The decline in Ukraine's GDP in 2020 will not exceed 4.8%, Minister of Economic Development, Trade and Agriculture Ihor Petrashko has said.
"We keep the macroeconomic forecast we voiced in April: a drop of 4.8%," Petrashko said at a press conference on Tuesday, December 29.
Ukraine's GDP shrank by 1.3% in the first quarter of 2020 year-on-year, by 11.4% in the second quarter, and by 3.5% in the third quarter.
The main factor behind the deepening decline in GDP was reduced domestic demand, falling investment and deteriorating exports. The World Bank forecasts that Ukraine's gross domestic product will fall by 5.5% in 2020. According to the International Monetary Fund, Ukraine's GDP will contract by 7.2% this year.