17:02 06.08.2020

Economy Ministry estimates decline of Ukraine's GDP in H1 at 6.5%, in Q2 at 11%

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Economy Ministry estimates decline of Ukraine's GDP in H1 at 6.5%, in Q2 at 11%

The gross domestic product (GDP) of Ukraine, according to the Ministry of Economy, in the first half of 2020 decreased by 6.5% compared to the same period in 2019, in particular in the second quarter the decline was 11%, which is less than expected earlier (14%).

"The monthly dynamics of economic activities indicates that the economy has passed the peak and has overcome the threshold of the maximum negative effect from tough anti-epidemic measures both inside the country and abroad, which was most felt in April-May 2020. And so far, against the background of easing quarantine, it gradually begins to recover," the Ministry of Economy notes in its review of economic activity for the first half of 2020.

According to the ministry, in January-July the reduction in the consolidated production index amounted to 7.7% (by 7.3% in January-May 2020).

"In June 2020, the easing of quarantine restrictions, both inside the country and beyond its borders, contributed to a slowdown in the decline in industrial production - to 5.6% (compared to 12.2% in May 2020), taking into account the effect of calendar days - to 7.1% (11.7%, respectively)," the Ministry of Economy said.

In particular, the seasonally adjusted industrial production index increased by 3.4% in June from May 2020, the ministry said.

A decrease in the depth of the fall in June was observed in extracting industry to 4.9% (a decline of 8.9% in May 2020) and in processing industry to 6.2% (a fall of 15.6%, respectively), according to the ministry's data.

In June, the rate of decline in metallurgy production slowed significantly, to 3.9% compared to 19% in May due to the recovery in economic activity. In particular, Dniprovsky Metallurgical Plant resumed work after a seven-month pause.

The machine building industry maintained the pace of production decline in June: a decline of 22.5% compared to 22.4% in May.

"At the same time, in the supply of electricity, gas, steam and conditioned air, there was a deepening fall to 4% (1.9%, respectively)," the ministry said.

Construction in June, thanks to road works, increased by 0.1% compared to "minus" 2.6% in May, and in the first half fell by 5.5% (25.3% in the same period last year), the ministry said.

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