Ukraine. Government improves GDP growth forecast from 4.5% to 4.7% in 2011
2011-06-07 13:11:30
The Cabinet of Ministers has improved GDP growth forecast from 4.5% to 4.7% in 2011. This is stated in the government decree of June 6.
The Cabinet has also improved the outlook for nominal GDP from UAH 1.253 trillion to UAH 1.291 trillion (1 USD - 7.97 UAH).
In addition, the government downgraded the producer prices growth forecast from 11.3% to 17.9%, improved the earnings outlook for profitable companies from 218.3 billion UAH to 242.3 billion UAH, and also improved the wage fund forecast from 390.8 billion UAH to 399.5 billion UAH.
According to the Cabinet estimates, the nominal average monthly wage in 2011 will amount to 2,695 UAH (previous forecast - 2,587 UAH) and the nominal wage adjusted for inflation will grow by 10.1% compared to the previous year (previous forecast - 4%).
The Government downgraded the negative trade balance forecast from 3.398 billion USD to 4.936 billion USD and revised the growth estimates for exports and imports.
Exports, according to the Cabinet forecasts, will increase in 2011 by 22.7% to 84.993 billion USD (previous forecast - by 10.3% to 74.44 billion USD) and imports by 23% to 89.929 billion USD (earlier by 10.4% to 77.838 billion USD).
The Cabinet made appropriate amendments to its ruling of August 11, 2010. The previous edition included GDP growth forecast of 4.5% in 2011.
The inflation forecast for 2011 remains unchanged - 8.9%.
In January-March 2011, GDP grew by 5.2% over the same period in 2010.