The drivers of this growth have changed / Photo from UNIAN
The ministry predicts further reforms in all areas of the economy.
Ukraine's Ministry of Economic Development, Trade and Agriculture estimated the growth of gross domestic product (GDP) in the country in 2019 at 3.3%.
The indicator was mentioned in the Review of Economic Activity for 2019, posted on the ministry's website.
The ministry also indicated that the drivers of this growth had changed. So, the growth of the Consolidated Index of the Production of Goods and Services by Main Types of Economic Activity slowed significantly, to 1.6% in 2019.
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Also, despite the updated record for the yield of grain, agricultural growth slowed significantly, while high domestic demand generated high rates in construction, trade and a number of sectors providing services.
As for expectations for 2020, the ministry predicts further reforms in all areas of the economy, modernization of the industrial complex, active upgrading of infrastructure facilities, however, the factors that influenced the development of the economy in 2019 will somewhat restrain the economic growth in general against the background of structural imbalances and problems accumulated over previous periods.
As UNIAN reported earlier, the National Bank maintained the forecast for real GDP growth in Ukraine in 2020 by 3.5%. The growth of Ukraine's real GDP in the third quarter of 2019 was 4.1% in annual terms. The expected growth rate for 2019 as a whole at about 3.5% would be the highest one over the past eight years.
According to recent forecasts, the International Monetary Fund expects economic growth in Ukraine in 2020 by 3%, the World Bank's forecast is set at 3.7%. The Ukrainian government predicts an increase in Ukraine's real GDP this year by 3.7%, but says it will review its projections.