Bumper grain crop elevated Ukraine's GDP to seven-year high

Last year's record-high yield of grain crops in Ukraine increased the GDP growth by 3.3 per cent, a seven-year high indicator, ukurier.gov.ua reports.

“In Y2018, a record-high grain harvest provided a significant boost to growth in agriculture. As a result, GDP growth accelerated to 3.3 per cent from 2.4-2.5 per cent over the previous two years,” said Olena Bilan, Chief Economist at Dragon Capital.

According to the message, in 2017-2018 record harvests of grain and leguminous crops (more than 70 mmt) were cropped in Ukraine and there were favourable external trading environments for agricultural commodity markets.

The Dragon Capital chief economist considers the 2019 grain harvest to be less than last year's record, which will technically slow down the GDP growth.

“Therefore, we expect that after the acceleration of economic growth in 2018, its pace will return to the 2016-2017 indicators and make up 2.5 per cent,” explained Olena Bilan.

Earlier it was reported that agrarians in southern Ukraine were ready to start harvesting campaign 2019.