Ukraine’s GDP in third quarter drops by 3.6%

Source : 112 Ukraine

It Ukraine imposes a long-term lockdown, the fall in GDP can reach 6%
14:50, 5 November 2020


The Ministry for Development of Economy, Trade and Agriculture estimates the decline in the gross domestic product of Ukraine (GDP) in the third quarter of 2020 at 3.6% (compared to the same period in 2019), and for January-September - at 5.5%. This was reported by the press service of the Ministry of Economy.

In the first nine months of 2020, the GDP was expected to fall by 6.5%. The ministry stopped the forecast of GDP's decline in 2020 at 4.8%, and the forecast for the decline in the IV quarter at 3%.

Related: Economy of Ukraine in coming years will grow by more than 4% of GDP, - Ministry of Economy

Given the long lockdown in Ukraine and worldwide, the fall in GDP in the IV quarter can be much worse than forecasted - 6%.

As we reported earlier, due to the introduction of lockdown restrictions in Ukraine, cinemas, travel agencies and hotels have sharply reduced tax payments to state and local budgets.

According to the State Tax Service of Ukraine, in March-September 2020, cinemas halved their tax deductions compared to the same period last year, in 6 months of lockdown they paid 1.5 million dollars.

Related: Ukraine’s government appeals to EIB to finance €25 million aid to small, medium-seized enterprises

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