19:00 04.02.2021

Economy Ministry estimates GDP decline in 2020 at 4.2%, growth in 2021 at 4.8%

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Economy Ministry estimates GDP decline in 2020 at 4.2%, growth in 2021 at 4.8%

The Ministry of Economy estimates the drop in the gross domestic product (GDP) of Ukraine in 2020 at 4.2%, which is associated with the COVID-19 pandemic, Minister of Economy Ihor Petrashko has said while discussing the economic strategy until 2030.

"In 2021, we expect a recovery growth of the domestic economy by 4.8%. At first glance, this figure may seem optimistic, but behind it is a balanced assessment of the opportunities and aspirations of economic players - from micro entrepreneurship to large industrial business," the minister said.

According to him, the majority of think tanks are also leaning towards an estimate of 4.8% GDP growth.

Petrashko added that after a 5.2% decline in industry in 2020, it is expected to compensate for more than 5% growth this year, provided that the pandemic is overcome, industry and exports are stimulated.

As reported, the government's forecast for GDP growth for 2021 is 4.6%. Prime Minister Denys Shmyhal announced such a forecast at a meeting with the European Business Association on February 4.

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