Prime Minister Mykola Azarov has assessed the GDP growth at 2.5% in July. He also denied assumptions of some experts about possible default. He emphasized the government had been taking a range of measures to produce a balance of payment surplus, and would adopt policies to ensure financial and economic stability in Ukraine and the development of the economy.
In Q2, the GDP has contracted by 1.1% y/y, the State Statistics Service has announced. Taking to the account the seasonal factor, in Q2, the GDP shrank by 0.4% q/q.
In Q1, GDP declined by 1.1% y/y. Ukraine's GDP growth in 2012 slowed to 0.2% from 5.2% in 2011. In Q1, the largest fall was seen in construction-down by 14.85% y/y, payment for financial intermediaries-13.8% y/y and processing industry-9.5% y/y decline. At the same time, agriculture, hunting and forestry posted strong 5.7% y/y growth, financial services advanced by 3.9% y/y and trade grew by 3.1% y/y.
The government expects GDP growth to reach 3-4% y/y in 2014. Cabinet plans to achieve such results by realizing priorities of social and economic development, put in the government's economic development promotion program for the years 2013-2014.
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