The growth of Ukraine's gross domestic product (GDP) in the fourth quarter of 2016 compared to the same period of 2015 accelerated to 4.7% compared to 2% in the third quarter, according to the State Statistics Service.

According to its data, in relation to the third quarter of 2016 the seasonally adjusted growth in the fourth quarter was 1.9%.

As reported, in December last year the statistics service improved the estimate of GDP growth in the third quarter of 2016 from 1.8% to 2%, whereas in the second quarter of this year the figure was 1.4%, in the first quarter it stood at 0.1% .

The National Bank in January 2017 improved the estimate of GDP growth in Ukraine in 2016 from 1.1% to 1.8% and raised its forecast for 2017 to 2.8% from 2.5%.

Ukraine's GDP in 2015 dropped by 9.9% after declining by 6.6% in 2014, although the rate of decline "quarter compared to the same quarter of the previous year" was steadily falling: in the first quarter it stood at 17%, in the second quarter at 14.7%, in the third quarter at 7.2%, and in the fourth quarter at 1.4%.