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.
Author: Javier Colato, Economist