Real gross domestic product (GDP) in Ukraine in the fourth quarter of 2015 declined by 1.2% year-over-year, whereas its decline in the third quarter was 7%, in the second quarter 14.6%, and in the first 17.2%.

What is more, Ukraine saw a 1.5% rise in GDP in the fourth quarter compared to the third quarter when a 0.5% GDP increase was recorded, the State Statistics Service reported on Monday evening.

At the same time, there was no information about nominal GDP and a GDP decline in all the 12 months of 2015.

The Ukrainian government and the National Bank of Ukraine (NBU) earlier projected economic growth in the fourth quarter of 2015 due to the low comparison base.

As was reported, Ukraine's economy in the fourth quarter of 2014 declined by 14.8%, Ukraine saw a 5.4% decline in the third quarter, 4.5% in the second quarter and 1.2% in the first quarter, the State Statistics Committee said.

The national budget of Ukraine in 2015 was originally built on the base-case scenario with a 5.5% decline in real GDP amid 26.7% inflation. However, after the budget was reviewed by parliament on September 17, the real GDP decline forecast was set at 8.9% with 45.8% inflation. Later, the Economic Development and Trade Ministry revised its forecast for 2015 to a 10.4% GDP decline, while the NBU said it projected a 10.5% GDP drop. Inflation in 2015 was 43.3%.

In 2016, the government expects GDP will grow by 2%, while the NBU's forecast is 1.1% amid 12% inflation with an average annual forex rate set at UAH 24.1% per U.S. dollar.