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Ukrainian GDP to increase by 1% with 14.1% inflation in 2016 - Kubiv

Ukrainian GDP to increase by 1% with 14.1% inflation in 2016 - KubivUkraine's gross domestic product (GDP) in 2016 will increase by 1% with inflation being 14.1%, while next year, largely due to the improvement of the external environment and investment, economic growth will accelerate to 3% with inflation standing at 8.1%, such a forecast was voiced by First Deputy Prime Minister, Economic Development and Trade Minister Stepan Kubiv.

"We expect GDP growth to reach 1% in 2016, the rise in consumer prices by 14.1% December to December, or maybe even less, because today we expect some figures taking into account real current statistics," he said at a government meeting in Kyiv.

"The forecast for 2017 provides that the engine will be investments, exports and the increase in external demand, i.e. the competitiveness of our products in the market is growing," Kubiv said.

According to him, the agency expects the continuation of international support for Ukraine and the improvement of the external environment.

"In this case, GDP growth is projected at 3% and inflation at 8.1% December to December, the unemployment rate at 8.7%, the growth of real wages at 5.4%," the official added.

At the same time, he noted the national budget for 2017 is based on this forecast.
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