Ukraine’s GDP falls by 5.9% between January-May 2020

In particular, the reduction of ISP (consolidated index of goods and services production by main economic activities) totalled 7.3% in January-May 2020  (a 6.7% decline in January-April 2020), and respectively, the Economy Ministry estimates the decrease in GDP at 5.9% (the fall in GDP was 1.3% (p.p.) in Q1 2020, according to the updated data of the State Statistics Service), which currently corresponds with previously published projections of the Economy Ministry (‘minus’ 1.2%),” reads the report.

According to the NBU, the index of business activity expectations grew to 37 points in May 2020 from 29.9 points in April 2020, although a value of less than 50 points indicates a rather pessimistic business mood.

As reported by Ukrinform, the Action Program of the Cabinet of Ministers of Ukraine projects that the Ukrainian economy may decline by 4-8% compared to 2019 over the coronavirus pandemic in 2020.

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