KIEV, Aug. 19 – Gross domestic product grew by 5% in January through July according to preliminary estimates by the National Bank of Ukraine.

"GDP growth in July alone accelerated sharply. According to the NBU's estimates, GDP grew by about 5% in the seven months of 2011 against the same period of last year," the NBU said in a statement.

The central bank says that it projects GDP growth in 2011 at 4.6-4.8%.