Ukraine. Deficit of current account and trade balance over USD 9 billion by year results - expert
2011-12-21 09:35:12
By results of 2011, deficit of current account and trade balance of Ukraine will be over USD 9 billion, this forecast was made public by President of the European Business Association (EBA) and Chief Executive Officer of investment company Dragon Capital Tomas Fiala.
"Expectations for next year are not very bright. Ukraine has the double-bottom economy. There is the budget deficit, which is financed mainly at the expense of international borrowings and another deficit of trade and current account of the balance of payments. This year, we will have deficit of current account and trade balance over USD 9 billion. This is more than 5% of GDP," he said.
The expert noted that this index is not very sound and this leads to pressure on the national currency, which is felt over recent four months.
According to the National Bank, deficit of current account of Ukraine over nine months of 2011 grew 10.8 fold to USD 5.5 billion against USD 506 million over the same period of 2010.
Over 10 months of the year, according to calculations of experts, deficit of current operations account of Ukraine grew to USD 7 billion.
The National Bank expects that current account deficit in 2011 may increase to 4.5%, and in 2012 it will make up 4%.
