Chemical industry slowdown behind output slump in Ukraine - bank

18 October 2012 15:58  [Source: ICIS news]

LONDON (ICIS)--Ukraine is experiencing a deepening slump in its industrial output because of unfavourable growth dynamics in its chemical and machinery industries, Raiffeisen Bank said on Thursday.

In looking at why Ukraine's September industrial production sank 7% year on year — the largest single-month decline recorded in the past three years — Raiffeisen noted that strong production growth in the country's chemical industry had come to an abrupt halt.

The Ukrainian chemical industry grew 10.3% year on year in August, but September saw a mere 0.8% year on year increase, the bank said in its monthly Economic & Risks Monitoring Review for Ukraine.

Machinery building, meanwhile, decreased by 20.1% year on year in September, it added.

Chemical prices in Ukraine edged up 0.9% month on month in September, Raiffeisen said.

Ukraine's GDP growth was forecast by the bank to register at around 1.5% this year, following a 5.2% increase in 2011.

By: Will Conroy
+44 20 8652 3214

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