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Ukrainian Industry heat up. The growth rate reached 16,2%
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20 April 2010
Due to revitalization of external demand the industry has begun rapidly restoring - in March, the volume of production increased by 16,2%. A further revitalisation of the industry prevents stagnation of the domestic market, say market participants. They estimate that a steady growth in production will only be shown a few months later.
In March, Ukrainian industry has increased production by 16,2% comparing to February 2010 and 13,8% - comparing to March 2009 (according to State statistics committee). The decline in February showed only mining energy minerals (-5.9%) and the production and distribution of electricity, gas and water (-6%). The highest growth was seen in the production of coke and refined petroleum products (25.6%).
Ukrainian petroleum refinery plants emerging from hibernation and preparing to have increased demand for fuel. In March was launched new Odessa petroleum refinery plant together with improved performances of the west Ukrainian factories", - said deputy director of the SEC "Psyche" Gennady Ryabtsev.
Above the average rate recorded in all key industries: iron and steel (25.1%), engineering (+22%), chemicals (19.3%) and food industry (18.4%). Market participants believe in the restoration only after two months of stable growth. “Domestic demand remains at a very low level, and we afraid of the volatility of external markets” (added chairman of the concern “Styrol” Nicholas Jankowski).
Ukrainian economy is heating up. Positive trend shown in agriculture (5.3%) and transport (12.4%). Still showing negative trends construction industry (-21.4%) and retail trade (-3.1%). "As a result in I quarter we see a recovery in external demand and the positive dynamics of the industries that depend on it. At the same time, recovery in domestic demand is a big lag. If this trend does not change until year end we will arrive at GDP growth of 4% that, in my opinion, is a very good basis for economic recovery in 2011, "- said Vadym Geets, Head of Institute for economics and forecasting. The draft state budget for 2010 envisages annual GDP growth of 3,7%.
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