Ukraine's GDP in Q3 declines by 3.5% y-o-y

The country's State Statistics Service updates on GDP / Photo from UNIAN, by Volodymyr Hontar

Ukraine's gross domestic product (GDP) in the third quarter (Q3) of 2020 declined by 3.5% year-over-year (y-o-y).

This was reported by the country's State Statistics Service.

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"Real GDP, seasonally adjusted, expanded by 8.5% in Q3, 2020 to Q2, 2020, but shrank by 3.5% y-o-y," it said.

Nominal GDP in Q3 amounted to UAH 1.157 trillion (US$41.6 billion), and GDP per capita was UAH 27,673 (US$994.4).

Previous indicators

The decline in the country's GDP in the ten months of 2020 slowed to 5.2% after a 5.5% decrease in January-September 2020.

Budget for 2021 and GDP, forecast for Q1, 2021

• On December 15, 2020, the Verkhovna Rada adopted a bill on the national budget of Ukraine for 2021.
• On December 18, 2020, Prime Minister Denys Shmyhal announced that the domestic economy by the end of 2020 might contract by no more than 5% of GDP.
• Minister for Development of Economy, Trade and Agriculture Ihor Petrashko did not rule out a 3% drop in Ukraine's GDP in Q1, 2021, because of the COVID-19 epidemic.