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You're reading: Azarov: Ukraine’s GDP grows by 2% in January-July 2012, according to preliminary results

Ukraine's gross domestic product (GDP) grew 2% in January-July 2012 year-over-year, according to preliminary results, Ukrainian Premier Mykola Azarov has said. 

“Preliminary estimation of the country’s gross domestic product over January-July showed that it grew by 2%,” the premier said, while opening a meeting of the Cabinet of Ministers of Ukraine in Kyiv on Wednesday.

Azarov stressed that the results are good enough if compared to that of Europe, but Ukraine should strive for more.

The premier also recommended the government to focus on the difficult situation in the spheres of metallurgy and machine-building, support their export possibilities and domestic demand for their products.

As reported, the Ukrainian government forecast 3.9% GDP growth while drafting the 2012 budget. The government says that inflation in 2012 will be 7.9%.

The average expert estimates of Ukraine’s GDP growth in 2012 dropped from 3.2% in April 2012 to 2.3% in August.

According to the State Statistics Service, Ukraine’s GDP in the second quarter of 2012 against the same quarter of 2011 grew by 3%, compared to 2% in the first quarter of 2012. 

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