The real gross domestic product (GDP) of Ukraine in the third quarter of 2021 increased by 2.7% compared to the same period in 2020, the State Statistics Service reported such an updated estimate, while earlier it estimated growth in mid-November at 2.4%. According to its data, nominal GDP amounted to UAH 1.498 trillion, and per capita – UAH 36,150.
The State Statistics Service added that compared with the previous quarter (taking into account the seasonal factor), GDP grew by 1.5%, which is slightly better than the preliminary estimate of 1.4%.
The statistics department clarified that the change in the deflator was 25.5%, compared with 26.4% in the second quarter and 20.7% in the first quarter of this year.
In September, the State Statistics Service also improved its estimate of the growth of the Ukrainian economy in the second quarter of this year – from 5.4% to 5.7% and set the nominal GDP at UAH 1.169 trillion.
Whereas in June, the department, on the contrary, worsened the estimate of recession of the Ukrainian economy in the first quarter of this year – from 2% to 2.2%, calculating the nominal GDP at the level of UAH 1.009 trillion.
According to the department, in the first quarter of 2020 the decline was 1.2% compared to the first quarter of 2019, in the second quarter of last year it accelerated to 11.2%, after which it slowed down to 3.5% in the third quarter and 0.5% – in the fourth.
Nominal GDP in the first quarter of last year was UAH 853.69 billion (deflator change – 5.3%), in the second – UAH 874.62 billion (5.6%), in the third – UAH 1.162 trillion (8.4%), in the fourth – UAH 1.301 trillion (17.5%).
The international vertically integrated pipe and wheel company Interpipe in January-September of this year saw $32.338 million in net profit, while for the same period last year it amounted to $162.458 million.
According to the interim unaudited consolidated financial statements according to IFRS for January-September 2021, pretax profit amounted to $56.505 million compared to $178.133 million in January-September 2020 (a decrease of 68.8%).
In addition, Interpipe has reduced free cash from $109.643 million at September 30, 2020 to $103.007 million at the end of September 2021.
As reported, Interpipe in January-September 2021 increased its revenue by 15% compared to the same period last year, to $757 million, reduced EBITDA by 30%, to $151 million and increased capital investments by 65%, to $45 million.
The company’s net debt was $301 million with a net leverage ratio (net debt to EBITDA) of 1.4x.
Interpipe is a Ukrainian industrial company, a manufacturer of seamless pipes and railway wheels. The company’s products are supplied to more than 80 countries around the world through a network of sales offices located in the key markets of the CIS, the Middle East, North America and Europe.
The ultimate owner of Interpipe Limited is Ukrainian businessman Victor Pinchuk and his family members.
New funds follow steps by Ukravtodor towards strengthening governance
-€190 million loan tranche to upgrade sections of M-05 Kyiv-Odesa road
-Funds extended as road agency takes steps towards strengthening governance
-Reform at Ukravtodor a litmus test for broader anti-corruption programme
Encouraged by steps taken by Ukraine’s state road agency Ukravtodor, the Board of Directors of the European Bank for Reconstruction and Development (EBRD) has approved a new €190 million loan tranche for further improvements to the country’s road infrastructure.
Part of a €450 million package, the tranche will finance the upgrade of sections of the M-05 Kyiv-Odesa road in the Kirovohrad, Mykolaiv and Odesa regions.
The provision of the new tranche follows efforts by Ukravtodor to review its governance systems, with a view to advancing reforms. These include a comprehensive anti-corruption action plan developed by independent experts, which was approved by a high-level steering group comprising representatives of the government, the president’s office, the EBRD and Ukravtodor itself.
The plan, which is already being implemented, envisages a robust approach to integrity compliance, improved corporate governance and internal anti-corruption controls, policies and procedures. It also aims to pave the way for a culture of integrity throughout the organisation.
Ukravtodor’s effort to fight corruption in road building is the pilot programme under the memorandum of understanding signed in October 2020 between the government of Ukraine and the EBRD to strengthen corporate governance in the state sector. It is seen as a litmus test for a broader anti-corruption and good governance programme backed by the EBRD and targeting Ukrainian state-owned enterprises and public-sector entities.
In addition, Ukravtodor has prepared an e-mobility action plan to support electric-vehicle deployment in the country and is establishing a Road Safety Department.
The EBRD is a leading institutional investor in Ukraine. To date, the Bank has invested almost €16 billion in 506 projects across the country, with a focus on assisting economic stabilisation, anchoring reforms, strengthening energy efficiency and energy security, and supporting agricultural and industrial projects as well as smaller businesses.
Holding elections completely online in Ukraine is impossible, head of the Servant of the People faction David Arakhamia said. “Let’s dot the ‘i’ right here now. Opponents disperse the idea that there will be a vote using a mobile phone. This is a priori impossible, because according to the Constitution we have a secret voting process, you should not be identified in this process. A cell phone identifies by default,” Arakhamia said in an exclusive interview with the Interfax-Ukraine agency.
At the same time, the MP supports the conduct of electronic counting of votes in elections, as is done in the United States and many other countries.
“Electronic counting of votes would make the electoral process more transparent, would allow more efficient processing of data,” said Arakhamia.
However, according to the head of the faction, it is unlikely to launch an electronic counting of votes before the next elections, because it is necessary to purchase equipment, and only the procedure for purchasing it through the Prozorro system usually takes six months.
“We have not yet completed digitalization so that all data goes through secure communication channels. And, frankly speaking, electronic counting of votes at polling stations looks unlikely so far. Maybe as an experiment in some polls to show how this can work in parallel with the usual counting of votes,” the MP said.
National bank of Ukraine’s official rates as of 20/12/21
Source: National Bank of Ukraine
