The result of the economy's work in July-August indicates the formation of the initial signs of recovery, the head of the group of advisors to the National Bank governor, Valeriy Lytvytsky, has told Interfax-Ukraine.
"We need to be careful about these indicators, as each phase of remission might turn into a relapse," he said.
According to Lytvytsky, in the first two months of the third quarter the engine of the economic decline, fortunately, did not accelerate.
He said that the acceleration of the decline in the second quarter of this year to 1.3 percent from 1.1 percent in the first quarter was largely due to a higher base of comparison: in the first quarter of 2012 GDP grew by 2.2 percent, while in the second one it rose by 3.0 percent.
Lytvytsky noted that the base of comparison in the third quarter of 2012 was favorable, as at that time the decrease of GDP started. The basis of comparison in the fourth quarter of 2012 will become more favorable: then the decline was 2.5 percent, compared to 1.3 percent in the third quarter, added Lytvytsky.
He explained that outsider industries, including transport and construction, in July-August accelerated growth: the decline in transport has been slowing down for three months in a row, and that in construction for two months in a row.
“Economic activity in July-August is higher than in the corresponding months of last year, and the cumulative dynamics of the GDP growth over the eight months, according to my estimates, is higher than over the six months of 2013,” concluded Lytvytsky.
