Ukraine: Industrial production contracts most since September 2009
June 21, 2013
In May, industrial production declined 9.3% over the same month last year, which marks a sharp deterioration over the 2.2% drop seen in April. Moreover, the print marks the 10th consecutive contraction and the steepest fall observed since September 2009. The drop reflected contractions in all the main subcategories.
A month-on-month comparison corroborates the deterioration suggested by the annual data, as industrial production decreased 5.6% over the previous month in seasonally adjusted terms, which was well below the 1.5% decline tallied in April.
As a result of the annual contraction in May, the trend is pointing downwards, as annual average growth fell from minus 2.3% in April to minus 3.4%.
FocusEconomics Consensus Forecast participants estimate industrial output to expand 0.7% in 2013, which is down 0.1 percentage points from last month's forecast. For 2014, panellists expect industrial production to accelerate to 3.2%.