Ukraine: GDP rate decreased by 1%
In the first quarter of 2014, the GDP rate of Ukraine decreased by 1%, declared the Councilor of the Governor of the National Bank of Ukraine, Valery Litvitskiy on April 25, 2014.
V.Litvitskiy stated there is a prospect of the full recession proceeding in the second quarter of the current year, to be completed in the third quarter. Thus, in the fourth quarter there will be the economic growth. At the same time, the Councilor forecasts the economic contraction at year end in total.
V.Litvitskiy mentioned that in the previous years there was the price and exchange stability, but to date there is the economic “crunch”, dangerous for the further financial stability.
V.Litvitskiy added in the current month the National Bank increased the account and work rates on the liquidity provision. The stated temporary measure will allow to decrease the inflation rate and provide the strengthening of the banks' financial base.
According to the Councilor, the government is preparing the measures on the inflation decrease, oriented on the monetary policy tightening. But the efficiency will depend on the budget problems' successful solving.
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