The NBU reports that a real GDP decline in Q1, 2015 accelerated to 17.2% y-o-y / Photo from UNIAN
A gradual economic recovery is expected to begin only in the third quarter, driven by net exports and capacity utilization, according to the National Bank of Ukraine (NBU).
Ukraine's real GDP in the second quarter of 2015 remained largely unchanged as compared to the first quarter after falling by 5.3% quarter-over-quarter, seasonally adjusted, the NBU said in its Inflation Report for June 2015, posted on the regulator's website.
The deepening of economic recession was primarily associated with the escalation of the military conflict in Donbas, which resulted in further infrastructure damages, underutilization of capacities, and disruption of production links between the regions, the report said.
The NBU reported that a real GDP decline in the first quarter of 2015 accelerated to 17.2% year-over-year and 5.3% compared with the previous quarter, which is net of seasonal factors.
"In Q2, 2015, according to our estimates, seasonally adjusted real GDP remained largely unchanged compared to the previous quarter," the NBU reported.
The NBU projects that the gradual recovery of economic growth may start not earlier than in the third quarter and will be driven by net exports and capacity utilization.