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Ukrainian statistics body updates GDP growth figures

In the Q2, GDP growth reached 1.4 per cent.

The State Statistics Service has published an updated report on the growth of Ukraine's GDP in the second quarter of 2016 over the same period in 2015, from 1.3 per cent to 1.4 per cent. The estimate of growth remained unchanged compared with the first quarter of 2016, that is 0.6 per cent.

Nominal GDP in the second quarter amounted to 531.8bn hryvnyas, the service said.

In Q2 of 2015, GDP plummeted 14.7 per cent down.

In Q1 of 2016, GDP inched 0.1 per cent up compared with the first quarter of 2015, while in the previous year the drop reached 17 per cent.

The cabinet had forecast a 2-per-cent economic growth for 2016, but after the first months of the year the National Bank of Ukraine and the Ministry of Economic Development downgraded the estimate to 1 per cent.

In late June, Prime Minister Volodymyr Groysman said a 1.5-per-cent growth was expected for the year 2016.