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Ukraine’s Current-Account Deficit Widens on Machinery Imports

Ukraine’s current-account deficit widened to $1.5 billion in October from the previous month, spurred by imports of machine-building equipment, the central bank said.

The gap compares with a $1 billion deficit in September, the Natsionalnyi Bank Ukrainy, based in the capital, Kiev, said today in a statement on its website. Ukraine had a $7 billion shortfall in the first ten months of 2011, compared with a $1.4 billion gap in the year-ago period, according to the regulator.

While increased imports of machine-building equipment worsens the current account, it “lays the ground for better competitiveness among domestic companies and improved economic growth,” the bank said in the statement.

Exports rose 21 percent from a year earlier in October, while imports jumped 54 percent, it said. The capital-account deficit shrank to $96 million in October from $1 billion the previous month, it added.

Foreign direct investment declined to $287 million last month from $732 million in September, according to the bank. It totaled $5.5 billion from January through October.

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