Economic growth started to slow down.

Рост экономики начал замедляться - Нацбанк

Economic growth slows at the end of the year

GDP growth slowed to 3.1% from 3.8% due to the deterioration of the dynamics of most key sectors of the economy.

In the third quarter of 2018, the growth of the Ukrainian economy will slow down to 3.1% from 3.8% in the second quarter. This is stated in the October Inflation report, published on the website of the National Bank.

“In the third quarter of 2018, the growth of Ukraine’s economy slowed somewhat (to 3.1% yoy estimated NBU) amid the deterioration of the dynamics of the most basic sectors of the economy. In particular, on the performance of agricultural sector was negatively affected by the decline in the yield of early grain crops. In turn, the growth of the industry has hampered the deterioration of the situation on foreign markets, repair work on several metallurgical enterprises, as well as the deteriorating freight”, – stated in the review.

According to the Central Bank, these factors slowed the increase in exports.

At the same time, continued increase in remittances of labor migrants, along with the growth of wages and social benefits has stimulated consumer demand and imports.

As a result, the current account deficit of the balance of payments has expanded significantly (in January-August to $2.1 billion). An additional factor in the expansion of the deficit has been the increase in dividend payments.

Note, on the eve of the European Bank for reconstruction and development has improved the GDP growth forecast for Ukraine to 2018 to 3.5% from 3%.

Earlier, the world Bank lowered its growth forecast for Ukraine’s GDP in 2018 and to 3.3% from 3.5%.

 

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