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News / 7 February 2014 | 12:42
Dutch expert: Ukraine out of recession

Dutch expert: Ukraine out of recession


Ukrainian economy showed unexpected growth after five quarters of decline in GDP, professor of economics of the Maastricht University (Netherlands) Bertrand Kandelon said in commentary to the BTB TV-channel. 

"I believe that the figure of 3.7% is unexpected result. The World Bank and the IMF predicted significantly worse results in the fourth quarter of 2013. Besides, it was the first increase after five quarters of decline in GDP in a row," the expert said.

Kandelon recalls that the country is in a recession after 2-3 quarters of GDP decline. 

In this regard, according to the expert, indexes of the fourth quarter show a way out of the recession. 

"One of the possible factors is the gas agreement with Gazprom. Another factor is that the economic situation in Ukraine in October and November improved. Amounts of domestic lending increased in September. It is therefore possible that increase in the fourth quarter is a result of economic growth of September and October," the expert said.

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