In the first quarter 2011 economic recovery in Ukraine has acquired a new impetus. Valeriy Lytvytsky, the head of the group of advisers to the governor of the National Bank of Ukraine (NBU), said at a press conference at UKRINFORM on Wednesday that GDP growth is estimated at 5-6%, which is higher that in the like period last year (4.8%).

The economy continues to move from the phase of recovery to expansion. Under favorable conditions, the budget benchmark (4.5%) of GDP growth may be exceeded by 1-1.5%.

According Lytvytsky, in the first quarter all industries increased their production above forecasts. If construction and trade in the corresponding period last year were in recession, so now trade sees growth of 12.3%, transport - 13.1%, construction - 6.8% (after 6. 1% in January-February).

After a six-month recession (July-December), agriculture has been demonstrating upturn for the third consecutive month with 5.3% over the quarter, 0.3% higher than in January-February, and taking into account the comparative base - 0.4% up.

Industry, given the comparative base, rose 1.8% faster than the previous two months (January-March - 9.7%).

Lytvytsky noted that in the second quarter the comparative base will worsen by 0.7%, but in the third and fourth quarters it will be more favorable. A budget benchmark with GDP (4.5%) is securely located in the area of accessibility with a higher rate still possible.

At the same time, there are challenges with respect to the pressure of energy prices, fluctuations in external demand, which in March already hit metallurgy.

UKRINFORM