bne IntelliNews – Ukraine’s economy contracted by 4% in 2020, ending four years of positive growth

Ukraine’s economy contracted by 4% in 2020, ending four years of positive growth, the State Statistics Service said on March 22.

Nominal GDP stood at 4,194 trillion UAH ($ 152 billion) and UAH 100,470 per capita ($ 3,630), Ukrstat said, quoted by Interfax Ukraine.

The service said the change in the deflator over the past year was 9.8%.

The economy was hit hard by the coronavirus crisis in the second quarter of last year, but recovered relatively quickly in the second half.

In the first quarter of 2020 compared to the first quarter of 2019, the decrease was 1.2%, in the second quarter the economy contracted by 11.2% year on year, after which the contraction slowed down to 3, 5% in the third quarter and was -0.5% in the fourth.

Nominal GDP in the first quarter of last year was 854.05 billion UAH (change in deflator -5.3%), in the second, 875.34 billion UAH (5.6%); in the third, 1,163 billion UAH (8.4%); and in the fourth, 1.302 trillion UAH (17.5%).

The State Statistics Service recalled that in 2019 Ukraine’s GDP grew by 3.2%, in 2018 by 3.4%, and in 2017 and 2016 it increased by 2.5% and 2.4%, after a drop of 9.8% in 2015 and 6.6% in 2014..

The government predicts that the Ukrainian economy will grow by 4.6% in 2021.

Christi C. Elwood