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  • Monthly Economic Monitor Ukraine No.6 (152)

    11.06.2013

    Highlight: Hryvnia - EXCHANGE RATE PROPPED UP BY ADMINISTRATIVE MEASURES

    Politics: Ukraine signed a memorandum on deepening cooperation with the Eurasian Economic Commission, a regulatory body of the Customs Union of Belarus, Kazakhstan, and Russia.

    Real Sector: Real GDP dropped by 1.1% yoy in the first quarter due to negative contribution of net exports.

    Energy sector: The projected balance of supply and distribution of natural gas for 2013 envisages further decrease gas consumption and imports.

    Agriculture: All regions of Ukraine had fully completed sowing campaign within optimal agro technological timing by the end of May.

    External sector: Current account deficit narrowed to USD 0.7 bn in April due to lower trade deficit and almost balanced net payments on income.

    Fiscal policy: To finance growing expenditures the Government increased central fiscal deficit to UAH 16.1 bn from UAH 4.5 bn in the first quarter. The deficit is financed at the expense of borrowings.

    Social policy: The Pension Fund expenditures rapidly increase requiring substantial fiscal financing.

    Labour market: Companies in all sectors increased wages although changes ranged from growth at 2.9% yoy for transport to 14.1% yoy for agriculture.

    Monetary policy: Headline consumer inflation remained negative in May for seven months in a row at -0.4% yoy.

    Financial markets: In May the NBU decided to extend administrative measures introduced in November 2012 to support exchange rate for other six months.

    Issue:  No.6 (152) June 2013
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