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NBU: Review of the Real sector of Ukraine
04 July 2011
In April 2011, the economic growth of Ukraine decelerated. The growth decelerated owing to as the high comparison base, so a decline in external demand for export-oriented production, which had an influence on a deceleration of the growth rates of industrial production volumes. The internal consumer demand continued to maintain an augmentation in the retail trade turnover. High investment activity stimulated the construction industry development.

In April, by the NBU estimates, the production index of basic industries made up 106.7% year on year versus 108.5% in March. Such dynamics was due to as the high statistic base of the previous year, so a noticeable deceleration of the industry. In April versus the corresponding month of the previous year, industrial production volumes grew by 4.9% (by 8.0% in March) owing to some deterioration of the foreigneconomic conjuncture.

An augmentation in metallurgical production and finished metal products decelerated to 3.1% as against the corresponding month of the previous year (5.7% in March and 17.4% in February, correspondingly) owing to the two-month deceleration of the growth rates of price for steel on the world markets (to 11.8% in April versus the corresponding month of 2010). The growth rates of machinery construction considerably decelerated (to 13.6% year on year versus 22.8% in March).

Within January-April, the growth rates of agriculture production volumes decelerated to 4.0%, chiefly owing to the latest start time of the sowing season.

Within January-April versus the corresponding period of the previous year, the growth rates of retail trade turnover accelerated to 14.9% due to stable internal consumer demand owing to an increase in real wages of the population and intensification of lending by banks.

Within the four months of 2011, the growth rates of construction works accelerated to 11.6% versus 6.8% in the first quarter to the corresponding period of the previous year. Besides the statistical effect of the low comparison base, the improvement of economic expectations of enterprises and a gradual increase in their investment activity had an influence on the ascending dynamics. The high government financing level maintained the construction industry development.

Source: National Bank of Ukraine

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