Fall of Ukraine's GDP in Q2, 2020 accelerates to 11.4% – preliminary statistics
The fall in the gross domestic product (GDP) of Ukraine in the second quarter of 2020 amounted to 11.4% compared to the same period in 2019 against 1.3% in the first quarter, the State Statistics Service has reported in its preliminary estimate.
According to it, in relation to the first quarter of this year, GDP in the second quarter decreased (taking into account the seasonal factor) by 9.9%.
Earlier, the State Statistics Service revised the preliminary estimate of GDP decline in the first quarter, improving it from 1.5% to 1.3%.
According to the statistics department, GDP growth in the fourth quarter of 2019 was 1.5%, in the third quarter 3.9%, in the second quarter 4.7% and in the first quarter 2.9%.
The Ministry of Economy in early August estimated the drop in Ukraine's GDP in the second quarter of this year at 11%, just like the National Bank, and in general for the first half of the year at 6.5%.
The NBU expects a slowdown in the decline in the third quarter to 7.4%, in the fourth quarter to 3.8%, in general predicting a decline in GDP by the end of this year at 6%. At the same time, the government still maintains a more optimistic forecast of a decline in the economy at 4.8%