Ukraine: Industrial output growth picks up in May
June 16, 2011
In May, industrial production expanded 8.6% over the same month last year, which represented an acceleration compared to the 4.9% increase recorded in April. Although the acceleration partly reflects a favourable base effect, the strong pace of expansion confirms that the recovery of the industrial sector remains on track. The acceleration was mainly driven by the manufacturing sector, which accounts for nearly three quarters of total industrial output. In addition, mining and quarrying picked up over the previous month, while the utilities sector slowed compared to April. Despite the robust May reading, the trend continues to weaken, with annual average growth of industrial output moderating from 9.5% in April to 9.2% in May.