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Ukraine's GDP almost 5% up in 2011

January 12, 2012

Ukraine's real GDP growth in 2011 accelerated to almost 5% from 4.2% in 2010, Ukrainian Premier Mykola Azarov said.

The balanced monetary policy of the National Bank of Ukraine (NBU) and the budget policy of the government allowed reaching a record low inflation level in the country – 4.6%. "Real wages grew by 8.5%, and this is the largest indicator in the CIS states," Azarov said.

In the middle of December the Ukrainian premier said that GDP growth in January-November 2011 came to 5.3%. According to tentative assessment, nominal GDP totaled Hr 1.177 trillion, including Hr 119 billion in November alone.

The growth pace accelerated from 3.8% in the second quarter and 5.3% in the first quarter to 6.6% in the third quarter.

Azarov also added that the deficit of Ukraine's national budget in 2011 will reach 1.7% of GDP. Last year the government managed to achieve a break in the pace of the state debt and start their reduction.

Azarov said that in 2011, Ukraine's direct state debt narrowed to 27.4% of GDP from some 30% of GDP in 2010.

He added that this is especially important, taking into account the fact that the largest payments for state debt are to be performed in 2012-2013.

Tags: economy