Ukraine's GDP 2% down in Q1 2021 y-o-y – statistics
The fall in the gross domestic product (GDP) of Ukraine in the first quarter of 2021 compared with the same period in 2020 accelerated to 2% from 0.7% in the fourth quarter of 2020, the State Statistics Service published this preliminary estimate on Friday.
According to it, in relation to the fourth quarter of last year, GDP in the first quarter of this year decreased (taking into account the seasonal factor) 1.1%, while a quarter earlier this figure was 0.8%.
As reported, Ukraine's GDP in 2020 fell by 4%, including in the first quarter of last year the decline was 1.2%, after which it accelerated to 11.2% in the second quarter, and slowed down to 3.5% and 0.5% in the third and fourth quarters, respectively.
The National Bank estimated the decline in the Ukrainian economy in the first quarter of this year at 1.5%, in general predicting its growth by 3.8% at the end of the year. The NBU projects growth to be 8.7% in the second quarter, and 4.2% and 3.6% in the third and fourth quarters, respectively.
According to the government's forecast in the state budget, Ukraine's GDP in 2021 will increase by 4.6%.