Despite certain pessimistic forecasts, the revival of economic dynamics was reported in Ukraine in the first quarter of 2011, National Bank of Ukraine (NBU) Governor Serhiy Arbuzov has said, the bank's press service reported.

Arbuzov said that according to the central bank, the growth in Ukraine's real GDP in February 2011 had exceeded 6%. He also noted positive trends in the activities of enterprises.

He said that in January 2011 compared to January 2010, the profits of profitable enterprises had increased by 25%, while the losses of unprofitable enterprises had declined by 10%.

"Owing to this, net profit in the economy reached UAH 5.3 billion (UAH 7.96 / USD 1)," the NBU head said. He also noted a gradual increase in the foreign exchange reserves of the National Bank of Ukraine. According to Arbuzov, as of April 1, 2011 their volume exceeded USD 36 billion.

According to the NBU governor, the acceleration of inflation in March 2011 to 1.4% poses no threat to the macroeconomic stability and growth of the Ukrainian economy. Arbuzov said that the confidence of foreign investors in Ukraine's economy was gradually increasing.

Arbuzov said earlier that the National Bank of Ukraine did not intend to raise its discount rate due to the acceleration of consumer inflation in March 2011 to 1.4%, from 0.9% in February 2011.

Ukrainian Prime Minister Mykola Azarov said he believed that the national economy would emerge from crisis in 2012.

UKRINFORM