Ukraine’s GDP expected to grow by 4.1% by year-end – Economy Ministry

The gross domestic product (GDP) of Ukraine is expected to grow by 4.1% by the end of 2021 compared to 2020, Ukrinform reports with reference to the relevant forecast published on the Economy Ministry’s website.

"GDP will enter a positive trend in the second quarter of 2021, and the growth is projected at 4.1% by the end of the year,” reads the report.

According to the State Statistics Service, in the first quarter of 2021, seasonally adjusted GDP decreased by 1.2% compared to the previous quarter. The ministry noted that the fall in GDP in the first quarter of 2021 was primarily due to the introduction of nationwide lockdown in winter and regional lockdowns in spring, as well as low economic activity, which traditionally took place at the beginning of the year.

As reported by Ukrinform, Ukraine’s GDP decreased by 1.2% (seasonally adjusted) in the first quarter of 2021 compared to the previous quarter, and by 2.2% compared to the first quarter of 2020. In January-March 2021, Ukraine’s nominal GDP amounted to UAH 1,008.6 billion, and GDP per capita was UAH 24,280.

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