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Cabinet predicts 3.7% growth, US $8bn in FDI and 9.7% inflation in 2010

November 25, 2009

Forecasts prepared by the Ministry of Economy and approved by the Cabinet of Ministers are for nominal GDP to be UAH 1,178 billion in 2010, representing 3.7% growth over 2009. These figures were published in the State Program for Economic and Social Development in Ukraine for 2010, presented in the Verkhovna Rada by First Deputy Minister of Economy Anatoliy Maksiuta, according to UkrInform, a news agency.

According to calculations by the Cabinet, total industrial output is expected to grow 2.9% and agricultural output 6.0% in 2010. Pre-tax profits for Ukrainian business are expected to be a net UAH 130.3 billion (profits of UAH 252.2bn and losses of UAH 121.9bn). The balance of trade in goods and services is also expected to be positive this year, at around US $1.8bn. Exports are expected to grow 9.5% to UAH 65.0bn, while imports are expected to grow 6.3% to UAH 63.2bn. The Consumer Price Index (CPI), December to December, is expected be up 9.7% with an annual average of 11.2%. Producer prices are expected to rise 13.6%.

The public sector payroll and financial support for military personnel are expected to reach UAH 331bn. The average monthly salary will grow 3% over the year, to UAH 2,197. Moreover, with an average population of 45.86 million the number of economically active individuals will be 20.3mn or 44.0% of the general population. Unemployment will be 8.1% of the able-bodied population or 1.8mn. Productivity should gain 3.5% over the year. The Government also expects foreign direct investment (FDI) to be US $8.0bn over 2010.

Tags: economy