Vice PM Kubiv: Ukraine’s GDP growth in 2016 exceeded forecasts twofold

Vice PM Kubiv: Ukraine’s GDP growth in 2016 exceeded forecasts twofold

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Ukrinform
Ukraine’s real economic growth in 2016 totaled 2.3%, according to the State Statistics Committee.

First Vice Prime Minister – Economic Development and Trade Minister Stepan Kubiv stated this during the presentation of the project on Export Strategy of Ukraine – Roadmap for Strategic Development of Trade, an Ukrinform correspondent reported.

"In 2016, when there were various factors for GDP growth, the real growth was 2.3%, according to the State Statistics,” Kubiv said.

According to him, the economic revival took place due to systemic reforms carried out in the last three years.

As earlier reported, the National Bank of Ukraine (NBU) raised its forecast for Ukraine's GDP growth in 2016 by 1.1%. In July 2016, the NBU revised the forecast, but left the figure unchanged.

At the same time, the European Bank for Reconstruction and Development (EBRD) in November 2016 downgraded the forecast for Ukraine’s GDP growth from 2% to 1.5%.

In 2017, the NBU expected Ukraine’s GDP growth at 2.8%. However, in connection with the blockade of trade in certain areas in Donbas, the central bank revised its previous forecast for economic growth in 2017 from 2.8% to 1.9%.

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