Economy ministry forecasts 4.8% growth in Ukraine's GDP in 2021

Ukrainian Minister for Development of Economy, Trade and Agriculture Ihor Petrashko has said the ministry forecasts a 4.8% increase in Ukraine's gross domestic product (GDP) in 2021.

Read alsoWeek's balance: Cabinet sets cap on gas prices, NBU keeps key rate unchanged, releases outlook for GDP fall in 2020He made the comment during public debates on the draft National Economic Strategy of Ukraine until 2030, as reported by an UNIAN correspondent on February 4.

"We consider this figure quite reasonable. It also coincides with those of Ukraine's most think tanks, which tend to estimate the GDP growth at around 4.8%. At the same time, we expect the compensatory growth in industrial production to exceed 5%, given, in particular, a successful fight against the epidemic, stimulating support for the industry, and effective work in foreign markets," he said.

According to Petrashko, with the implementation of the National Economic Strategy until 2030, domestic industry will become competitive in foreign and domestic markets, as well as integrated into global production chains.

Background

Ukraine's gross domestic product in the third quarter of 2020 declined by 3.5% year-over-year, according to the State Statistics Service. The country's GDP, Petrashko says, dropped by nearly 4.2% last year.