Ukraine's central bank revises 2014 growth projection up to 7 pct contraction
2014-11-04 11:14:01
Ukraine's central bank on Monday revised the projection of the country's gross domestic product (GDP) growth for 2014 up to a contraction of 7 percent.
The revision, from the previous estimate of a 9 percent shrink, was made "because the economic performance in the first 9 months was better than expected," Valeria Gontareva, Ukraine's central bank governor, said at a press conference.
Gontareva said Ukraine's economy shrank 3.5 percent year on year in January-September 2014, which was less than previously estimated.
The governor emphasized that the economic situation in the East European country has improved in the recent two months, driven by the growth in agriculture and the slower pace of industrial output decline.
The Ukrainian government, for its part, has predicted that the nation's economy would contract 6.5 percent in 2014.