KIEV, June 6 – The strengthening of the hryvnia in May to UAH4.85/$1 will slow GDP growth in Ukraine in 2008, although it will help push down inflation, the Economy Ministry said.

"Due to the strengthening of the hryvnia in the short-term, a slight slow in GDP growth in the short-term [in 2008] is expected [in the range of 0.3-0.6%, compared to what we would have seen if the exchange rate had remained at UAH5.05/$1], taking into account the acceleration of imports and slight slowdown in exports," reads a ministry report.