Economy Ministry estimates fall of GDP in eight months of 2020 at 5.

Interfax-Ukraine

News about recent political developments in Ukraine, key Ukrainian economic news and major current events in the CIS and the rest of the world.

https://en.interfax.com.ua/

The decline in GDP in January-August 2020 will amount to 5.8%, the Ministry of Economic Development, Trade and Agriculture of Ukraine expects in the review of economic activity in August.

"In August 2020, against the backdrop of continued adaptation to activities amid a soft quarantine, almost all types of economic activity showed a slowdown in the rate of decline, and some even growth, in particular, the retail segment of the market and construction," according to a review posted on the agency's website.

The Ministry of Economy clarified that in January-August 2020, the consolidated production index slowed down to 6.5% compared to 7.3% in the seven months of this year. According to the ministry, some types of industry showed positive dynamics, in particular the production of consumer durables, as well as construction, transport, trade and agriculture.

The ministry explains the activation of trade by the implementation of deferred demand, its reorientation to the domestic market and an increase in wages, and agriculture - by the active phase of harvesting in all regions.

Among the negative factors affecting the economy, the ministry notes a low investment activity, among the positive ones - adaptation to quarantine conditions, maintaining a relatively high purchasing activity, and a favorable situation in the world markets.

At the same time, the Ministry of Economy separately highlights the downward dynamics in agriculture, which will retain its influence until the end of the year. In particular, the matter concerns a lower, compared to last year's record, harvest of grains, a number of vegetables, fruits and oilseeds, the review says. According to the ministry's estimates, agriculture "sank" by 5.5% in August, compared with 5.8% in July and 11.8% in August 2019.

According to the document, in August, the fall in industrial production deepened compared to August 2019, to 5.3% (4.2% in July), in particular, in processing industry by 7.7% (6.6% in July), in the supply of electricity, gas "minus" 4.6% (0.7% more), while in mining industry "minus" 0.1% (0.7% less).

Related news

Zelensky elaborates on international projects he sees as priorities for Ukraine.

Work is underway to develop water transport.

Experts pessimistic about 4.6% GDP growth stipulated in 2021 budget

Analysts say the IMF will not lend money to Ukraine by the year-end.

1 2

Ukraine harvests 50.5 mln tonnes of grain

In particular, the yield of maize was 14.5 million tonnes.

Ukraine already spent over 50% from COVID-19 Fund – Finance Ministry.

As of October 23, 2020, UAH 34.1 billion, or 52%, has already been used from Ukraine's COVID-19 Fund, the Finance Ministry's press service reports.

Ukraine, Korea discuss cooperation in development of high-speed rail.

The Ukrainian side is interested in cooperating with the Export-Import Bank of Korea with the support of the Government of the Republic of Korea in the development of high-speed rail if favourable financial terms of cooperation are offered.

Public debt shrinks by 2.7% to almost US$83 bln in Sept

In hryvnia equivalent, debt increased by UAH 4.55 billion.

Ukreximbank offers to buy back up to $300 mln of LPN due in 2022 and 2025.

The state-owned Ukreximbank has offered to buy back its loan participation notes (LPN) maturing in 2022 and 2025 for a total amount of up to $300 million using available funds, according to a statement from Biz Finance Plc, through which the notes...

Ukraine, Denmark to draw up program to modernize heating supply systems.

The Ministry for Communities and Territories Development of Ukraine and the Danish Energy Agency have agreed to jointly draw up a program for the modernization of heating supply systems, the ministry's press service has reported.

Ukraine already exported 15M tonnes of grain

Between July 1 (when the 2020/2021 marketing year (MY) began) and October 26, Ukraine exported 15 million tonnes of grain and leguminous crops, which is almost 3 million less compared to the same period last year.

1 1

Interpipe transfers UAH 2 bln to budgets of all levels in first nine months of 2020.

The international vertically integrated pipe and railway wheel company Interpipe paid almost UAH 2 billion of taxes and fees to the budgets of all levels and extra-budgetary funds in January-September this year, the company wrote on its Facebook p...

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