Ukraine: GDP contracts in Q1 matching preliminary estimate
June 19, 2014
According to official data released by State Statistics Service Ukraine, GDP contracted 1.1% in Q1 over the same period last year, which was in line with the preliminary estimate released on 30 April. The figure contrasted the 3.3% rise tallied in the fourth quarter of 2013, which had marked the highest print since December 2011.
On the domestic side of the economy, investment plummeted 19.1% year-on-year in Q1 (Q4: -5.1% year-on-year), which was the sharpest contraction since Q4 2009. Private consumption decelerated; it expanded 5.7%, but fell short of the 6.8% expansion tallied in Q4. In turn, public consumption dropped 9.1% (Q4: -5.1% yoy), which marked the sharpest contraction since Q3 2011.
On the external front, exports contracted 2.0% in the first quarter (Q4: -4.1% yoy) and imports dropped 7.0% (Q4: -1.8% yoy). As a result, the net contribution of the external sector to GDP growth swung from minus 0.6 percentage points in Q4 to plus 2.7 percentage points in Q1.