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Ukrainian Ministry of Economic Development and Trade expects that the decline in the country’s gross domestic product (GDP) will slow down in 2015, according to an analytical report prepared by the ministry.
A further slowdown in GDP decline is expected in January-September and at the end of 2015 owing to improved dynamics in all sectors of the real economy, according to the report.
At this, the ministry notes that the upturn in the GDP dynamics will be determined by the stabilization of the financial market and economic recovery in the country’s east.
An important role in the process will be also played by the ability of businesses to adapt to new conditions, as evidenced by results of the survey conducted by the National Bank of Ukraine regarding the improvement of business expectations of enterprises in the second quarter of this year, particularly, concerning financial and economic situation and reduction in idle capacities against the backdrop of stepping up the economic reforms implementation. However, the ministry admits that the greatest impact on the GDP dynamics will be through the lower base effect.
As UNIAN reported earlier, the Ministry of Economic Development and Trade of Ukraine estimated the GDP fall in the first half of 2015 at 15.9%. At the same time, the ministry noted the improvement in the GDP dynamics in the second quarter of this year, for the first time since the end of 2013.
Ukraine's GDP declined by 14.7% in the second quarter of 2015, compared to a decrease of 17.2% in the first quarter of 2015, according to the State Statistics Service of Ukraine.
The Cabinet of Ministers has developed three scenarios of economic development in Ukraine for the current year, according to which the fall of the country's GDP is expected to range between 5.5% and 11.9% The International Monetary Fund and the European Bank for Reconstruction and Development project Ukraine's GDP may fall by 9% in 2015. The World Bank in turn predicts a 7.5% decline in Ukraine's GDP in 2015.