Ukraine’s economy record rapidly emerging from the shadows – Kubiv

Ukraine’s economy in 2016, resumed growth, showing an increase in GDP in January-September 2016 by 1.3%, and began to emerge from the shadows at a record pace – at 5 percentage points. This was stated by first Vice Prime Minister – Minister of economic development and trade Stepan Kubiv.

“Ukraine’s economy in 2016 has overcome the consequences of the prolonged economic crisis. In the first 9 months of 2016, real GDP growth amounted to 1.3%… the Level of the shadow economy fell a record 5 percentage points,” – said Kubiv.

According to him, the first time the country’s economy is growing not because of external factors but because of internal investment and consumer demand.

Also the Minister noted that Ukraine for the first time since 2012, failed to return to growth in engineering and other branches of industrial production, increase exports of industrial equipment and stabilize exports.

“The forecast for 2017 rather optimistic. We forecast GDP growth at 3%,” – said Kubiv.

As reported, according to state statistics, the gross domestic product of Ukraine in the third quarter of 2016, according to revised data, increased in comparison with the same period in 2015 by 2%. The level of shadow economy of Ukraine in the first half of 2016, decreased to 38% from 41%.

The state budget for 2017 envisages GDP growth of Ukraine at 3 percent, the international monetary Fund predicts GDP growth in Ukraine in 2017 at 2.5%.