"In the last month of summer 2020, the macroeconomic situation in Ukraine remains stable but indicates that there are risks of the rooting of negative trends in economic development, which have been observed over the past year. This leaves no time for reflection and requires urgent measures to accelerate economic recovery in the country," Danylyshyn said.
He said that according to the State Statistics Service, the decline in real GDP in the second quarter of 2020 was 11.4% compared to the same quarter of 2019 and was the deepest in the past five years.
The result of low economic activity was a 1.8-fold increase in the number of unemployed over the past year, a decrease in profits of large and medium-sized enterprises in the first half of 2020 by 10.1% (UAH 262.4 billion) and an increase in losses more than fourfold, to UAH 233.2 billion. As a result, the total financial result of large and medium-sized enterprises in Ukraine in the first half of 2020 amounted to only UAH 29.2 billion (or less than EUR 1 billion), which is much less than in the same period of 2019.
"The situation on foreign markets remains favorable for Ukraine. In August 2020, iron ore prices were a third higher than in the same period last year, wheat prices were a quarter higher. Steel and corn prices almost did not change over the past year. At the same time, prices for oil and natural gas, of which Ukraine is a net importer, fell by 20-30% over the year. This creates favorable conditions for foreign trade for Ukraine, as evidenced by the positive balance of trade in goods and services (+163 million U.S. dollars in January-June 2020 compared to "-" 4.8 billion U.S. dollars in the first half of 2019)," Danylyshyn said.
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