KIEV, May 13 – S&P Global Ratings forecasts Ukraine 's real GDP may grow by 1.9% in 2017 and further to 2.8% in 2018.

"We forecast growth of 1.9% in 2017, despite challenging conditions in light of the recent blockade in the east of the country. We expect consumption will strengthen over the forecast horizon on the back of higher minimum wages, decelerating inflation, and gradual labor market improvements," S&P said in its overview.

S&P notes that further economic recovery should be propped up by reforms conducted by the authorities to invite more investment to such key sectors as agriculture and construction, as well as by the agreement on a free trade area with the European Union.