Ukraine's GDP 1.5% down in Q1, 2020 – statistics

19.05.2020 09:50 "Agro Perspectiva" (Kyiv) — Ukraine’s real GDP in the first quarter of 2020 fell by 1.5% compared with the first quarter of 2019, the State Statistics Service has said.

According to its data, compared with the previous quarter, the seasonally adjusted decline in GDP was 0.8%.

The service traditionally does not yet report other data.

As reported, the National Bank on April 23 estimated the fall in Ukraine’s GDP in the first quarter at 0.5%, and the Ministry of Economy on May 12 at 1.2%.

The National Bank predicts an acceleration of decline in the second quarter to 11.3%. According to the NBU’s expectations, in the third quarter of this year, the economic decline will slow down to 5.3%, and in the fourth quarter to 2.3%, as a result of which, over the whole year, GDP will decrease by 5%. The government expects the economy of Ukraine to fall by 4.8% this year.

According to the State Statistics Service, in the fourth quarter of last year, GDP growth in Ukraine slowed to 1.5% from 3.9% in the third quarter and 4.7% in the second quarter. In the first quarter of last year, the economy grew by 2.9%, and in general over the past year by 3.2% compared with 3.4% in 2018 and 2.5% in 2017.

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