The real GDP of Ukraine in the second quarter of 2020 compared to the previous year decreased by more than 1%. This is evidenced by preliminary data from the State Statistics Committee, published on Facebook.
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%.
In April it was reported that the real gross domestic product (GDP) of Ukraine for the I quarter of 2020 (January, February and March) decreased by 1.5% compared with the first quarter of 2019.
At the same time, the European Bank for Reconstruction and Development (EBRD) predicts a drop in Ukraine’s GDP by 4.5% in 2020.
“As a consequence of the quarantine restrictions for overcoming the pandemic and global crisis, the Ukrainian economy will reduce by 5.0% in 2020 but it will renew its growth at the level of 4% the next years,” the message said.
It is specified that 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.
“The reduction of global demand also restricts the export possibilities of the country. According to our estimations, the influence of these factors on the economy will sizeable impact the second quarter of 2020. The gradual termination of quarantine restrictions will result in the restoration of the Ukrainian economy in the second half of 2020,” the National Bank of Ukraine stated.