Ministry of Economy – the rate of decline in GDP in Ukraine has accelerated to 5% over the past 4 months

The Ministry of Economy has assessed the decline in GDP over the past 4 months. As a result of the assessment, from January to April 2020, Ukraine’s GDP decreased by 5%. This result was predicted against the background of the introduction of quarantine in the country.

During the same reporting period, the production index also decreased by 6.7%. The Ministry of Economy reports that the industry has shrunk by 7.9% in the last 4 months. The Ministry of Economy has updated its forecast for the fall in GDP in 2020 to 4.8%. According to the State Statistics Service, real GDP in the first quarter decreased by 1.5% compared to 2019. The National Bank of Ukraine has downgraded its forecast for the country’s economic downturn this year from 5% to 6-7%.