Ukraine: Moderate growth confirmed in second quarter
September 30, 2011
According to revised data, in the second quarter GDP expanded 3.8% over the same period last year. The print matched the preliminary estimate published on 29 July but was below the robust 5.3% expansion seen in the first quarter. Meanwhile, the domestic sector continued to gather momentum. Total consumption improved from the previous quarter, buttressed by strong private consumption, which accelerated from an already robust 12.7% increase in the first quarter to a 14.1% expansion in the second quarter. Furthermore, fixed investment grew 8.6%, which followed a 4.5% increase in the first quarter. In contrast, government consumption swung from a 0.1% expansion to a 0.4% contraction. Fanned by the robust domestic demand, imports increased 24.2% over the same period last year, which, nevertheless, came in below the 39.3% expansion observed in the first quarter. Meanwhile, exports slowed from a 19.0% expansion in the first quarter to a paltry 4.9% increase in the second quarter.