Lytvytsky: First signs of recovery forming in Ukraine’s economy

The economic results in July and August allow us to speak about a formation of the first signs of recovery, head of the group of advisors to the head of the National Bank of Ukraine (NBU) Valeriy Lytvytsky stated.

"We need to be careful about these signs, because each phase of a remission may turn into a relapse," he said.

According to Lytvytsky, during the first two months of the third quarter the economic decline, fortunately, did not increase.

He said that the acceleration of decline in the second quarter of this year to 1.3% from 1.1% in the first quarter was connected with higher base of comparison, as in the first quarter of 2012 the GDP grew by 2.2%, while in the second - by 3.0%.

The adviser to the NBU head reminded that the base of comparison of the third quarter of 2012 was favorable, as the GDP began to decrease. The basis of comparison of the fourth quarter of 2012 will be even more favorable, when the decline is 2.5% compared with 1.3% in the third quarter, Lytvytsky added.

He also pointed out that in September the positive economic trends of the U.S., Europe, Russia, China and Japan gradually went into effect.