REUTERS
The Ukrainian economy in 2016 resumed its growth, having shown the increase in GDP by 1.3% in January-September 2016, and began to emerge from the shadows at a record pace – at the level of 5 percentage points, First Deputy Prime Minister, Minister of Economic Development and Trade Stepan Kubiv said during the government's Q&A at the Verkhovna Rada of Ukraine on Friday.
"Ukraine's economy in 2016 overcame the consequences of the protracted economic crisis. In the first nine months of 2016, real GDP growth amounted to 1.3%... We have managed to restore public confidence in the Ukrainian economy. The level of the shadow economy declined by a record 5 percentage points," he said.
According to Kubiv, for the first time, the country's economy is growing not due to the external factors, but due to the domestic – investment and consumer demand.
Kubiv also said that for the first time since 2012, Ukraine had managed to resume growth in engineering and other branches of industrial production, increase exports of industrial equipment and stabilize exports.
Read alsoIMF Executive Board to consider loan tranche for Ukraine in coming weeks"The outlook for 2017 is rather optimistic. We forecast GDP growth of 3%," Kubiv said.
As UNIAN reported earlier, Ukraine saw a 2% rise in GDP in the third quarter of 2016 year-over-year. The level of the shadow economy in Ukraine in the first half of this year fell from 41% recorded in the first quarter to 38%.
Read alsoUkraine's economy in 2017 to grow by 1.9% - UN forecastThe state budget for 2017 envisages an increase in GDP of Ukraine at the level of 3%. The International Monetary Fund forecasts GDP growth in Ukraine at 2.5% next year.