Analysts from public institutions and non-governmental experts within the consensus forecast in December 2015 improved the forecast for the growth of Ukraine's real gross domestic product (GDP) in 2016 by 0.1 percentage points compared to the September estimates, to 1%.

According to the updated consensus forecast promulgated by the Ministry of Economic Development and Trade, they estimate the fall in GDP in 2015 at 10.3%, expect its growth to accelerate in 2017 to 3.5%.

According to the document, the range of the GDP forecast for 2016 is from a 3% fall to a 2.9% increase, for the next year from the growth of 1.4% to a 4.1% rise.

Compared to the September estimates, the analysts worsened the forecast for inflation for 2016 by 0.6 percentage points, to 13.1%, expect it to slow down in 2017 to 8%.

The ministry noted that, according to the forecast, the average annual price of oil this year will be $53 per barrel, next year - $48.5 per barrel, gas will become cheaper to $234 per 1,000 cubic meters and $210 for 1,000 cubic meters respectively, steel prices will remain virtually unchanged.