Ukraine: Robust third quarter growth confirmed
December 30, 2011
According to revised data, in the third quarter GDP expanded 6.6% over the same period the previous year. The print matched the preliminary estimate published on 31 October and represented a significant improvement over the 3.8% expansion recorded in the second quarter. The domestic sector maintained strong momentum, with private consumption accelerating from an already robust 14.1% increase in the second quarter to a 15.7% expansion. The strong reading partly compensated for the 11.3% decline in government spending (Q2: -0.4% year-on-year), which meant that total consumption still grew a solid 9.6% (Q2: +10.5% yoy). Moreover, fixed investment picked up markedly from an 8.6% increase in the second quarter to a 15.2% expansion in the third quarter. On the external side, exports swung from a 4.9% increase in the second quarter to a 3.4% contraction in the third. Imports also moderated the pace, stepping down from a 24.2% expansion in the second quarter to a 13.6% increase in the third quarter.