Ukraine’s GDP grew by 4.6% in the first half of the year

The share of the steel sector in the gross domestic product reaches 2.3%

Ukraine’s GDP in January–June 2019 increased by 4.6% compared to the first half of 2018, Interfax reports, citing data released today by the State Statistics Service. For comparison, the growth in the gross domestic product in the first quarter was just 2.5% compared to January–March 2018.

Nominal GDP amounts to UAH 927.8 billion, or UAH 22.047 per capita, according to the source.

Earlier, the media said that the National Bank of Ukraine in mid-July predicted the GDP growth in 2019 from 2.5% to 3%, and in the next year from 2.9% to 3.2%.

Fitch Ratings made a bolder forecast, up to 3.4%. Institute of International Finance (up to 3.5%) and JP Morgan (up to 4.3%) were even more optimistic.

According to statistics, the share of the steel sector in Ukraine’s GDP is 2.3%. And 11.8% with regard to related industries. The steel sector and related industries generate 28% of currency proceeds of the country. The steel sector and related industries give jobs to 9.2% of wage earners. The sector brings 19.4% of capital investment in the industry. According to the forecast of GMK Center, Ukraine’s steel production in real terms in 2019 will grow at a faster pace than the domestic economy in general.