It is reported that Ukraine GDP growth slightly exceeded 5% YoY in January to August 2011 and remained at 7.5% YoY in August. The major factor behind the healthy economic growth data was surging agricultural production which added 10.5% YoY in January to August 2011.

According to Phoenixcapital analyst “The figures are positive for Ukraine economy. The NBU GDP growth estimate shows that Ukraine’s industrial sectors and trade did not experience a significant slowdown. At the same time, agriculture is serving as a major driving force for the current economic momentum providing one of the largest harvests in recent years. Nonetheless and we expect economic growth will ease in Q4 2011 to below 5% taking a beating from slackening external demand.”

(Sourced from www.phoenix-capital.ua)