The real gross domestic product of Ukraine in the first quarter of 2021 decreased by 2% year-on-year, the latest statistical report says.
"Real GDP in the first quarter of 2021 decreased by 1.1% against the previous quarter (taking into account the seasonal factor), and compared with the first quarter of 2020 – by 2%," the State Statistics Service reports.
Background
- The drop in Ukraine's GDP in the third quarter of 2020 stood at 3.5% on year, the stats agency said.
- The decline in industrial output in November 2020 slowed down to 0.3% on year – that's excluding calendar adjustments – after falling by 5% in October,
- For the 11 months of 2020, the economy ministry tentatively estimated the GDP slide of 4.7%, which generally corresponded to the forecasted trend.
- On December 18, 2020, Prime Minister Denys Shmyhal said the fall of the domestic economy over 2020 will amount to no more than 5% of the GDP.
- On December 29, 2020, the economy ministry predicted an increase in the country's GDP to 4.6% in 2021.
- The drop in the first ten months of 2020 slowed down to 5.2% after a 5.5% slide in January-September.
- Industrial production in January-December 2020, compared to the same period in 2019, decreased by 5.2%.
- In December 2020, industrial output increased by 4.8% on year.
- On January 11, 2021, the economy ministry predicted a 3% drop in GDP in Q1 2021.
- The 2021 state budget has laid down GDP growth at 4.6%.
- The outlook by the International Monetary Fund suggests Ukrainian economy in 2021 will grow by 4%, while the World Bank expects a moderate recovery at 3.8%.