The National Bank of Ukraine has assessed the economic development of Ukraine in November 2015, UNN reports quoting the NBU analytical note “Assessment of the economic situation in Ukraine”.

According to the National Bank, in this November, the production volume reduction accelerated in all key industries of Ukraine – up to 9% versus 3.3% in October 2015. 

As per NBU forecasts, one of the main reasons for accelerated reduction of production volumes of key industries was the decrease of volumes of agricultural production. Meanwhile, actual indicators were lower than forecast volumes of agricultural production due to accelerated reduction of trade volumes.  Also, the reduction of agricultural production was caused by reduction of corn yield by 16% and sugar beet by 33%.

As per NBU calculations, in November wholesale trade volumes significantly decreased – by 11.9% versus 2.6% in October, retail trade volumes decreased by 18.7% versus 17.1% in October. According to NBU experts, the reason for reduction of retail trade volumes is the reduction of the real income of population. Thus, on a year-on-year basis, in October the real salary decreased by 12.7%, though its increase was observed in last months.

According to central bank data, the reduction of production volumes within 3 last months has remained at nearly the same level – average 5%. However, with a breakdown into industries, the dynamic of production volumes was multidirectional. In particular, as a result of reduction of extraction of metal ores by 2.6%, the production volumes in extraction industry decreased by 2.7%. Also, electricity, gas and air conditioning production decline rates accelerated – up to 8.1%.

In the meantime, decline rates of extraction industry slowed down – up to 4.9%, in particular, machine manufacturing volumes increased – by 4.1%, vehicle production volumes increased – by 95.5%, the decline rates of metallurgical production slowed down – up to 3.4% versus 4.9% in October and construction – up to 9.5% versus 12.2% on October