Economy 2023-03-15T06:32:25+02:00
Ukrainian news
GDP Down 5.8% In 8M - Economy Ministry

GDP Down 5.8% In 8M - Economy Ministry

Economy Ministry, GDP, decline, gross domestic product, Coronavirus, quarantine, COVID-19, coronacrisis, Coronavirus crisis

The drop in gross domestic product (GDP) in the first eight months of 2020 amounted to 5.8%.

This is stated in the review of the Ministry of Economic Development, Trade and Agriculture, Ukrainian News Agency reports.

In January-July 2020, the drop, according to the ministry, was 6.2%.

Against the background of continued adaptation to activities under mild quarantine in August 2020, almost all types of economic activity showed a slowdown in the rate of decline, and some even increased (retail market segment and construction).

This led to a slowdown in the fall of the composite index of production of goods and services to 6.5% (following the results of the first seven months of 2020, the decline was 7.3%).

At the same time, low investment activity remains in the Ukrainian economy.

As Ukrainian News Agency earlier reported, the Ministry of Economic Development, Trade and Agriculture notes that the level of the shadow economy in January-March 2020 decreased by 1 percentage point to 31% compared to the same period in 2019 of the volume of official GDP.