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Ukraine's govt worsens forecast for GDP for 2017 to 1.8%, inflation to 11.2%

Ukraine's govt worsens forecast for GDP for 2017 to 1.8%, inflation to 11.2%The Cabinet of Ministers of Ukraine has downgraded its forecast for the growth of Ukraine's gross domestic product (GDP) from 3% to 1.8% and increased its inflation estimate (December to December) from 8.1% to 11.2%.

This is reported by Interfax-Ukraine.

The Cabinet adopted the corresponding resolution on adjusting the macro-forecast approved at the beginning of June last year at a meeting on May 31.

First Deputy Prime Minister, Minister of Economic Development and Trade Stepan Kubiv said among the reasons for the revision of economic dynamics is raising the minimum wage, the termination of traffic with the uncontrolled territories in Donbas, price dynamics in the key export markets and the revision of the IMF forecast of Ukraine's trading partners.

Minister of Social Policy Andriy Reva said it is incorrect to talk about the deterioration of the macro forecast for 2017, as the updated wording includes the expected payroll fund for 2017 raised from UAH 666.9 billion to UAH 796.3 billion, while the average monthly wage (gross) is expected to grow from UAH 5,988 to UAH 7,104.
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