NBU allows the revision of the forecast of GDP growth in 2017

The Deputy head of the NBU Board noted optimistic statistics for the agricultural sector.

The national Bank of Ukraine (NBU) has improved the forecast of growth of gross domestic product in 2017 during the next revision of macroeconomic indicators at the end of October.

This was stated by Deputy head of the NBU Board Dmitry Sologub in the blitz-interview to the Agency Interfax-Ukraine.

“We see that this year we are conservatively assessed the impact of the embargo on GDP growth. The data for the second quarter and some indicators for the third suggest that the situation is better than we expected… So we see that by the end of 2017, the economy may expand more than we expected,” he said.

According to him, in particular, recovered metallurgical enterprises after a break up transport and trade links in the East of the country. This recovery also supported an active foreign demand.

In addition, the Deputy head of the NBU Board noted optimistic statistics for the agricultural sector.

“Although the harvest is lower than last year, our expectations were even worse, since the weather conditions turned this year’s adverse,” said Sologub.

According to him the new macroeconomic forecast will be presented in a brief format on a monetary briefing on October 26. A week after the briefing will be published a new inflation report that the new forecast will be presented in wide format.

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