Ukraine’s real gross domestic product (GDP) in 2020 fell by 4% after four years of growth, the State Statistics Service has said.
According to its data, the nominal GDP amounted to UAH 4.194 trillion, and per capita – UAH 100,470.
The service clarified that the change in the deflator in the past year was 9.8%.
According to the agency, in the first quarter of 2020 compared to the first quarter of 2019, the decline was 1.2%, in the second quarter it accelerated to 11.2%, after which it slowed down to 3.5% in the third quarter and 0.5% in the fourth.
Nominal GDP in the first quarter of last year was UAH 854.05 billion (deflator change – 5.3%), in the second – UAH 875.34 billion (5.6%), in the third – UAH 1.163 trillion (8.4%) and in the fourth – UAH 1.302 trillion (17.5%).
The State Statistics Service recalled that in 2019, Ukraine’s GDP grew by 3.2%, a year earlier – by 3.4%, and in 2017 and 2016 it increased by 2.5% and 2.4% respectively, after a decline of 9.8% in 2015 and 6.6% in 2014.
The government predicts the growth of the Ukrainian economy by 4.6% in 2021.
The World Bank revised upward its forecast for Ukraine’s gross domestic product (GDP) growth in 2021 to 3%, while early October it estimated the prospects for recovery to be twice as modest – at 1.5%.
According to the January 2021 World Bank’s Global Economic Prospects, estimates of the fall of the Ukrainian economy this year at 5.5% and its growth by 3.1% in 2021 remained at the same level.
As reported, the Ministry for Development of Economy, Trade and Agriculture of Ukraine maintains an estimate of the fall in Ukraine’s GDP in 2020 by 4.8% at the end of the year and expects its growth by 4.6% in 2021.
The National Bank of Ukraine (NBU) had previously expected the economy to decline by 6% last year, but towards the end of the year it improved its estimates, to about 5%, predicting a recovery in 2021 by 4.2%. The updated macroeconomic forecast of the NBU will be announced on January 21.
