For the first half of the year 2001 the GDP components contributed to the total real GDP growth as follows: households’ consumption – 31%, investments – 32%, state consumption – 29%, and net export – 8%.
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For the first half of the year 2001 the GDP components contributed to the total real GDP growth as follows: households’ consumption – 31%, investments – 32%, state consumption – 29%, and net export – 8%.
Within the first nine month of 2001 the real GDP in Ukraine grew 9.3% yoy. In September, the real GDP increased by only 0.1% yoy, this being the smallest increase since the beginning of the economic recovery.
According to Derzhkomstat, the real GDP grew by 10.8% yoy between January and August 2001 (in August – 12.4% yoy) somewhat slowing the rate of growth compared to previous months. Growth in value added to agriculture and forestry remained high at 26.2% yoy for the first eight months, but stable when compared to July. Increasing growth in value added in the wholesale and retail trades and in repair services (15.9% yoy cum.) was offset by a slowdown in value added growth in construction and in the manufacturing industry.
The January to July 2001 growth of real GDP reached its highest level – 10.5% yoy cum. (17.4% yoy in July) since the beginning of Ukraine’s economic recovery. Compared to the steady value added increases in other sectors, value added in agriculture and forestry rose by 24.6% yoy cum. in seven months mainly due to a good grain harvest.
The growth of the Ukrainian economy has been sustained over the first half of the year. According to Derzhkomstat, the real GDP increased by 9.1% yoy cum. (9.2% yoy in June) between January and June. The highest value-added growth occurred in the manufacturing industry (23.2% yoy cum.), in construction (8.5% yoy cum.), and in the wholesale and retail trades (13.5% yoy cum.).
The official GDP growth figure for 2000 was downgrated from 6.0% to 5.8% yoy due to the transfer of the proceeds from the sale of bombers to Russia from 2000 to 1999.
In April the GDP grew by an impressive 10.8% yoy (8.5% yoy cum. since the start of 2001) primarily due to high growth in industry (18.4%). However, industrial output declined in April by 1.6% as compared to March and a high proportion of enterprises decreased their production.
GDP posted a significant growth of 7.7% yoy cum. in January-March 2001 without the seasonal decline. Growth of industrial production in the first quarter totalled 17.4% yoy cum. (18.1% yoy in March), with barter transactions falling.
Industrial production in March may accelerate as compared to the February rate and reach 16.0% growth yoy, which could raise the first quarter result to 16.4% yoy cum. growth. In addition to last year’s growth leaders (food, light and wood processing industries) machine building maintains accelerating growth rates.
The GDP growth figure might slow down to approximately 6.0% yoy in February from 9.1% yoy in January due to lower industrial production growth (12.6% yoy).
The remarkable GDP growth rate of 9.1% in January seems to be a logical continuation of the Ukrainian economic upturn in 2000. Industrial production in January grew strongly at 19.5% yoy and agriculture at 0.5% yoy.
Steady GDP growth continued in November (8.0% yoy) and December, resulting in a 6% growth for the whole year 2000, according to preliminary data. This result is an important achievement since it records the first positive growth figure for Ukraine since gaining independence in 1991. The previous best result was a 0.4% GDP fall in 1999.