The National Bank of Ukraine notes the unsteadiness of the reestablishment of economic activity in Ukraine in the first quarter.

"According to the State Statistics Committee's figures, GDP growth in the first quarter of 2010 was 4.9% in annual terms. Estimates by the National Bank of Ukraine, Department of economic analysis and forecasting, indicate increase against the preceding quarter slowed to 0.4% [1.9% in Q4]. This slowing of increase is evidence of an unsteady resumption of economic activity and a great dependence on the external economic state of affairs," a statement on the bank's Web site says.

The government projects Ukraine's GDP to grow 3.8% this year after contracting 15.1% last year.