Archive 2015

  • Monthly Economic Monitor Ukraine No.8 (178)


    Highlight: Reform agenda

    Politics: On July 31, the IMF Executive Board completed the first review under the Extended Fund Facility Arrangement (EFF), allowing for the second disbursement of the loan to the country at USD 1.7 bn.

    Real Sector: Decline in industrial production in June decelerated to 18.1% yoy due to improved performance of both extractive industry and manufacturing.

    Energy sector: In July, Ukrainian energy sector experienced liquidity and logistical problems.

    Agriculture:In June, gross agricultural production decreased by 17.2% yoy due to the later start of the harvesting.

    External sector: Current account balance in June was positive at USD 0.4 bn due to surplus in trade in goods and services as well as positive balance of private transfers.

    Fiscal policy: Surge in local fiscal revenues and under-execution of expenditures resulted in consolidated fiscal surplus of UAH 12.3 bn in the first six months of the year.

    Social policy: Between January and June, the number of households that receive housing and utility subsidies tripled.

    Labour market: Average real wage declined by 26.3% yoy due to weak economic performance and high inflation.

    Monetary policy: In July, monthly core inflation was at -0.1% mom.

    Exchange rate: In July, interbank exchange rate remained in UAH 21-23 range set by the NBU.

    State debt: The Ministry of Finance continued talks with the Committee of Ukraine’s International Commercial Creditors on the restructuring of the sovereign debt.



    Issue:  No.8 (178) August 2015
    Attached file  (288.1 kb)
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