In February, industrial production declined 3.7% over the same month last year, which marked a slight improvement over the 5.0% contraction tallied in January. February's result reflected a moderation in the pace of contraction compared to the previous month. Moreover, electricity, gas and water production rebounded from a contraction in January to an expansion in February. Mining production, however, swung in the opposite direction, from an expansion to a contraction. On a monthly basis, industrial production benefited from a strong base effect and expanded a seasonally-adjusted 0.3% in February, which sharply contrasted January's 16.0% contraction. Annual average growth in industrial output edged up from January's minus 4.4% to minus 4.2% in February. FocusEconomics Consensus Forecast participants estimate that industrial output will expand 0.2% in 2014, which is down 1.9 percentage points from last month's forecast. For 2015, panelists expect industrial production to accelerate to 2.1%.
Contraction in industrial production eases slightly in February
March 24, 2014
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Ukraine Industry Chart
Note: Year-on-year and annual average variation of industrial production in %.
Source: State Statistics Service of Ukraine and FocusEconomics calculations.
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