production in Ukraine rose by 10.8 % compared to the same period last year.
Ukraine's President Viktor Yanukovych said Tuesday "Ukraine's economy demonstrates good results".
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