Archive 2015

  • Monthly Economic Monitor Ukraine No.5 (175)


    Highlight: Inflation records

    Politics: Long-awaited conference of international donors and investors had moderate results likely due toslow pace of reforms in Ukraine.

    Real Sector: The industrial output in March contracted by 21.1% yoy due to protracted impact of military conflict in Donetsk and Luhansk oblasts as well as weak external and domestic demand.

    Energy sector: The Verkhovna Rada adopted a law On the Natural Gas Market, whichstipulates expected for a long time gas market reform.

    Agriculture: In March 2015 gross agricultural production declined by 6.8% yoy.

    External sector: Current account in March was balanced mainly as merchandise trade deficit narrowed to USD 0.2 bn.

    Fiscal policy: Consolidated fiscal revenues in March surged by 48.8% yoy due to acceleration of inflation, hryvnia depreciation, tax amendments, and receipts from 3G licences.

    Social policy: The Government submitted to the Verkhovna Rada draft laws in the framework of promised pension reform.

    Labour market: Average wage in March dropped by 24.6% yoy in real terms due to sharp acceleration of inflation.

    Monetary policy: In April, consumer prices reportedly increased by 14% mom, what reflects one-off revision in gas and electricity prices for households.

    Exchange rate: Peak redemptions and interest payments on foreign currency bond led Ukraine’s international reserves to decrease to USD 9.6 bn by the end of April.

    State debt: The EU approved the third MFA programme for Ukraine at EUR 1.8 bn.


    Issue:  No.5 (175) May 2015
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