Government predicts GDP growth at 3-4% in 2014

The Cabinet of Ministers of Ukraine has forecast that GDP growth in 2013 will grow by 2.5-3.4% and by 3-4% in 2014.

The forecast is stipulated in information and analytical materials handed out to journalists before a press conference given by Ukrainian Prime Minister Mykola Azarov in Kyiv on Tuesday, referring to the state program on the optimization of the economy development for 2013-2014.

The materials say that the realization of top-priority tasks of social and economic development specified in the program will promote the provision of support for an optimal inflation level within 5-6% in 2013-2014.

The implementation of the indicated top-priorities will also promote an annual reduction of the energy capacity of GDP by 1.5-3% and an increase in exports of goods and services by 2.3% in 2013 and by 10.8% in 2014. The increase in sales of Ukrainian-made agricultural products on the domestic market is expected to be 25%, reads the document.

According to the government's forecast, the annual increase in funds raised from international financial organizations in 2013-2014 will reach $1-1.5 billion.

It is expected that the share of the Ukrainian pharmaceutical products of the domestic market will grow by 5-10%.

As reported, the Cabinet of Ministers of Ukraine at the end of February 2013 approved the state program for the revitalization of Ukraine's economy for 2013-2014.

Azarov said that the financial resources for the realization of the said state program are calculated to be UAH 380 billion.

The sources of financing the program are funds of the national and local budgets, funds of international financial organizations, a new government guarantee mechanism, which has been in effect since the start of the year, private investment and funds of companies, the premier said.