Interfax reported that the European Bank of Reconstruction and Development has revised its macroeconomic forecasts for Ukraine and increased its GDP growth forecast by 0.5 of percentage point to 5%.

According to the bank, its inflation forecast for 2011 was worsened from 7.8% to 9%.

The EBRD forecast for Ukraine budget deficit this year has been retained a 3.6% of GDP.

It was earlier reported that Ukraine government expects GDP growth this year at 4.7% with inflation at 8.9%. Mr Mykola Azarov Prime Minister of Ukraine said GDP growth in January to June 2011 came to 4.4%.

(Sourced from Interfax)