GDP decline slows to 5.8% – economy ministry

REUTERS

REUTERS

Ukraine's Ministry for Development of Economy, Trade and Agriculture says decline in the country's gross domestic product (GDP) in the first eight months (January-August) of 2020 slowed to 5.8% after a 6.2% slump in January-July.

That is according to an economic activity review for January-August 2020 published on the ministry's website.

"In August 2020, against the background of ongoing adaptation to operations amid quarantine easing, almost all economic activities slowed their decline pace down, while some even showed a growth (in particular, the retail market segment and construction industry)," the report said.

The ministry added that all types of industrial activities, construction, transport, trade, and agriculture improved their dynamics, while the Business Expectations Index (BEI) increased against July. This led to a slowdown in the decline of the consolidated production index to 6.5% against 7.3% in January-July.

Read also Economy Ministry says Ukraine-UK agreement to facilitate domestic goods exports Among the key factors that had a positive impact on the economy, the ministry noted the favorable situation on global markets for ferrous metals and metal ores in August, maintained relatively high purchasing power, and adaptation of businesses to working amid the lockdown. At the same time, the ministry noted low investment activity in the domestic economy.

Background

The Ministry for Development of Economy, Trade and Agriculture estimated the decline in Ukraine's gross domestic product in the first half of 2020 (H1) at 6.5%, including 11% in the second quarter of the year.

The decline in Ukraine's GDP in the seven months of 2020 slowed to 6.2%, from 6.5% reported in H1 2020.

Author: UNIAN

Related news

Dozens of Belarusian IT companies moved to Ukraine under IT Relocate project – ministry.

Dozens of Belarusian IT companies have already moved to Ukraine thanks to the IT Relocate Belarus project, which is being implemented by the team of the Ministry of Digital Transformation with the support of President Volodymyr Zelensky, Deputy Mi...

Naftogaz aims to go public in few years

NJSC Naftogaz Ukrainy has welcomed the approval by the government, as the founder and sole shareholder, of the company's ownership policy, which involves preparation for an initial public offering (IPO) of a minority stake on one of the leading in...

1

Cabinet creates working group to coordinate talks with IMF.

The Cabinet of Ministers has established an interagency working group to coordinate the negotiation process with the International Monetary Fund (IMF).

Government replaces two board members of Ukrzaliznytsia.

The Cabinet of Ministers dismissed acting members of the Board of JSC Ukrzaliznytsia Mykola Ivaniv and Roman Veprytsyi and appointed Oleksandr Pertsovskyi and Roman Chernitskyi to replace them.

Government to raise EUR 63M loan from EBRD to modernize Ukrposhta's network.

The Cabinet of Ministers has approved a resolution to attract a EUR 63 million loan from the EBRD for the modernization of the logistics network and rural branches of JSC Ukrposhta, Ukraine’s national postal operator.

Reuters: Oil slips on weaker demand outlook after U.

U.S. gasoline stocks rose by 1.9 million barrels in the week to October 16.

Ukraine sees 6.7% rise in retail trade in Jan-Sept

Retail turnover increased most in Kyiv, Zaporizhia and Chernihiv regions.

Hryvnia strengthens to U.S. dollar on Oct 22

The country's national currency strengthened by 10 kopiykas.

2

IMF working closely with Ukraine's government on next tranche.

The further implementation of the Stand-By Arrangement for Ukraine, including the allocation of subsequent tranches, will depend on whether Kyiv implements reforms, fulfills its commitments and meets other goals set out in the memorandum under the...

IMF explains why Ukraine's GDP forecast was upgraded.

The IMF links upgraded Ukraine's GDP forecast for 2020 with a faster-than-expected recovery of some indicators of the country's economic development in the second quarter of this year.

1 6

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