Ukraine's Vice PM says economy comes out of shadows at record pace

Ukraine's Vice PM says economy comes out of shadows at record paceUkraine's economy began to emerge from the shadows at a record pace – at the level of 5 percentage points.

First Deputy Prime Minister, Minister of Economic Development and Trade Stepan Kubiv said during the government's Q&A at the Verkhovna Rada of Ukraine Friday that the Ukrainian economy in 2016 resumed its growth, having shown the increase in GDP by 1.3% in January-September 2016.

"Ukraine's economy in 2016 overcame the consequences of the protracted economic crisis. In the first nine months of 2016, real GDP growth amounted to 1.3%... We have managed to restore public confidence in the Ukrainian economy. The level of the shadow economy declined by a record 5 percentage points," he said.

According to Kubiv, for the first time, the country's economy is growing not due to the external factors, but due to the domestic – investment and consumer demand.

Kubiv also said that for the first time since 2012, Ukraine had managed to resume growth in engineering and other branches of industrial production, increase exports of industrial equipment and stabilize exports.

"The outlook for 2017 is rather optimistic. We forecast GDP growth of 3%," Kubiv said.
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