"The serious reduction in Ukrainian exports and adverse weather conditions this year have had a negative impact on the national economy," Prime Minister Mykola Azarov said at the Cabinet's regular Wednesday meeting.
Referring to the figures published by the State Statistics Service, Azarov said, "We are observing certain negative trends. The government has done everything in its competence, but the unfavourable market environments, the difficulties with the Customs Union, the reduced or suspended operation of chemical plants and construction companies, and the losses sustained by farmers due to adverse weather conditions have told badly on Ukraine's economic performance. Azarov instructed Vice-Premier Yuri Boiko to draw up "roadmaps" for leading major industrial enterprises out of the crisis. He also ordered First Vice-Premier Serhiy Arbuzov to report on a weekly basis on the implementation status of the State Economic Acceleration Program. Arbuzov said he expected Ukraine's GDP growth to accelerate in the second half of this year. "We expect a faster pace of economic processes and a higher GDP growth rate in the second half of this year. However, the government is unlikely to manage to fully balance off weak demand," Arbuzov said.