Slovak unemployment inched further down to 3.88% in March
1 day ago
Ukraine’s GDP was up by 2.5% year-on-year in January-June, which is also in line with the result in the first quarter, according to economy ministry estimates.
The result was encouraging and highlights that Ukraine’s economic recovery is in full swing. The result was running ahead of the full year forecast of 1.9%, which was downgraded from 2.5% earlier, after the government took into account the negative impact of its economic blockade on the disputed Donbas region.
Economists are expecting around 2.5% of growth in the second quarter too, despite the rising base comparison.
The impact of the Donbas trade ban and weakness in agricultural output due to bad weather in May will both hold growth back somewhat, but this is offset by strong growth in consumption and investment.
In particular, strong growth in construction, which is up by 25% y/y in the first half of this year, according to the Dragon Capital brokerage in Kyiv, indicates that businesses are back in business and construction is growing ahead of expectations.
The recovery in retail turnover is a more modest +7.3% y/y but also strong. At the same time, consumer confidence is recovering that should lead to a resumption of household consumption – a major economic driver.
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