The Ministry for Development of Economy, Trade and Agriculture predicts that Ukraine's gross domestic product (GDP) will grow by more than 7% in the second quarter (Q2) of 2021 after a decline in the first quarter (Q1) of this year.
This was reported in the Economic Activity Overview for 2020, posted on the ministry's official website.
Read alsoEconomy ministry forecasts 4.8% growth in Ukraine's GDP in 2021
Negative GDP dynamics are expected to continue in Q1 2021 over the COVID-19 lockdown introduced in Ukraine in January 2021, the overview said. However, growth is projected in Q2-Q4 2021. In particular, the ministry predicts that Ukraine's GDP will grow by more than 7% in Q2 alone.
As for 2020, the ministry estimated an industrial decline last year at 5.2%, while the transport sector saw a 14.2% decline. However, the construction sector reported a 4% increase and trade grew by 4.7%.
"As per key industrial commodities, the most negative impact was caused to investment-related types, in particular, a 21.6% decline was recorded in the production of capital goods," it said.
Previous developments
- The Ministry for Development of Economy, Trade and Agriculture predicts a 4.6% increase in Ukraine's gross domestic product in 2021.
