Ukraine industry grows 1.2% in August

2017/9/22 14:28:48

Analyst: “Industrial production improved but it remained weaker than we expected.”


KYIV, Sep 22, 2017 - Ukraine's industrial production recovered by 1.2% yoy in August after a 2.6% yoy drop in the prior month, driven by chemicals, machinery and metals, Concorde Capital informed clients based on a State Statistics Service report of Sept 21. For 8M17, industry fell 0.4% yoy.


Output of chemicals sped up to 33.0% yoy (26.7% yoy in July), machinery strengthened to 10.4% yoy (vs. 9.1% yoy in the prior month) and metals turned into 1.0% growth yoy from a 4.9% yoy decline in July. Mining fell 6.8% yoy (-9.4% yoy in the prior month) and utilities dropped 2.8% yoy (-11.9% yoy).


By region, the strongest decline was registered in Luhansk (-37.0% yoy), Donetsk (-13.6% yoy) and Kyiv city (-10.1% yoy). The best performers were small regions of Chernihiv (23.6% yoy growth), Ivano-Frankivsk (21.9% yoy) and Khmelnitsky (14.2% yoy).


Concorde analyst Alexander Paraschiy added: “Industrial production improved but it remained weaker than we expected. It’s particularly surprising to see metallurgy growing only by 1% yoy and iron ore extraction falling 3.1% yoy amid soaring steel prices and prices for iron ore at the global markets. In fact, the August results leave slim chances for our initial forecast of 1.4% yoy industrial growth to become reality. We are not revising our projection, however the tendency we observe tells us that industrial growth could be below the 1% mark in 2017.”




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