Ukraine's Economic Development and Trade Ministry assesses growth of Ukraine's GDP in January through July 2016 at 0.7% and predicts its acceleration to 1% plus or minus 0.2% at the end of this year, according to a posting on the ministry's website.
"According to calculations of the Economic Development and Trade Ministry, GDP growth in January-July 2016 almost did not change year-over-year, being 0.7%. We anticipate GDP will grow by 1% in 2016 (plus or minus 0.2%)," the ministry said on Tuesday.
As reported, Ukraine's real GDP in the second quarter of 2016 increased by 1.3% compared to the second quarter of 2015, whereas in the first quarter of this year the figure was a mere 0.1%.
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According to live data, compared to the previous quarter Ukraine's GDP in the second quarter of 2016, taking into account the seasonal factor, rose by 0.6%, while the decline of 0.7% was recorded in the first quarter.
Ukraine's GDP last year fell by 9.9%, although the rate of decline year-on-year was steadily falling: in the first quarter the figure stood at 17%, in the second quarter at 14.7%, in the third quarter at 7.2%, and in the fourth quarter at 1.4%.
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The deflator was also declining: from 42.8% in the first quarter to 39.6% in the second quarter, 37.9% in the third quarter and 32.7% in the fourth quarter, which brought the figure for the whole year to 38.4%, and the first quarter of 2016 it dropped to 20.5%.
The National Bank and the Economic Development and Trade Ministry downgraded their forecast for GDP in 2016 from 2% to 1-1.1%.