GDP in Ukraine
Ukraine - GDP
Economy records fastest upturn since Q3 2011 in the second quarter on low base effect
A second national accounts release confirmed that the economy bounced back in the second quarter, expanding 5.4% year-on-year and contrasting the 2.2% contraction logged in the first quarter. Q2's reading marked the best result since Q3 2011 and the first expansion after five consecutive contractions.
The upturn reflected improvements in private consumption and fixed investment compared to the previous period. Household spending growth picked up to 17.4% year-on-year in the second quarter, which marked the best reading since Q4 2011 (Q1: +4.4% yoy), while fixed investment rebounded, growing 14.8% and contrasting the 7.8% drop recorded in the previous quarter. However, public spending growth edged down to 2.9% in Q2 (Q1: +3.2% yoy).
Meanwhile, exports of goods and services fell 6.2% on an annual basis in the second quarter, improving from the first quarter's 17.4% contraction. Meanwhile, growth in imports of goods and services picked up to 21.5% in Q2 (Q1: +3.7% yoy). As such, the external sector subtracted 14 percentage points from the overall reading—the largest amount since our records began.
Lastly, on a seasonally-adjusted quarter-on-quarter basis, GDP fell 0.8% in Q2, improving from the previous quarter's 1.2% decrease.
FocusEconomics Consensus panelists project GDP to expand 3.9% in 2021, which is down 0.2 percentage points from last month’s forecast, and 3.9% in 2022.
Ukraine - GDP Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, annual variation in %) | -9.8 | 2.4 | 2.5 | 3.4 | 3.2 |
Ukraine GDP Chart
Source: State Statistics Committee of Ukraine (Ukrstat).
Ukraine Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 19.00 | 0.0 % | Jul 27 |
| Exchange Rate | 23.70 | 0.30 % | Jan 01 |
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Economic News
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Ukraine: Industrial output growth quickens in August
September 22, 2021
Industrial output grew 0.6% year-on-year in August (July: +0.2% yoy).
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Ukraine: Economy records fastest upturn since Q3 2011 in the second quarter on low base effect
September 21, 2021
A second national accounts release confirmed that the economy bounced back in the second quarter, expanding 5.4% year-on-year and contrasting the 2.2% contraction logged in the first quarter.
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Ukraine: NBU raises rates in September, as previously hinted
September 9, 2021
At its 9 September meeting, the National Bank of Ukraine (NBU) raised its key policy rate by 50 basis points to 8.50%, as expected by some market analysts after the Bank implied at its previous meeting that it would raise rates again before year-end.
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Ukraine: Inflation remains steady in August
September 9, 2021
Consumer prices fell 0.22% from the previous month in August, contrasting July's 0.09% rise.
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Ukraine: Industrial output growth loses steam July
August 30, 2021
Industrial output grew 0.2% compared to the same month of the previous year in July, moderating from June's 1.1% increase.
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