Ukraine's Economy Ministry reviews its GDP forecast for 2020 / REUTERS
The figure is still very close to the projected indicators.
The Ministry for Development of Economy, Trade and Agriculture predicts a 5% decline in Ukraine's GDP by the end of 2020, while its previous forecast was set at 4.8%.
This was announced by Economy Minister Ihor Petrashko during an online conference.
Read alsoLockdown prospects: Expert tells of possible losses for economy
"In the 10 months of 2020, GDP declined by 5.2%. In general, we are within the figures planned for this year ... Most likely, GDP will fall by 5% by the end of the year instead of the previously expected 4.8%," he said.
The minister noted that despite this difference, the figure is still very close to the projected indicators.
"We still expect the decline in GDP may be 4.8% – it will depend on whether a lockdown is imposed," he said.
Petrashko also said that his ministry predicts GDP growth by 4.6% in 2021.
"Many say the figure is quite high, that there has not been such growth for many years, but we believe that these figures are achievable and possible. The current dynamics of the third and fourth quarters, together with effective management, will help us achieve such targets in 2021," the minister said.