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Ukrainian GDP grows over 4% in 2010

      RBC, 12.01.2011, Kiev 10:55:54.Ukraine's GDP is expected to have grown more than 4 percent in 2010, Ukrainian Prime Minister Nikolai Azarov said yesterday, the Ukrainian government's press service reported. The country's budget deficit amounted to approximately 5 percent of GDP in 2010, three times lower than that in 2009, Azarov indicated at a meeting with EU Enlargement and Neighborhood Policy Commissioner Stefan Fuelle. Azarov also noted that the profit tax in Ukraine was cut from 25 percent to 23 percent starting on January 1, 2010, and the value added tax was cut from 20 percent to 19 percent. In addition, the accelerated amortization of fixed assets and investments in the upgrade of production facilities took effect. As Azarov pointed out, these measures have substantially changed the business climate in Ukraine. The prime minister also added that Ukraine was intensifying talks with Russia and the EU over the upgrade of Ukraine's natural gas transportation system.

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