Ukraine GDP Q2 2020


Ukraine: Economy contracts at steepest rate in five years in Q2 on Covid-19 blow

August 14, 2020

A preliminary release revealed that GDP plunged 11.4% year-on-year in Q2, following Q1’s 1.3% decline and marking the sharpest contraction since Q2 2015. Although a comprehensive release is not yet available, the downturn likely reflected a broad-based deterioration across the major sectors of the economy as Covid-19 and related containment measures pummeled activity.

On a seasonally-adjusted quarter-on-quarter basis, the economy shrank 9.9% in Q2, after output dropped 0.7% in the previous quarter.

FocusEconomics Consensus panelists project GDP to fall 5.2% this year, which is up 0.1 percentage points from last month’s forecast. In 2020, they see the economy expanding 4.2%.

Author:, Economist

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