Industrial output in Ukraine shrinks by 5.2% in 2020

Photo from UNIAN, by Volodymyr Hontar

Photo from UNIAN, by Volodymyr Hontar

Industrial output in Ukraine shrank by 5.2% in 2020 against 2019.

In particular, the decline was recorded in mining and quarrying sectors (by 3.1%), processing industry (by 6.9%), and supply of electricity, gas, and air conditioning (by 1.3%), the Ukrainian State Statistics Service said on its website.

Read also National Bank elaborates on Ukraine's economy recovery after coronavirus crisis Industrial production in December 2020 alone grew by 2.8% from November 2020 and by 4.8% year-over-year (y-o-y), the report said.

Taking into account the adjustment for the effect of calendar days, the industrial output in December 2020 rose by 3.2% y-o-y, growing by 1.1% from November 2020.

Background

  • Ukraine's gross domestic product in the third quarter of 2020 declined by 3.5% y-o-y, according to the State Statistics Service.
  • Ukraine saw a slowdown in its industrial production to 0.3% in November 2020 y-o-y without calendar adjustment, after a 5% decrease in October 2020 y-o-y.
  • Based on the results of 11 months of 2020, the Ministry for Economic Development, Trade and Agriculture estimated the GDP decline at 4.7%, which was generally in line with the projected trend.
  • On December 29, 2020, the ministry projected a 4.6% increase in the country's GDP in 2021.
  • On December 18, 2020, Prime Minister Denys Shmyhal said the domestic economy might decline by no more than 5% of GDP in 2020.
  • The decline in Ukraine's GDP in 10 months of 2020 slowed to 5.2%, from 5.5% reported in January-September 2020.
  • On January 11, 2021, the Ministry for Economic Development, Trade and Agriculture said Ukraine's growth domestic product might drop by 3% in the first quarter of 2021.

Author: UNIAN

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