REUTERS
However, the ministry predicts, GDP dynamics will remain negative in Q1.
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.
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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.