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Economy 2020-07-16T04:03:16+03:00
Ukrainian news
Quarantine And Fall In Investments Major Reasons For GDP Fall In Q1 – NBU

Quarantine And Fall In Investments Major Reasons For GDP Fall In Q1 – NBU

Ukraine, NBU, GDP, investments, Coronavirus, quarantine, COVID-19

The National Bank of Ukraine notes that the major reasons for Ukraine’s economy shrinking in the first quarter of 2020 were the quarantine’s impact on the sectors of services, plummeting of investments, deepening of the fall in consumption in the state sector against the background of a complicated fiscal situation, a slowdown in the private consumption growth and export against the background of weakening of the external demand.

The NBU has said this in a statement, Ukrainian News Agency reports.

The actual economy shrinking was more considerable than expected by the NBU in its inflation report for April 2020 (0.5%).

That was a result of a slower than expected growth in consumer and investment demand during the said period.

A considerable factor in the GDP fall was a fall in investments.

In the first quarter of 2020, the share of loss-making enterprises rose to 41% over 27% year over year.

As Ukrainian News Agency earlier reported, in the first quarter of 2020, the real GDP fell by 1.3% (in constant prices) year over year to UAH 845.829 billion (in actual prices).

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