Economy

NBU expects surplus of Ukraine's current account to reach nil in H1 2020

The National Bank of Ukraine (NBU) expects a decrease in the surplus of the current account of the balance of payments in the second half of 2020 to nil, Deputy Governor of the NBU Dmytro Sologub has said.

"We have about $4 billion of current account surplus in the first six months, and in the second half of the year we expect it to be reaching nil. By the end of the year, we will have a surplus of about $4 billion, that is, at the level of 2-2.5% of GDP. But that was the July estimate. Now, perhaps we will still correct it," he said in an exclusive interview with Interfax-Ukraine.

According to Sologub, next year the central bank predicts a return to a deficit in the range of 2-3% of GDP. "This is a normal trend. Ukraine is a small open economy that is catching up with other countries. The economy is recovering, and the current account is returning to a deficit," he said.

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