Ukrainian Journal reported that the European Bank for Reconstruction and Development has lowered its outlook for Ukraine GDP growth by 1 percentage point, to 2.5%.

The bank also worsened the outlook for Eastern Europe and the Caucasus, with 2012 growth in Eastern Europe and the Caucasus now seen at 2.6%, compared with the previous 3.2%.

The EBRD said "The largest economy in the region, Ukraine is likely to be quite affected by the eurozone crisis with the most recent industrial production data already suggesting a slowdown."

(Sourced from Ukrainian Journal)