Ukraine: Industrial output grows at slowest pace in over two years
December 20, 2011
The industrial sector continues to lose steam. In November, industrial production grew 3.8% over the same month the previous year, which came in below the 4.7% expansion observed in October and, in fact, represents the slowest pace seen since October 2009. The deterioration was entirely due to the manufacturing sector, which moderated from a 4.4% rise in October to a paltry 0.8% increase in November. In contrast, growth in both the mining sector, as well as in the production and distribution of electricity, natural gas and water, accelerated over the previous month. Owing to the subdued monthly print, annual average industrial output growth dropped for the third month in a row, down from 8.6% in October to 8.1% in November.