A slight rise in GDP in annual terms is expected in Ukraine in January-March 2016, according to a report from the National Bank of Ukraine (NBU).

"A further recovery of economic activity, in particular, a slight increase in GDP in annual terms will be observed in the first quarter of 2016 as expected," reads the document, the text of which has been posted on the National Bank's website.

"Although expectations as for the price situation in the world commodity markets have improved, their impact might be offset by the deterioration of business expectations and investors' sentiment amidst political uncertainty in the first quarter of 2016 and delays in the resumption of cooperation with the IMF. We estimate the risks of GDP forecast as symmetric," reads the report.

As reported, the NBU keeps its forecast for real GDP growth at 1.1% in 2016 and 3% in 2017. The growth of consumer prices in Ukraine in 2015 accelerated to 43.3% from 24.9% in 2014, while the fall of GDP accelerated to 9.9% from 6.6% respectively.

According to the NBU's inflation report, from mid-February 2016 oil prices increased by an average of 35%: the dynamics of oil prices provided substantial support to global prices for non-energy commodities, in particular, steel prices in the first quarter rose by almost 30%.