Ukraine sees GDP contract by up to 2.8% in Jan

Ukraine saw its gross domestic product (GDP) contract by 2.6% - 2.8% in January 2021.

This was reported in the Review of Economic Activity, posted on the website of the Ministry for Development of Economy, Trade and Agriculture on March 10.

Read alsoUkraine sees industrial output decline in January

"The new restrictions imposed during the January lockdown (from January 8 to January 24, inclusive) made most of economic entities reduce their production activity, having increased businesses' pessimistic sentiments. So, in January 2021, the Composite Index of Goods and Services Production by major types of economic activity decreased by 4.0% (a decline by 2.5% in January 2020)," it said.

Such types of economic activity as industrial production, construction and agriculture affected the dynamics of the Composite Index of Goods and Services Production, the ministry said.

In the service sector, passenger transportation traditionally suffered from the toughened quarantine most, while the retail segment remained the only type that showed growth.

Economic forecasts

• The Ministry for Development of Economy, Trade and Agriculture predicts an increase in the gross domestic product of Ukraine by 4.6% in 2021.