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National Bank of Ukraine predicts GDP growth by 2,5% in 2019

According to the recent estimations, the Ukrainian economy grew maximally in seven years by 3,3% in 2018
17:01, 31 January 2019

Azerros

The National Bank of Ukraine (NBU) predicts the growth of the GDP in Ukraine by 2,5% in 2019 as NBU press service reported.

“Last year, the Ukrainian economy grew maximally in seven years, by 3,3%, according to the recent estimations of the National Bank. However, in 2019, the growth of the GDP will slow down up to 2,5% as it was earlier predicted,” the message said.

Related: Ukraine's National Bank receives award of Central banking awards first ever

The regulator explains that it is connected with the tough monetary policy necessary for the reducing of inflation up to the goal and reserve fiscal policy reasoned by repayment of the significant volumes of the state debt in this year. The additional factor will be the gradual slowing of the global economy and volumes of the world trade, particularly, due to the influence of the protectionism in the world.

It is noted that private consumption will remain to be the key driver of the economic growth thanking to the further increase of the real incomes of the population, the wages, pensions and money transfers from abroad.

Related: National Bank explains low position of Ukrainian hryvnia in Big Mac Index

“As of next year, the real growth of economy will speed up from 2,9% and 3,7% in 2020 and 2021. The gradual mitigation of the monetary policy will promote it and it will stimulate the domestic demand and recovery of the investment activity after the decrease of the uncertainty toward the political situation,” the message said.

 In 2018, Ukraine’s national currency, hryvnia was recognized as one of the world’s most undervalued currencies according to the Big Mac Index.

Related: National Bank of Ukraine penalized Sberbank of Russia for USD 3,4 million

Besides, Ukraine expects two tranches from the IMF in 2019 under the stand-by program opened in December last year.

 

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