Ukraine’s GDP growth slows down to 3.3% in 2019

"At the year-end, economic activity remained at a sufficiently high level - GDP growth was estimated at 3.3%, which is almost the same as in 2018," reads the report.

However, the ministry noted that the drivers of this growth had changed. Thus, as a whole, the growth of the aggregate index of production of goods and services by major economic activities slowed down to 1.6% in 2019 (3.6% in 2018), and even started to decline in the last months of the year.

First of all, according to the report, this was due to the difficult situation in the industry, where production declined by 1.8% compared to 2018 after a three-year growth (a 1.6% increase in 2018). The ministry also estimated that despite another record of grain harvest, the agriculture growth decelerated significantly (1.1% in 2019 compared to 8% in 2018). Instead, high domestic demand generated high construction rates (20% against 8.5% in 2018), as well as in a number of service industries.

As Ukrinform reported, according to estimates of the National Bank, Ukraine’s GDP growth is expected to reach 3.5% in 2020.

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