KIEV, March 24 – Ukraine's gross domestic product will grow by about 4.5% per annum in 2011 and 2012, the National Bank of Ukraine forecasts.

"In 2011, the pace of consumer inflation will be 10% (+/-1%) and in 2012 will go down to 7 % (+/-1%). In 2011 and 2012 real GDP will grow by 4.5% (+/-0.5%) every year," reads the statement.

According to the NBU, the growth of demand from trading partners, namely Russia, for the products of the engineering industry, as well as Euro-2012-related investment incentives, including state-backed ones, will be the factors that will strengthen the country's economic potential and reduce the amount of idle production capacity.