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Growth in Ukrainian Production Index for Basic Industries Accelerated to 10.8% in July

There was a significant acceleration of growth in the index of production for basic industries (hereinafter – IPBI) In July – up to 10.8% in annual terms (9% in June). For 7 months, the IPBI growth was 9.5% from the same period last year.

The main factor for increasing economic activity was a significant increase in grain yields (24% compared with the same period last year). Boosted agricultural production in July by more than 14% in annual terms provided 4.6 percentage points of IPBO growth (40%).

The dynamics of other industries – constituents of the index has not undergone any changes in July.

Production growth of export-oriented industries remained almost at the level of previous months due to the immutability of external demand. Volumes of production of machinery increased by 15.5% in annual terms (15.8% in June) and there was a slight acceleration of growth in steel production (18.5% from 15.3% in June) mostly due to domestic demand for the industry products.

Industries focused on the domestic market were influenced by the slowdown in real income. So in July, decline in production of food industry continued (-4.4% in annual terms), and the growth in light industry was low (0.9%). Accordingly, a slight slowdown in retail sales continued – from 15.2% in the first half of the year (compared to the same period last year) to 15% in 7 months.

The growth in construction activities in July fell to 10.2% in annual terms. However, according to the National Bank of Ukraine, the reason for the deterioration of the dynamics of the industry was of a temporary nature – bad weather conditions prevented from carrying out construction operations. Growth in capital expenditure budget continued at high rates.

According to the NBU, a GDP growth accelerated in July and amounted to 7.5% in annual terms (3.8% in the II quarter).

Source: National Bank of Ukraine