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Ukraine’s financial sector bites the bullet

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Ukraine’s economy contracted 1.1% during the first quarter of 2013. The gross domestic product (GDP) in current prices amounted to UAH 301.598bn in Q1. In q/q terms, the GDP grew by 0.6%, which was predetermined by a seasonal factor. GDP per capita amounted to UAH 6,624, down by 0.96% y/y.

The country’s economic growth slowed to 0.2% in 2012 from 5.2% in 2011. After first-quarter GDP data was released, most of the rating agencies and global financial institutions lowered their full-year GDP growth forecast for Ukraine. The GDP is expected within a range of a growth of 1.1% to a contraction of 0.5%.

The World Bank believes that the high fiscal deficit, continuous current account deficit and high external debt remain the main challenges for Ukraine. In addition, the national currency de-facto peg to the dollar and declining foreign reserves also remain a concern for the authorities.

UA Finance - Real GDP

Read more in Intellinews’s comprehensive report, Ukraine’s Financial Sector>>


Filed under: Europe, Financial, Ukraine

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