Ukraine's National Bank / Photo from NBU
The accelerated growth was traditionally propped up by domestic demand.
The growth of Ukraine's economy in the second quarter accelerated to 3% year-over-year against 2.5% in the first quarter.
These estimates were given by the National Bank of Ukraine in its inflation report for July, published on the website.
According to the regulator's estimates, the accelerated growth was traditionally propped up by domestic demand, the further steady growth of which was indicated by the acceleration of retail trade growth fueled by an increase in households' incomes.
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In addition, construction continued to grow at a fast pace, the situation in the industry improved, and the yield of early grain exceeded last year's harvest.
In addition, the deficit of trade in goods stopped expanding against the backdrop of improved conditions on foreign markets this year. The exception was the statistical effect from customs clearance of previously imported cars with foreign registration.
This was facilitated by a substantial increase in the supply of certain types of crops and a moderate growth of imports.
The NBU says an ongoing increase in payroll payments, lower dividend payments and a higher surplus of trade in services contributed to the current account surplus in the first five months of the year.
Also, the government's operations in the international capital market to raise funds and the inflow of nonresidents' funds into hryvnia-denominated government bonds compensated for significant state debt payments on external liabilities. As a result, the country's international reserves late in June were close to the level registered the beginning of 2019 at US$20.6 billion.