Economy 2021-09-15T05:26:08+03:00
Ukrainian news
GDP Up 3.2% In 2019 – NBU

GDP Up 3.2% In 2019 – NBU

NBU, GDP, gross domestic product

In 2019, the gross domestic product rose by 3.2%.

The National Bank of Ukraine has said this in a statement, Ukrainian News Agency reports.

According to the report, in 2019, the growth of the Ukrainian economy remained stable: the real GDP rose by 3.2%, having insignificantly slowed down by 3.4% year over year.

In the fourth quarter of 2019, the real GDP rose by 1.5% year over year.

The major diver of the real GDP’s growth in 2019 was the domestic demand: both consumer and investment one.

The end-consumer expenditures of household rose by 11.9% after their increased by 9.3% in 2018.

A considerable economic growth factor still was investment activity.

The gross accumulation of the capital assets rose by 14.2%.

The investment activity was facilitated by high business expectations of enterprises, improvement of financial results of enterprises, overhauls at certain industrial enterprises, in particular smelting enterprises, as well as the active implementation of infrastructure projects by business the government, for example, in the field of alternative energy, as well as development of roads.

According to the report, certain slowdown in the investment activity year over year (from 16.6%) was entailed by statistical effect of a greater comparative base of 2018, which, in particular, reflected the sale of 4G licenses by mobile operators.

Physical volumes of export of goods and services rose considerably, by 6.7% in 2019 over an insignificant decreased in 2018.

At the same time, significant amount of farm produce export and supply of the products produced during the previous periods led to considerable decrease in reserves, especially in the second half of 2019.

The import growth sped up to 6.3% over 3% in 2018.

It was conditioned by both large amount of natural gas import in conditions of uncertainty with the signing of a new gas transit contract with Russia, and stable domestic demand, in particular, for machine building products.

As a result the negative contribution of the net export to the GDP growth decreased significantly to 0.4 p.p. over -2.3 p.p. in 2018.

As Ukrainian News Agency earlier reported, the NBU has retained the GDP growth outlook for 2020 at 3.5%.

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