Macroeconomic Forecast Ukraine

Industrial production (IP) growth rang in at 9.6% year-on-year (y-o-y) in August, up from 8.7% in July, driven higher as increases in mining and manufacturing activity off-set a slowdown in the electricity, gas and water production component. The outturn marked the fastest pace of expansion since February 2011, and firmly bucked the trend of slowing economic growth across the European space. We expect IP to slow to a 7.5% y-o-y pace by end-2011.

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