GDP: According to the NBU estimates real GDP in four months of 2012 grew by near 2% yoy. Economic activity in most sectors was lower than in the second half of 2011. Economic growth is likely to accelerate by the end of the year. Still, the IER will most likely downgrade 2012 real GDP growth estimate from 2.9%.
Fiscal Indicators: The Government is unlikely to finance its expenditures at planned level in 2012 due to overly optimistic revenues plan and restricted access to capital markets.