KIEV, Oct. 28 – Growth in Ukraine's gross domestic product in 2011 is expected to reach 4.7%, but in 2012 it may slow to 4%, according to a forecast by Fitch Ratings.

According to the forecast, the average annual inflation in 2011 is projected at 9.5% and in 2012 at 9%, while the average hryvnia exchange rates are expected at UAH 8.10/$1 and UAH 8.30/$1 respectively.

At the same time, Fitch notes the high level of the country's foreign debt amid concerns about external financing. The rating agency expects the country's total public debt to reach $29.8 billion in 2011 and $29.7 billion in 2012. At the same time, the current account deficit this year will reach 4.5% of GDP, while in 2012 it will drop to 3.9%.