Decline in Ukraine economy slows to 6.2% – economy ministry

REUTERS

REUTERS

Ukraine's Ministry for Development of Economy, Trade and Agriculture says the decline in Ukraine's gross domestic product (GDP) in the seven months of 2020 slowed to 6.2%, from 6.5% reported in the first half of 2020 (H1).

"In July 2020, against the background of continued adaptation to activities amid the quarantine, almost all economic sectors showed a slowdown in the decline pace, or growth (in particular, the retail market segment). This indicates that the gradual recovery continues, and most economic sectors are gradually returning to normal operation after the lockdown (especially in April)," reads an economic activity review for January-July 2020 published on the ministry's website.

Read also Finance Ministry elaborates on 2021 national budget Business Expectations Index

It is noted that certain industrial sectors, transport, trade, and agriculture have shown a slowdown in the decline pace, while the Business Expectations Index (BEI) has improved from June.

"As a result, and taking into account a fairly high statistical base of comparison last year, in January-July 2020, the reduction of the consolidated production index slowed down slightly to 7.3% (against 7.7% in H1 2020). Accordingly, the reduction in GDP is estimated by the Economy Ministry at 6.2%," the report said.

Background

The Ministry for Development of Economy, Trade and Agriculture estimated the decline in Ukraine's GDP in H1 2020 at 6.5%, including 11% in the second quarter of the year.

Author: UNIAN

Related news

NBU sells US$71 mln on Sept 14-18 to support hryvnia.

Over the period under review, the regulator did not buy the currency.

Week's balance: Cabinet submits budget draft to Rada, Zelensky promises «human» salaries and pensions, while hryvnia keeps weakening.

The Cabinet of Ministers submitted to parliament the draft state budget for 2021, which provides for a budget deficit of 6% of GDP, President Zelensky promised Ukrainians to raise salaries and pensions to the "human level", while the hryvnia conti...

1 1

Ukrainian business receives UAH 8B under Affordable Loans program – Marchenko.

Since the launch of the state program "Affordable Loans at 5-7-9%", Ukrainian entrepreneurs have received loans worth about UAH 8 billion, Finance Minister Serhiy Marchenko has said.

1

PM says it’s realistic to get GDP growth at 4.6% next year

Prime Minister of Ukraine Denys Shmyhal believes that GDP growth at 4.6%, which is included in the draft state budget for 2021, is completely realistic.

1 1

Hryvnia weakens to U.S. dollar on Sept 21

The official forex rate against the euro for Monday is fixed at UAH 33.35 per euro.

Extended border closure another obstacle for Alberta Indigenous tourism industry.

Indigenous tourism was growing in Alberta before the pandemic hit. Now, many operators hope their doors will still be open when travel restrictions ease.

PM Shmyhal: Government working on measures to facilitate Ukraine's economic recovery.

Shmyhal announces work on measures to facilitate Ukraine's economic recovery / REUTERSUkraine's Cabinet of Ministers is working on measures that will help facilitate the country's economic...

1 11

Agricultural production in Ukraine almost 10% down in eight months.

Both agri-businesses and private farmers reduced production.

Banker Pysaruk accuses NABU of lack of professionalism and pursuing its own agenda.

Oleksandr Pysaruk / Photo from UNIAN‘NABU has demonstrated that it lacks professionalism and is pursuing its own agenda in the case against Pysaruk and Bakhmatyuk by pressing baseless charges...

Bakhmatyuk sums up losses from ‘a year of war’ waged against him by NABU: 9,000 jobs and 0.

Oleg Bakhmatyuk / Photo provided by the press serviceOne year into NABU's war against Bakhmatyuk, his company has lost more than the value of assets abandoned in the occupied Crimea and Donbas...

By continuing to browse World News (UAZMI), you acknowledge that you have read the Terms of Use and agree to the use of cookies