19:04 12.10.2020

Economy Ministry estimates fall of GDP in eight months of 2020 at 5.8%

2 min read
Economy Ministry estimates fall of GDP in eight months of 2020 at 5.8%

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).

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