Ministry of Economy estimates a drop of Ukraine’s GDP in Q4 at 1%

The Ministry for Development of Economy, Trade and Agriculture (Ministry of Economy) improved its rating as regards drop of Ukraine’s GDP toward 1% in Q4 2020. The rate of decline of Ukraine’s GDP in Q3 2020 slowed down to 3.5%.

That was stated by the Minister of Economy Igor Petrashko.

“Fall in the country’s GDP has almost stopped in Q4, and was at the rate of 1%. It’s a better result than in the beginning of the year before the coronavirus. We have addressed unprecedented challenges pretty decently in 2020, and we have optimistic forecasts for the years to come”, says Mr Petrashko.

According to him, the measures taken by the Government and the National Bank of Ukraine contributed to formation of certain positive trends in the economy. Since June 2020, the economic situation has been gradually improving amid the ease of the lockdown and incentives offered by the Government.

“Currently, the conditions for economic recovery are pretty favorable. Our forecast for 2021 is a 4.6% growth. We leave it unchanged”, adds Mr Petrashko.

As reported earlier, the Ministry of Economy expects a 3% drop in Ukraine’s GDP in Q1, compared to the same period a year earlier.

GMK Center’s analysis showed that the prospects for Ukraine’s economic growth in 2021 are estimated at 3–5% on average.