On the average, economic growth in Ukraine is projected at about 1.5% in 2016 / Photo from UNIAN
Ukraine's GDP in January-October 2016 grew by 1.2%, according to materials posted by the Ukrainian Economic Development and Trade Ministry on its website.
"In total, GDP growth in the 10 months [of 2016] is estimated at 1.2% [according to the Ukrainian Economic Development and Trade Ministry's estimates]," the materials said.
Taking into account the current GDP dynamics, the ministry maintained its forecast for the growth of Ukraine's economy in 2016 at 1%.
Read alsoIMF maintains GDP growth forecast for Ukraine in 2016, 2017According to the ministry, Ukraine's economic growth January through October 2016 was propped up by an increase in global prices of Ukrainian export-oriented goods, improved financial results posted by Ukrainian enterprises, which was followed by more active investment, as well as by an increase in domestic demand and the low comparative base.
Ministry analysts also listed risks that may still affect the economic growth in Ukraine by the end of the year, namely these are a decline in prices of raw materials due to a possible slowdown of China's economic growth, the introduction of more trade barriers and escalation by Russia of the military conflict in Donbas. They also project that the weakening of the hryvnia against the U.S. dollar and the euro and spiraling inflation may pose a threat to Ukraine's economy.
As UNIAN reported, Ukraine's GDP in the third quarter of 2016 was 0.4% up from the previous, second quarter of 2016, after a 0.6% increase in the second quarter from the first quarter of 2016.
On the average, economic growth in Ukraine is projected at about 1.5% in 2016. The International Monetary Fund's, Ukraine's key donor, forecasts 1.5% GDP growth in Ukraine in 2016 amid 15.1% inflation. The World Bank predicts Ukraine's GDP may rise by 1% amid 15%, while the European Bank for Reconstruction and Development is more optimistic, expecting 2% growth of Ukraine's economy.