OREANDA-NEWS. On 19 August 2009 was announced, that according to preliminary calculations from the State Statistics Committee, Ukraine's GDP declined 18% yoy in 2Q09. The committee did not publish a breakdown of 2Q09 GDP, and said that details would be available on September 30. GDP was down 20.3% yoy in 1Q09.

Concorde Capital: We reiterate our FY2009 forecast of a GDP decline at 12% yoy. Our estimate does not imply any rapid improvement in the economy by yearend. The improvement to 12% will be due to a lower statistical base in 4Q09, which might reach the level of output of 4Q08, when GDP dropped 8% yoy.

Concorde Capital is a full service investment bank operating on the Ukrainian, Russian and CIS markets. In 2007 Concorde Capital’s analytical team was recognized as the Top Team covering Ukraine by Thomson Extel's Pan European Survey. Senior Analyst Alexander Paraschiy was recognized as the Leading Pan-European Investment Analyst – European Emerging Markets. Concorde Capital is a leader when it comes to private placements and M&A deals. Concorde Capital’s sale of a stake in Electron Bank to Volksbank International AG was named the Best Ukrainian M&A deal of the year 2007 by the Adam Smith Institute.