Ukraine: Industrial production pace of contraction slows in July
August 23, 2013
In July, industrial production declined 4.9% over the same month last year, which followed the sharper 5.7% drop seen in June. The decline, which reflected a severe contraction in the country's all-important manufacturing sector, marked twelve months of consecutive contraction. On a monthly basis, however, industrial production rose 5.1% over the previous month in seasonally adjusted terms, exceeding the 1.6% increase tallied in June.
As a result of July's annual contraction, the trend now points downwards. Annual average growth in industrial production fell from minus 3.8% in June to minus 4.4% in July, the lowest reading since April 2010.
FocusEconomics Consensus Forecast participants estimate that industrial output will expand 0.2% in 2013, which is down 0.9 percentage points from last month's forecast. For 2014, panellists expect industrial production to accelerate to 2.8%.