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National Bank comments on actual decline of Ukrainian economy

Source : 112 Ukraine

In the first quarter of 2020, large and medium-sized enterprises generated a net loss of nearly 184 million dollars
14:13, 23 June 2020

National Bank of Ukraine

According to the National Bank of Ukraine (NBU), the actual decline of the Ukrainian economy was more significant than expected (0.5%). It is stated in NBU's relevant comment.

"According to the National Bank’s estimation, published in the Inflation Report for April 2020, the actual economic downturn was more significant (0.5%). This is due to the slower growth of consumer and investment demand in this period than expected,” the message reads.

The national regulator reports that such a significant decline in investment was last observed during the crisis of 2014-2015.

Related: Ukraine's Cabinet wants to shrink into economic nationalism

In the first quarter of 2020, large and medium-sized enterprises generated a net loss of UAH 4.9 billion (183,7 million dollars) for the first time since 2016.

As we reported earlier, Ukraine's real GDP in the second quarter of 2020 decreased by more than 1% compared to the previous year.

In particular, the real gross domestic product (GDP) in the first quarter of 2020 compared with the previous quarter (taking into account the seasonal factor) decreased by 0.7% and compared with the first quarter of 2019 - by 1.3%.

At the same time, the European Bank for Reconstruction and Development (EBRD) predicts a drop in Ukraine’s GDP by 4.5% in 2020.

Related: Zelensky expects Ukraine to survive potential economic crisis

 

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