Direct Translation via Google Translate. Edited.
[Korrespondent] This year, another record harvest of grain and leguminous crops is expected in Ukraine - 81 million tons. This is the third record in the last four years, according to the Inflation Report of the National Bank of Ukraine.
"A significant harvest plays a significant role in the recovery of the Ukrainian economy after the coronavirus crisis. It will also have a positive effect on a number of related activities, and will also provide stable export earnings," the report says.
According to NBU estimates, an increase in grain harvest by 10 percent gives an additional growth in agriculture by 3.4 percentage points. and a direct impact on real GDP growth, by 0.3 percentage points. Accordingly, only a record grain harvest this year will provide 0.8 percent of real GDP growth in 2021.
The report also says that the growth in agricultural productivity has secured Ukraine's role as an important player in the global market. During the period from 2005 to 2020, the volume of exports of food products (together with agricultural and food industry products) in nominal terms increased more than five times, and their share in the export of goods increased from 13 percent to 49 percent.
Despite a lower harvest of agricultural crops according to the results of the 2020/2021 marketing year (MG), the country ranked first in the world for the export of sunflower seeds, 4th place for corn and barley, 6th place for the export of wheat, reminded the NBU.
"In 2021, the weather turned out to be more favorable for Ukraine compared to other countries in the region. Against the background of poor harvests in other countries and, accordingly, maintaining high prices, this will ensure high export earnings at the end of this year and over the next year," the report says.
The NBU also noted that it is the agro-industrial complex that has played a key role in the formation of favorable conditions in the foreign exchange market in recent months. |