Finance Ministry expects drop in Ukraine’s GDP to be less than predicted by IMF

Finance Minister Serhiy Marchenko stated this in an interview with zn.ua.

“We rely on the forecast of the Ministry for Development of Economy, Trade and Agriculture. A decline is projected at 4.8% of GDP. There is every reason to believe that we will have a more optimistic decline, if I may say so, rather than what the IMF predicts. According to the latest information, industrial production and economic activity started to recover in June. This is evidenced by both registration of new private entrepreneurs and electric energy consumption. These indicators give every reason to believe that we have withstood the most acute stage of the crisis, and the economy will gradually recover,” said Marchenko.

He also noted that a significant decline is expected in the second quarter.

"I can't give the exact numbers now. The latest data from the Economy Ministry is 5.9% of GDP, but this is data for the first five months of this year. Considering the fact that the June figures will be better, there is hope that we will reach upward economic dynamics during the fourth quarter," said Marchenko.

As reported by Ukrinform, the International Monetary Fund predicts a drop in Ukraine’s GDP at 8.2% in 2020 amid an average annual inflation of 4.5%.