Outlook for GDP fall by end of 2020 within target of below 5% - Finance minister

The latest outlook for the fall in Ukraine's gross domestic product (GDP) by the end of 2020 will stay within the target designated at the beginning of this year, that's below 5%, says Finance Minister Serhiy Marchenko.

"Despite the fact that this year is difficult in all respects, the economic dynamics are difficult not only in our country. Our country is in the lower median of the groups of states that have been affected. There are hopes that the outlook for a GDP fall will correspond to the forecast indicators that we set at the beginning of the year. This is below 5%. Now there is every reason to expect such dynamics," the minister told an annual meeting of the European Business Association on Thursday, November 19, an UNIAN correspondent reports.

Read alsoRada failing to meet deadline for 2021 Budget adoption – HetmantsevThe year 2020 was a difficult one for the Ukrainian economy, but nevertheless, the country did not suffer all potential losses that it could have sustained, the minister added.

Background

According to the State Statistics Service, Ukraine's GDP in Q3 2020 was down by 3.5% on year.

At the same time, compared to the second quarter of 2020, GDP in the third quarter grew by 8.5%.

The economy ministry says the GDP fall in the first nine months of 2020 slowed down to 5.5% after dropping by 5.8% in January-August.

NBU Governor Kyrylo Shevchenko said the central bank is ready for any developments in the economy this year.