Ukraine: Revised Q2 GDP contraction broadly in line with preliminary result
September 18, 2014
According to official data released by State Statistics Service Ukraine, GDP contracted 4.6% in Q2 over the same period last year, which was broadly in line with the previously released preliminary estimate. The contraction was greater than Q1’s 1.3% decrease.
On the domestic side of the economy, investment plummeted 18.5% year-on-year in Q2 (Q1: -18.3% year-on-year). Private consumption contracted 2.3%, which contrasted the 6.8% expansion tallied in Q1. In contrast, public consumption rose 6.9%, rebounding from the previous quarter’s 6.1% fall.
On the external front, exports contracted 7.4% in the second quarter (Q1: -2.3% yoy) and imports dropped 11.0% (Q1: -6.1% yoy). As a result, the net contribution of the external sector to GDP growth improved, rising to plus 2.8 percentage points in Q2 from Q1’s plus 2.5 percentage points.