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Prime Minister Mykola Azarov said Ukraine’s economy grew by 5 percent from the same period a year ago in the first seven months of the year, thanks to a strong performance in July.

“In July, we have (growth) of almost 8 percent,” Azarov said on Aug. 16. The figures, which would represent a strong rebound from a 15 percent gross domestic product plunge during the 2009 recession, could not immediately be verified with the State Statistics Committee, which reports GDP figures quarterly.

“Domestic consumption likely remained the key driver of economic growth, while investments stagnated,” Erste Bank said in a note to investors.

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