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Economy Ministry expects Ukraine’s GDP to fall by 3% in IV quarter

Source : 112 Ukraine

Macro forecast of GDP decline for the year is 4.8%
14:33, 29 December 2020

Bloomberg

The Ministry of Economic Development, Trade and Agriculture expects Ukraine's economy to contract by 3% of GDP in October-December 2020. This was reported by Interfax-Ukraine with reference to the head of the ministry Ihor Petrashko.

"We have already begun to see economic stabilization ... The decline in the third quarter remained at 3% of GDP and the same indicator is expected in the fourth quarter of the year," he told.

According to the official, the Ministry of Economy maintains the April macro-forecast of GDP decline of 4.8% for 2020.

Related: National Bank expects weak impact of lockdown on Ukrainian economy

As we reported earlier, Prime Minister Denys Shmygal stated that Ukraine could get the next loan from the IMF in February or March 2021.

"We would like to get it at the latest in February. These are the terms that we are discussing with the IMF unless there are any surprises again," he said.

Ukraine received the first tranche from the IMF in June 2020. The tranche (and the EU financial aid) increased the country's international currency reserves to 28.7 billion U.S. dollars.

Related: Ukrainian govt approves concept of Donbas’ economic development

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