Ukraine's GDP to grow 1% in 2012

Ukraine's economy will rise by 1 percent in 2012, down from 3.9 percent as previously estimated by the government, Ukrainian President Viktor Yanukovych said Tuesday. "According to preliminary government estimates, the gross domestic product (GDP) is expected to rise by 1 percent," Yanukovych said during a meeting of the Council of Regions here. The country's budget deficit is also forecast to worsen in 2012, rising by 2.6 percent against a previous forecast of 1.7 percent, Yanukovych said. Based on the latest figures, in the first quarter of 2013, Ukraine may amend its budget, which set the country's revenues at around 45.1 billion U.S. dollars and expenditures at 51.33 billion, he said. The government has predicted that the country's GDP is expected to grow by 3.4 percent in 2013, with inflation to stand at 4.8 percent.