The Ministry for Development of Economy, Trade and Agriculture has improved its estimate of the contraction of the Ukrainian economy in October-December to 1%, while at the end of last year the ministry expected the economy to fall by 3% in the fourth quarter.

"The drop in GDP in the third quarter fell to 3.5%, and in the fourth quarter to 1%," Economy Minister Ihor Petrashko said during the Ukraine 30. Coronavirus: Challenges and Responses forum.

Petrashko stressed that the government maintains its forecast for economic growth at 4.6% in 2021.

"Currently, the conditions for economic recovery, in principle, are quite favorable. It is clear that at one moment everything will not change for the better. But we leave our forecast for 2021 with an increase of 4.6% unchanged and quite probable," the minister explained.