Economy 2022-05-15T04:57:45+03:00
Ukrainian news
Economy Ministry Estimating GDP Drop At 2.6% In January

Economy Ministry Estimating GDP Drop At 2.6% In January

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Ukraine, GDP, gross domestic product, economic activity

The Ministry of the Development of Economy, Trade and Agriculture estimates the drop in Ukraine's GDP in January at 2.6%.

This is stated in the materials of the ministry, Ukrainian News Agency reports.

It is noted that the regular restrictions on the January lockdown (from January 8 to January 24, inclusive) caused a certain attenuation of the production activity of most economic entities, strengthening the pessimistic sentiments of business.

The reduction in the composite index of production of goods and services by main types of economic activity in January amounted to 4% (in January 2020 - a drop of 2.5%).

The main negative contribution to the dynamics of the above index was formed by such industrial foreign economic activities as: industrial production, construction and agriculture.

In the first quarter, the negative dynamics of GDP is expected to retain, taking into account the consequences of the lockdown introduced in January and the introduction of adaptive quarantine from February 24, 2021 to April 30, 2021, which provides for the division of the territory into epidemic zones, as well as difficult weather conditions that continued in February throughout Ukraine.

At that, the coordinated actions of the government and the National Bank to continue the implementation of economic reforms and the implementation of measures to support business and the population, the adaptability and flexibility of individual foreign economic activities, strengthened by the experience gained during the peak of the pandemic in Ukraine (March-May 2020), to work in the conditions of strict quarantine restrictions, as well as the start of vaccination in the world and domestically, can minimize the drop in GDP and allow for much better results in the first quarter compared with a significant drop in the second quarter of 2020.

As Ukrainian News Agency earlier reported, the Ministry of Economy predicts a 3% drop in GDP in January-March.

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