Ukraine: Industrial production growth moderates amid waning base effect
April 20, 2011
In March, industrial production rose 8.0% over the same month last year, coming in below the 11.5% rise observed in February. The moderation partly reflects the waning of a favourable base of comparison, as industrial output tallied a robust 13.8% year-on-year expansion in March last year, and thus the print does not point to a deteriorating industrial sector. That said, the deceleration also reflected slower growth in the manufacturing sector, which accounts for nearly three quarters of all industrial output and grew 8.1% (February: +14.9% yoy). In contrast, the utilities sector accelerated from a 5.9% increase in February to a 13.8% expansion in March. Amid more moderate growth rates, annual average growth of industrial output followed suit, slowing from 11.0% in February to 10.6% in March.