Real GDP fall slows down in Ukraine
2013-02-28 14:29:12
In January 2013, real GDP fall slowed down and was 0.5% in annual terms.
The analysis of Ukraine's economic state proves this, held by the National Bank and made public at the official NBU website.
“Real GDP dynamics in January 2013 corresponded to dynamics of the key branches production index. By estimates of the NBU Department of Statistics, Analysis and Forecasting, real GDP fall slowed down and made up about 0.5% in annual terms.
As the document notes, at the beginning of 2013, slight improvement of the economic situation took place, the fall of the key branches production index has slowed down from -4% in annual terms in December to -1.6% in January.
Slight renewal of external demand promoted slight improvement of indexes of export-oriented industrial sectors. The fall in the volumes of metallurgical production slowed down from -11.7% in December in annual terms to -8.6% in January, machine building from -18.8% tо -7.8% respectively. High internal consumer demand on the backdrop of the last year's high yield ensured substantial enhancement in the growth of food industry production - from 2.2% in December in annual terms to 9.5% in January. As a result, less a seasonal factor, industrial production volumes grew by 1.8% in January, and in annual terms their reduction slowed down from -7.6% in December to -3.2% in January.
High rate of internal consumption demand, supported by the real wage growth (14.4% over 2012) promoted further increase in retail trade - by 14.2% in January in annual terms. Contribution of retail trade into the change of the key branches production index was the largest in January and made up 1.3 percentage points (pp).
Positive contribution into the change of the key branches production index (0.5 pp) was ensured by agriculture, whose production grew by 5.6% in annual terms in January.
Internal investment demand remained at a low rate, which is proved by the fall in the volume of construction works in January, although, its slowdown should be noted from -24% in December to -15.2% in January. Excessive precipitations were a negative factor for the sector development over the winter period, which hampered development of construction works.