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Industrial output rose 16% in March in Ukraine

April 23, 2010

Growing external demand had led to a rapid recovery in industrial production: output rose 16.2% in March.
In March, industrial output rose 16.2% compared to February 2010 in Ukraine, and 13.8% compared to March 2009, according to Derzhkomstat. The only sectors that saw a decline over February were mining, which fell 5.9%, and power, gas and water generation and distribution, which fell 6%. The greatest increase was in coke and petroleum product output, which jumped 25.6%. Ukraine’s oil refineries are slowly coming out of hibernation in anticipation of rising demand for fuels. In March, the Odesa Oil Refinery went on line and indicators improved at western Ukrainian plants.
Higher than average growth was seen across all key sectors: metals jumped 25.1%, machine-building 22%, chemicals 19.3%, and food processing 18.4%.
The farm sector also saw positive growth at 5.3%, as did transport, rising 12.4%. However, construction remains in the doldrums, falling an additional 21.4% in March, and the retail sector has not recovered from the crisis, either, slipping a further 3.1%. According to Valeriy Hayets, Director of the Institute of Economics and Forecasting under the National Academy of Science of Ukraine, Derzhkomstat figures confirm that Ukraine’s economy is developing according to the baseline scenario. “Over Q1’10, we have seen a revival in external demand and positive results across those industries that depend on it,” he said.
“If this trend continues, by the end of the year, we should see GDP growth of 4%, which, in my opinion, is a very good base for the economy to pick up from in 2011,” Mr. Hayets added. The draft 2010 State Budget is based on anticipated growth of 3.7% in 2010.

Tags: industry