Ukraine: Industrial Production Increased 11% in 2010

KIEV, Ukraine, January 19, 2011 /PRNewswire/ -- Last year the volume of industrial production in Ukraine underwent a significant raise since the record drop during the world financial crisis. In 2010, the volume of industrial production in Ukraine grew 11% compared to that in 2009, when the fall has reached 21.9% - the record low for the last 15 years.

In December 2010 Industrial production index in Ukraine grew 12.5% compared to the same month in 2009. The Ukrainian machine building industry in 2010 has been recovering faster than other sectors according to the State Statistics Committee of Ukraine. It grew 38.9% compared to 2009 and had almost regained its previous volumes after a sufficient decline in 2009.

The most important export industry of the country - metallurgy - was able to reach a 12% production increase in 2010 according to the State Statistics Committee of Ukraine.

Speaking of the 2010 production volume in the chemical industry - another Ukrainian export leader - the raise surpassed the decline of the previous year and is estimated at 32.9% according to "LIGA" BusinessInform.

The highest level of industrial production in 2010 compared to that of 2009 has been recorded in the following regions of Ukraine: Zakarpattya (42.6%), Rivne (29.6%) and Volyn (26.7%). The lowest industrial production index has been identified in Sumy region (-7.6%) according to RBK Ukraine.

The worst decline of industrial production in almost twenty years of Ukrainian independence happened in 1994, while a record growth was recorded in 2003.

Earlier, Prime Minister Mykola Azarov has assured that Ukraine will overcome the crisis by August 2011.