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Ukraine’s GDP for first quarter of 2020 reduces by 1.5%

Source : 112 Ukraine

In comparison with the previous quarter, the reduction of the GDP made 0.8% considering the seasonal factor
18:35, 15 May 2020

www.obozrevatel.com

The GDP of Ukraine in the first quarter of 2020 (January, February, March) decreased by 1.5% in comparison with the first quarter of 2019 as the State Statistics Service reported.

In comparison with the previous quarter, the reduction of the GDP made 0.8% considering the seasonal factor.

Related: Ukraine's economy is crumbling: How to stop it?

Earlier, the National Bank of Ukraine reported that the Ukrainian economy will reduce by 5.0% due to the coronavirus pandemic and global crisis. The negative influence of pandemic on the Ukrainian economy will not be long-term but it will be powerful. The quarantine measures have decreased the business, consumption and employment of the population.

Besides, in 2020, Ukraine will show a deeper decline (by 4.2%) than the global economy, which will reduce by 3.0% according to the IMF prediction.

Related: Website with ‘quarantine’ statistics of economy launched in Ukraine

According to EBRD forecasts, the fall of Ukraine's GDP by 4.5 percent expected this year. The report claims that Ukraine faced a high price of refunding the debt in the international financial markets.

 

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