Economy 2021-09-15T05:05:15+03:00
Ukrainian news
Economy Ministry Estimates GDP Decline In Q2 At 11%

Economy Ministry Estimates GDP Decline In Q2 At 11%

Economy Ministry, GDP, gross domestic product

The Ministry of Economic Development, Trade, and Agriculture estimates that Ukraine’s GDP declined by 11% in the period of April-June.

This is stated in the ministry's review of economic activity in the first half of 2020, the Ukrainian News Agency reports.

"The monthly dynamics of economic activities shows that the economy has passed its peak and overcome the threshold of the maximum negative effect of the tough anti-epidemic measures both inside the country and abroad, which was felt most of all in April-May," the review states.

In general, the ministry estimates that the GDP fell by 6.5% in the first half of this year.

The economy declined at a slightly lower rate in the second quarter, compared with the previously predicted 14% decline.

According to the review, the economy gradually recovered in June against the backdrop of the easing of the coronavirus-induced quarantine, particularly in certain areas of industrial activity (production of durable consumer goods), transportation, and the construction industry.

As Ukrainian News Agency earlier reported, the National Bank of Ukraine estimates that Ukraine’s GDP fell by 11% in the period of April-June, compared with the corresponding period of last year.

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