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  • Monthly Economic Monitor Ukraine No.8 (154)

    13.08.2013

    Highlight: Fiscal policy - HIGH FISCAL PRESSURE CREATES INCENTIVES FOR REFORMS

    Politics: Russia seems to start trade war. In particular, in July it banned imports of sweets from Ukraine produced by the corporation Roshen.

    Real Sector: Real GDP declined by 1.1% yoy in the second quarter of 2013 likely due to decline in exports and investments.

    Energy sector: Transparency at the energy market is expected to increase.

    Agriculture: Good grain harvest results in decline in prices.

    External sector: Financial and capital account was in deficit of USD 0.4 bn as government repaid USD 1 bn in Eurobonds and private sector inflows were not sufficient to refinance debt.

    Fiscal policy: Fiscal situations deteriorated further putting under the risk financing of social payments and wages.

    Privatisation. The State Property Fund of Ukraine intends to continue privatisation of energy companies in September.

    Social policy: Birth rate declined likely due to high economic instability.

    Labour market: Wage growth decelerates further due to economic slowdown.

    Monetary policy: Headline consumer inflation returned to zero in July after several months of negative numbers.

    Financial markets: In July 2013 the Government significantly raised its borrowings on domestic market to at least partially cover increasing fiscal gap.

    Issue:  No.8 (154) August 2013
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