The National Bank of Ukraine estimates that Ukraine´s GDP grew at the rate of 5% in the first quarter of 2010. “Considering the low comparative base, we see a [GDP] growth in the first quarter. We estimate it at 5%,” Ihor Shumylo, NBU executive director told a banking conference last week. The Ukrainian economy began growing at the rate of about 1.5% in the second quarter of 2009, over the same quarter of 2008, he said. Shumylo said it would be most appropriate to base the 2010 state budget on a conservative GDP growth forecast. Ukrainian GDP grew 7.3% in 2007, 7.6% in 2007, 2.1% in 2008, and fell 15.1% in 2009 to UAH 914.720 bn.