UNIAN

Industrial output in Ukraine shrinks by 5.2% in 2020

Photo from UNIAN, by Volodymyr Hontar

The decline was recorded in mining and quarrying sectors, processing industry, etc.

Industrial output in Ukraine shrank by 5.2% in 2020 against 2019.

In particular, the decline was recorded in mining and quarrying sectors (by 3.1%), processing industry (by 6.9%), and supply of electricity, gas, and air conditioning (by 1.3%), the Ukrainian State Statistics Service said on its website.

Read alsoNational Bank elaborates on Ukraine's economy recovery after coronavirus crisisNational Bank elaborates on Ukraine's economy recovery after coronavirus crisisIndustrial production in December 2020 alone grew by 2.8% from November 2020 and by 4.8% year-over-year (y-o-y), the report said.

Taking into account the adjustment for the effect of calendar days, the industrial output in December 2020 rose by 3.2% y-o-y, growing by 1.1% from November 2020.

Background

  • Ukraine's gross domestic product in the third quarter of 2020 declined by 3.5% y-o-y, according to the State Statistics Service.
  • Ukraine saw a slowdown in its industrial production to 0.3% in November 2020 y-o-y without calendar adjustment, after a 5% decrease in October 2020 y-o-y.
  • Based on the results of 11 months of 2020, the Ministry for Economic Development, Trade and Agriculture estimated the GDP decline at 4.7%, which was generally in line with the projected trend.
  • On December 29, 2020, the ministry projected a 4.6% increase in the country's GDP in 2021.
  • On December 18, 2020, Prime Minister Denys Shmyhal said the domestic economy might decline by no more than 5% of GDP in 2020.
  • The decline in Ukraine's GDP in 10 months of 2020 slowed to 5.2%, from 5.5% reported in January-September 2020.
  • On January 11, 2021, the Ministry for Economic Development, Trade and Agriculture said Ukraine's growth domestic product might drop by 3% in the first quarter of 2021.