Ukraine: Industrial output rebounds in May
June 27, 2017
Ukraine’s industrial activity rebounded in May following three consecutive months of contraction. According to data released by the State Statistics Service, industrial production swung from April’s 6.1% year-on-year contraction to a 1.2% rise in May.
A strong expansion in the manufacturing sector drove the return to positive dynamics and offset declines in the two remaining subcomponents: mining and quarrying and, supply of electricity, gas, steam and air conditioning. Industrial output in the Rivne and Odessa regions made significant gains in May. By contrast, industrial production fell further in the rebel-held eastern regions of the country Donetsk and Lugansk. These two regions have been at the epicenter of a political earthquake, which saw a full-blown trade halt in March.
Annual average growth in industrial output was stable at last month’s 0.7% in May.
Sequential data followed suit with the headline result, as it swung from a seasonally-adjusted 6.9% month-on-month fall in April to a 3.5% rise in May.
Author: Nihad Ahmed, Economist