Ukraine: Industrial production growth slows in May
According to data released by the Statistical Institute, industrial output rose 2.5% in annual terms in May, decelerating from April’s 3.0% increase. The moderation in May came on the back of a contraction in mining and quarrying output, which swung from healthy growth in the previous month. Nevertheless, manufacturing production growth picked up pace considerably in May. Coupled with a robust increase in electricity, gas, steam and air conditioning supply, it drove the overall expansion of industrial production in the month.
Meanwhile, annual average growth in industrial output was unchanged in May from April’s 11-month high of 1.7%.
Looking at sequential data, industrial production expanded 3.1% month-on-month in May, recovering from a 5.0% dip in the previous month.