Ukrainian National Bank's Ukraine's GDP growth forecast 2.8% up in 2017

Ukrainian National Bank's Ukraine's GDP growth forecast 2.8% up in 2017The National Bank of Ukraine (NBU) has raised its forecast for the growth of Ukraine's gross domestic product (GDP) for 2017 to 2.8% from 2.5% and lowered the one for 2018 to 3% from 3.5%, the NBU has said.

According to the central bank's estimates, economic growth in 2016 stood at 1.8%.

According to the NBU forecast, the economy will gradually come closer to its potential level: the aggregate demand will continue to restrain inflation, although this effect will greatly weaken compared to the previous years.

The regulator also revised the forecast for the current account deficit for 2017 and 2018 to about $3.5 billion from $2.9 billion and $2.8 billion respectively.

According to the NBU, the deficit will be covered by capital flows on the financial account and, above all, by attracting investment and credit resources.

"As a result, the consolidated balance of the balance of payments in 2017-2018 will be in surplus," the NBU said.

According to the NBU forecast, the current account deficit in 2016 will be $3.4 billion instead of the preliminary estimate of $2.5 billion.

The regulator expects the growth of foreign exchange reserves by the end of 2017 to $21.3 billion and by the end of 2018 to $27.1 billion, hoping to receive the planned tranches from the IMF.
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