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To: ild who wrote (23455)	12/17/2004 4:04:03 AM
From: Haim R. Branisteanu	Respond to of 110194

Ukraine economic expansion accelerates in November on external demand KIEV, Dec. 14 – Ukraine’s economic expansion, buoyed by robust external demand, accelerated in November, defying fears that a recent deep domestic political crisis may have had a negative impact. Ukraine’s economy expanded 9.9% on the year in November, up from 7.7% on year growth reported in October, the State Statistics Committee said Tuesday. The economy expanded 12.4% on the year in January-November, suggesting that the government was basically on track of meeting its economic growth forecast of at least 12% in 2004. The economic growth in November came despite a political turmoil when massive anti-government street protests, triggered by an election fraud, had brought much of the country to a standstill beginning Nov. 22. The continued growth shows that the Ukrainian economy was mostly propelled by robust external demand, mostly for Ukrainian-made steel and other metals, which accounts for a third of the country’s export. “The external demand… remains very high and quite favorable for us,” Anatoliy Halchynskiy, the head of the National Bank of Ukraine Council, the bank’s top authority, said at a press conference Tuesday. “When we talk about steel sector, we have quite diversified exports,” Halchynskiy said, adding that this maintained high demand for the products. The continued economic growth is a good news for the central bank as it indicates that exporters will continue to earn hard currency and sell it domestically, which may help the bank in its battle for the hryvnia’s stability. The central bank expects that Ukraine’s current account surplus, which measures an inflow of hard cash to the country from both exports and foreign investments, will reach $6.4 billion in 2004 and will slightly drop to $5 billion in 2005. (jp/ez)