The Cabinet of Ministers has reviewed the preliminary macroeconomic indicators for 2008, raising the inflation forecast for 2008 from 9.6% to 15.3%.

First Deputy Prime Minister Oleksandr Turchynov announced this to journalists.

He expressed the hope that the final version of this forecast would be approved.

Turchynov did not disclose the other revised macroeconomic indicators.

At a press conference after a meeting of the Cabinet of Ministers, Prime Minister Yulia Tymoshenko also refused to disclose the other revised macroeconomic indicators.

"Considering the fact that the document was adopted as the basis for the final version and the fact that it needs to be agreed with the President, the relevant parliamentary committee, and the National Bank of Ukraine, I do not have the power to disclose these indicators. I think that Tuesday (July 17) is the earliest day that we will be able to do it," Tymoshenko said.

A representative of the Cabinet of Ministers secretariat told Ukrainian News that a meeting that would be attended by President Viktor Yuschenko was planned for June 12 to discuss the review of the macroeconomic indicators for 2008.

The Cabinet of Ministers is expected to adopt a final resolution on review of the macroeconomic indicators for 2008 after that meeting.

According to unofficial information, the Ministry of Economy submitted to the Cabinet of Ministers proposals on reviewing the macroeconomic indicators as follows: the nominal GDP from UAH 921.2 billion to UAH 956.8 billion, the inflation rate from 9.6% to 15.3%, companies' profits from UAH 153.6 billion to UAH 170.6 billion, the nominal average monthly wage from UAH 1,822 to UAH 1,845, and the trade deficit balance from USD 9.17 billion to USD 13.7 billion.

As Ukrainian News reported, the Cabinet of Ministers preliminarily reviewed the macroeconomic indicators for 2008 at a meeting on June 11.

According to data from the State Statistics Committee, the inflation rates in Ukraine were 1.3% in May 2008, 14.6% in the January-May period of 2008, 16.6% in 2007, and 11.6% in 2006.