UPDATE 1-Ukraine's GDP falls 15.9 pct in Q3 09/08 - News

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UPDATE 1-Ukraine's GDP falls 15.9 pct in Q3 09/08

By: AFX | 16 Nov 2009 | 04:21 AM ET

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KIEV, Nov 16 (Reuters) - Ukraine's gross domestic product shrank 15.9 percent in the third quarter of this year compared to a 17.8 percent fall in the second quarter, the State Statistics Committee said on Monday. The committee no longer issues monthly gross domestic product figures. Last month the central bank's senior official forecast that Ukraine's economy contracted by 15.2 percent year-on-year in the third quarter. Ukraine has one of Europe's worst performing economies: its industrial activity and key steel exports have plunged, contributing to the hryvnia currency's weakness which in turn has destabilised the banking sector. Analysts and officials say however that the economy should claw back some ground in the second half of this year on the back of a global economic turnaround. Analysts and international financial institutions such as the International Monetary Fund, which has a $16.4 billion bailout programme with Ukraine, predict the economy will contract by up to 15 percent this year. (Reporting by Pavel Polityuk; editing by Andy Bruce) Keywords: UKRAINE GDP/ (Reuters Messaging: pavel.polityuk.reuters.com@reuters.net, +380 44 244 9150) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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