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NBU: economic growth in Ukraine accelerated to 1-2%

Sologub upgraded GDP growth figure in Q2.

NBU: economic growth in Ukraine accelerated to 1-2%
Dmytro Solohub
Photo: Photo: Max Trebukhov

The National Bank of Ukraine sees an acceleration of economic growth in Ukraine in the second quarter, deputy governor of the central bank Dmytro Solohub told a news conference on 28 July.

"While we saw a very slight increase in the first quarter around 0.1% ,in the second quarter, the figure has improved. According to our estimates, it will exceed 1% or will be in the range of one to two per cent," he said.

Real gross domestic product of Ukraine inched up 0.1% in the first quarter of 2016 over the first quarter of 2015, after a 17% plunge the previous year.

The Cabinet had forecasted a 2% economy growth for 2016, but after the first months of the year the National Bank and the Ministry of Economic Development downgraded the forecast to 1%.

In late June, Prime Minister Volodymyr Groysman said he expected a 1.5% growth in 2016.