REUTERS
This indicator is fully in line with the forecast.
Ukraine's gross domestic product (GDP) in January-April 2020 dropped by 5%, which is in line with the forecast of the Ministry of Economic Development, Trade and Agriculture.
"In conjunction with stimulating factors of the previous periods, a decline in GDP in January-April 2020 was estimated by the Economy Ministry at 5%, which is fully in line with the forecast (according to the State Statistics Service, the decline in GDP was 1.5% in Q1 2020)," as stated in the economic activity review for January-April 2020 published on the ministry's official website.
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In April, most types of production activities were affected by the spread of the coronavirus worldwide and the continuation of quarantine-related measures to curb the epidemic in the country.
At the same time, the ministry expects the easing of the measures from mid-May and further lifting of restrictions amid the implementation of government decisions aimed at easing the impact of the COVID-19 pandemic will allow economic recovery and the resumption of GDP growth at the end of the year.
As UNIAN reported earlier, the Cabinet of Ministers projects that Ukraine's GDP may decrease by 4-8% in 2020 compared to 2019. These figures are mentioned in the comprehensive economic recovery program passed on May 27 and published on May 28.
The updated budget is based on such forecasts as a 3.9% decline in GDP (it was previously expected to grow by 3.7%) and 9.4% unemployment (instead of 8.1%).