17:31 21.12.2020

Statistics Service confirms slowdown in Ukrainian economy recession in Q3, 2020 to 3.5%

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Statistics Service confirms slowdown in Ukrainian economy recession in Q3, 2020 to 3.5%

The fall in the gross domestic product (GDP) of Ukraine in July-September 2020 amounted to 3.5% compared to the same period in 2019, the State Statistics Service confirmed its preliminary assessment, published in mid-November.

According to the statistics department, the drop in GDP in the second quarter of 2020 amounted to 11.4%, in the first quarter 1.3%, while in the fourth quarter of 2019 there was an increase of 1.5%, in the third quarter 3.9%, in the second quarter 4.7% and in the first quarter 2.9%.

According to the State Statistics Service, real GDP in the third quarter of this year (taking into account the seasonal factor) increased by 8.5% compared to the previous quarter.

According to the agency, nominal GDP in July-September amounted to UAH 1.157 trillion, and per capita UAH 27,673 (against UAH 20,744 in April-June), deflator change 7.9%.

In early November, the Ministry of Economy 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%. Later, it slightly worsened the forecast of economic recession in 2020 from 4.8% to 5%, estimating the decline over the 10 months at 5.2%.

The National Bank previously expected a 6% decline in the economy this year, but towards the end of the year it improved its estimates, to about 5%, predicting recovery in 2021 by 4.2%.

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