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