14:42 03.09.2021

Finance Minister expects to keep inflation within 10%

2 min read
Finance Minister expects to keep inflation within 10%

Finance Minister Serhiy Marchenko sees the potential to keep inflation within 10%.

"There are hopes that it will be possible to keep inflation within 10%, not exceeding 10%," he said during the Ukrainian Financial Forum, organized by ICU.

According to the State Statistics Service, inflation in July 2021 in Ukraine increased to 10.2% in annual terms, while in June this figure was at the level of 9.5%. At the same time, the NBU expects that by the end of the third quarter, inflation will peak this year at 11.2%.

Commenting on deteriorating expectations of a number of investment banks regarding the growth of the Ukrainian economy, the minister noted that these forecasts are based on GDP growth in the second quarter compared to the same period last year.

"It is still difficult to estimate the end of the year, because main capital investments and expenditures are planned for the third or fourth quarter," Marchenko said.

According to him, the situation will improve, as evidenced by the constant growth of retail turnover, as well as the growth potential of the construction industry.

"By the end of the year, we expect a stable situation both in public finances and in the economy, without sharp shocks. I think that we will have 4% of GDP growth this year," Marchenko said.

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