Ukraine's real GDP growth in the first half of 2012 stands at 2.5%, Index of Industrial Production (IIP) - 100.4%, Prime Minister Mykola Azarov said at a meeting of the Cabinet of Ministers on Wednesday.

"The results of the first half of this year are summed up. They show that, despite the negative impact of the global environment and the recession in the European Union, Ukraine's economy continues to grow. The real GDP in the first half makes 2.5%, Index of Industrial Production - 100.4%," Azarov underscored.

He added that the growth of production in the mining industry is 2.7%, agriculture - 7.4%, retail trade - 16%. "In general, this is positive performance. But there are areas that need special attention," Azarov emphasized.

In particular, he drew attention of the Ministry of Regional Development, Construction and Housing and Utility Services to uneven development of the construction industry. "Despite the law on deregulation in the construction, local authorities continue to hinder through their decisions the difficult process of investing," the Prime Minister said.

The prime minister stressed the necessity to improve monetary policy. "The economy needs cheaper loans, their reliable support," Azarov explained, noting the need to immediately address the issue of restoring the oil refining industry.

"I won't list all the problems. The tasks have been set a long time ago. I demand that all the ministers conduct an in-depth analysis one more time. All these outdated issues of our economy must be resolved," the premier underscored.

Ukrinform