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Head of Ukraine's State Statistics Service Ihor Verner has announced the country's GDP in the fourth quarter (Q4) of 2016 grew by 4.5-4.8% compared to Q4, 2015.
"The figures for the fourth quarter will be published next week, but we can already say that GDP growth is between 4.5% and 4.8% year-on-year in October-December. Industrial output grew by 2.4% in 2016," the official said at a government meeting on Wednesday, February 8, citing the statistics agency's tentative estimates.
In his words, industrial growth is due to the better-than-expected performance of Ukraine's agriculture and construction, as well as the development of commerce and the transport sector.
Read alsoEconomy Ministry: Economic growth 2%, industrial production 2.4% in 2016Verner also noted that the average monthly salary in 2016 grew by 23%, to UAH 5,183 (about US$192) per capita. "The growth has been recorded in the budget and industrial sectors in all regions of the country. What is more, delayed wages decreased by 4.8% in 2016, accounting to UAH 1.8 billion as of January 1, 2017," he said.
In general, the results of 2016 indicate economic growth trends, according to Verner.
The Economic Development and Trade Ministry in turn estimates Ukraine's economic growth in 2016 at nearly 2% amid a 2.4% increase in industrial production. The composite production index exceeded 4%, the ministry said.
The government projects economic growth at 3% in 2017 amid 8.1% inflation and an average annual forex rate expected at UAH 27.2 per dollar. Forecasts of the country's key lenders and international rating agencies are somewhat less optimistic: the growth of the Ukrainian economy in the current year is forecast at 2-2.5%, but it may continue to grow to 4% per year on the average.