Ukraine recorded sharp drop in GDP

Source : 112 Ukraine

Deterioration of economic situation is associated with epidemic of coronavirus and accumulated problems in previous years
23:10, 6 March 2020

Real gross domestic product (GDP) of Ukraine in January 2020 decreased by 0.5%. Department of Strategic Planning and Macroeconomic Forecasting of the Ministry of Economic Development, Trade and Agriculture of Ukraine stated this information.

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The ministry noted that since the beginning of 2020, almost all types of economic activity that form the dynamics of the composite index of production of goods and services by main types of economic activity (SIP), except for construction and domestic trade, have shown a decrease in production.

"As a result, in January 2020, the decrease in NIP was 2.6%, and, accordingly, the reduction in GDP was estimated at 0.5%," - the document says.

According to the Ministry of Economy, in 2020 reform will continue in all areas of the economy, modernization of the industrial complex, and active updating of infrastructure facilities.

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“The effect of factors that influenced the development of the economy in 2019, against the background of structural imbalances and accumulated problems already formed in previous periods, as well as risks associated with the spread of coronavirus (Covid-19) in the world, and a possible slowdown in the development of the global economy, will somewhat restrain the growth of the economy as a whole, especially in the first quarter of the year," - the department concluded.

As we reported before, The International Monetary Fund informed it had made good progress in talks with the Ukrainian authorities and that the discussions would continue in the coming days

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