13:01 30.12.2013

Moody's expects Ukraine's GDP to grow 1.5% in 2014, hryvnia to fall to UAH 8.5/$1

Ukraine's gross domestic product, after declining by 1% this year, will resume its slow growth, and rise by 1.5% in 2014, Moody's Investors Service has reported.

According to the service's estimates, which were released recently in the credit analysis of the Ukrainian government, such economic growth will be accompanied by a slight acceleration of inflation, from 0.8% this year to 2.3% (December to December), and a slight weakening of the hryvnia from UAH 8.3/$1 at the end of this year to UAH 8.5/$1 at the end of 2014.

Moody's suggested that in dollar terms Ukraine's nominal GDP next year will drop to $166.6 billion, compared with $171.8 billion in 2013, $176.3 billion in 2012 and a peak of $180 billion in 2008.

As reported, the Ukrainian economy in 2012 grew by only 0.2%, with deflation of 0.2%. According to the State Statistics Service, Ukraine's GDP in the first three quarters of 2013 declined compared to the same quarters in 2012, in the first quarter by 1.1% and in the second and third quarters each by 1.3%.

However, the government and the president recently announced that zero GDP growth was expected this year.

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