Decline of Ukraine's GDP slows to 3.5% in Q3, 2020 – statistics

17:08, 16.11.2020 1 min read

The drop in the gross domestic product (GDP) of Ukraine in the third quarter of 2020 was 3.5% compared to the same period in 2019, while in the second quarter the decline was 11.4%, and in the first 1.3%, this preliminary estimate was published by the State Statistics Service.

According to the report, in relation to the second quarter of this year, GDP in the third quarter increased (taking into account the seasonal factor) by 8.5%.

According to the statistics department, GDP growth in the fourth quarter of 2019 was 1.5%, in the third 3.9%, in the second 4.7% and in the first quarter 2.9%.

The Ministry of Economy in early November estimated the drop in Ukraine's GDP in the third quarter of this year at 3.6%, and in general for the nine months at 5.5%, and confirmed the forecast of economic recession in 2020 by 4.8%.

In October, the National Bank estimated the decline in the country's GDP in the third quarter of 2020 at 6.2% and retained the forecast for the economic decline at the end of the current year at 6%.