Ukraine: Industrial production contracts in January
February 25, 2013
In January, industrial production dropped 3.2% over the same month last year, which followed the 7.8% fall recorded in December. The monthly contraction was driven by a decline in mining and manufacturing output as well as in the electricity, gas and water sector.
A month-on-month comparison corroborates the decline suggested by the annual data, as industrial production fell 11.1% over the previous month in seasonally adjusted terms. The print came in well below the 4.2% decrease tailled in December and marked the lowest reading in the last twelve months.
FocusEconomics Consensus Forecast participants estimate industrial output to expand 2.5% in 2013, which is down 0.1 percentage points from last month's forecast. For 2014, panellists expect industrial production to accelerate to 3.7%.
The government expects economic growth to reach 3.0% this year. Consensus Forecast participants see the economy growing 1.6% in 2013, which is down 0.4 percentage points from last month's forecast. For 2014, panellists anticipate that the economy will grow 3.4%.