Economy recovering from coronacrisis – PM Shmyhal

Photo from UNIAN

Photo from UNIAN

The Ukrainian economy has begun to recover from the crisis caused by the COVID-19 pandemic, according to Prime Minister Denys Shmyhal.

"In 2021, we must lay a solid foundation so that the Ukrainian economy grows at a faster pace in the years to follow. At the same time, already in the first four months of this year, we are recording positive trends, which show that the Ukrainian economy has begun to recover from coronacrisis," Shmyhal wrote on Facebook.

In April, industrial growth due to the low base effect accelerated to 13% on year, PM says, adding that at the same time, in the first four months of this year, the industry rose 1.5% y-o-y. The fastest growing is the chemical industry as well as in the furniture industry. Mechanical engineering over the same period expanded by 6.5%.

Read also U.S. to allocate US$155 mln in additional support to Ukraine Also, the head of government reports better consumer sentiment. In the first four months of this year, retail sales grew 14% against the same period last year.

The growth in consumption, Shmyhal added, is also correlated with the factor of growing average wages.The average nominal wage of Ukrainians in April 2021 was 30% above that recorded in April 2020. Taken inflation into account, wages increased by 20% over the year.

"The export of Ukrainian products in the first 4 months of this year were up by almost 20%. In the first quarter of 2021, the main markets for our goods are China (14.2% of total exports), Poland (7.6%), and Turkey (6.4%). Recently, eight new markets have opened, including in Africa and South America. Exporters are constantly supported through new state products and formats," added Shmyhal.

According to the head of government, the financial performance of Ukrainian enterprises in the first quarter of 2021 is one of the best over the past five years.

"Financial performance of large and medium-sized enterprises before tax amounted to UAH 166 billion in profit, compared with a UAH 4.9 billion loss for the same period last year. The share of unprofitable enterprises decreased to 27.8% of the total number of existing large and medium-sized companies (this is the lowest indicator in the first quarter over the past five years)," Shmyhal said.

As UNIAN reported earlier, Ukraine's GDP in January-February 2021 shrank by 2.8%, according to the Ministry of Economy.

In April, the National Bank downgraded the forecast for real GDP growth in 2021 from 4.2% to 3.8%.

Translation: Yevgeny Matyushenko

Unian

Read the top-news of politics in Ukraine and the world, the latest political news from the UNIAN news agency.

https://www.unian.info/

Related news
Ukrzaliznytsia posts UAH 39 mln of profit in May

Ukrzaliznytsia posts UAH 39 mln of profit in May

JSC Ukrzaliznytsia in April-May reaches a profit; in particular, in April the company received UAH 35 million of profit, and in May – almost UAH 39 million, the company's press service reported with reference to acting Board Chairman Ivan Yuryk on...

Interfax-Ukraine

Chinese Rover on Mars Ushers in New Space Race

Chinese Rover on Mars Ushers in New Space Race

Increased competition will push scientists to explore more, US space expert says #mars #spaceexploration #China #UnitedStates

Sky News Breakfast: G7, Brexit and June 21 delay?

Sky News Breakfast: G7, Brexit and June 21 delay?

On Sky News Breakfast with Stephen Dixon: - The PM is expected to agree to the delay of lockdown easing in England pencilled in for 21 June - Brexit tensions continue in Cornwall as the Irish PM tells Sky News Boris Johnson must not ignore the Nor...

Irish PM optimistic solution can be found to NI Protocol row.

Irish PM optimistic solution can be found to NI Protocol row.

Ireland's Prime Minister, Taoiseach Micheál Martin, has told Sky News there is "a route" to resolving tensions over the Brexit Protocol following US President Joe Biden's intervention. He urged Boris Johnson to "very seriously consider" a veterina...

Gordon Brown: G7 summit will go down as 'missed opportunity'.

Gordon Brown: G7 summit will go down as 'missed opportunity'.

Gordon Brown says he thinks this G7 summit will go down as a "missed opportunity" - with not enough committed to vaccinating the world, describing it as a "unforgivable moral failure". The former prime minister says there is no "comprehensive plan...

Labour frontbencher urges lockdown easing delay

Labour frontbencher urges lockdown easing delay

Shadow international trade secretary Emily Thornberry says the scientific evidence is clear and "we can't have a lifting of lockdown at the moment". Ms Thornberry says India should have been put on the red list much sooner, but accuses Boris Johns...

Raab accuses EU of ‘lopsided approach’ to NI Brexit protocol.

Raab accuses EU of ‘lopsided approach’ to NI Brexit protocol.

The foreign secretary Dominic Raab says there has been a "very lopsided approach" to the Northern Ireland Protocol from Brussels. Mr Raab says the EU is not sticking to what was agreed between the two sides and has called for "a bit of respect" fr...