According to the experts, the 2% growth in the first quarter has been reached at the expense of domestic demand. Proper monetary policy of the National Bank and the foodstuff price decline have led to the deflation of consumer's price in June (1.2% down). At the same time, the weakened demand suppresses the growth of industrial production in the second quarter.
The economist also pointed out that the account deficit of current operations in the domestic economy has stabilized amid the low amount of gas purchases and poor readiness of investors to take risks, while the import decline has resulted in the stabilization of import dynamics.
"We expect the GDP growth rate to remain at the level of 2% by the year end. As for the coming year, we expect the economic growth to speed up to 3.5% rate in connection with the gradual overcoming of the crisis in Europe and the growth of the overall GDP in the EU by 0.7%. Further improvement of the foreign economic situation in 2014 will enable the Ukrainian economy to grow further - by 4%," Piontkovski said.
The expert has confirmed the economic growth requires structural reforms, including those provided by the President's program.
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