Bloomberg News

Ukraine’s Growth Exceeded 6% Last Quarter, Central Bank Says

October 24, 2011

(Updates with the central bank comment in second paragraph, harvest forecast in third.)

Oct. 24 (Bloomberg) -- Ukraine’s third-quarter economic growth was the fastest in more than three years, helped by a good harvest, the central bank said.

Gross domestic product rose more than 6 percent in the three months through September from the same period a year earlier, the Natsionalnyi Bank Ukrainy, based in capital Kiev, said on its website today. The economy grew a seasonally adjusted 3 percent from the second quarter, the bank said.

“A high grain and vegetable harvest compensated for a deceleration of industrial-production growth,” the bank said. Domestic consumption also helped economic growth, it said.

Ukraine may harvest a record 53 million metric tons of grains this year and export about 27 million tons this marketing year that started July 1, the Agriculture Ministry said last week. The country’s recovery is gaining momentum after the economy shrank almost 15 percent in 2009.

GDP grew 3.8 percent in the second quarter and 5.3 percent in the first three months of the year, according to the state statistics office. The government estimates 4.7 percent expansion this year, compared with 4.2 percent in 2010.

--With assistance from Kateryna Choursina in Kiev. Editors: Balazs Penz, Alan Crosby

To contact the reporter on this story: Daryna Krasnolutska in Kiev at dkrasnolutsk@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net;


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