Ukrainian GDP growth surged in the second quarter of 2019 to reach 4.6%, almost double the consensus forecast for the country among international financial institutions.
This strong performance was due to a number of factors including record agricultural exports and favorable metals prices on global markets along with strong domestic consumer spending growth. Ukraine’s Q2 GDP growth marked the country’s fourteenth consecutive quarterly increase, with the scale of the rise generating a flurry of optimistic coverage in the international media.
Bloomberg set the tone with a piece entitled “As Europe Struggles, Ukraine’s Economy Heads for an Upswing”, in which the authors noted, “President Volodymyr Zelenskyy, who won control of parliament last month, has set his sights on expansion of 5% or more in the coming years. A reform plan is fueling optimism among investors and has made the hryvnia this year’s best-performing currency.”