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Ukraine’s GDP fall quickens by 4.7%

July 30, 2014, 14:21 UTC+3 KIEV
The International Monetary Fund (IMF) has made a worse Ukrainian GDP falling forecast from five to 6.5% in 2014
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© ITAR-TASS/Anton Tushin

KIEV, July 30. /ITAR-TASS/. Ukraine’s GDP in the second quarter of 2014 has plummeted 4.7% compared the same period in 2013, Ukrainian State Statistics Service said on Wednesday.

The second quarter’s GDP rate went down 2.3% compared with the first quarter with due account of seasonal factor.

The GDP decline has amounted to 1.1% in the first quarter of this year, the republican service said. The country’s GDP slump has deepened by three percent in the first half of 2014, according to preliminary estimates of the Ministry of Economic Development.

The International Monetary Fund (IMF) has made a worse Ukrainian GDP falling forecast from five to 6.5% in 2014. Ukrainian Finance Minister Alexander Shlapak said recently that the Cabinet expected a 6-6.5% GDP decline and a 19% inflation rate in 2014.

The Ukrainian first deputy minister of economic development and trade forecasted the GDP rate falling three percent in the first half of the year, ITAR-TASS reported earlier. By the yearend, the ministry has planned a 6% GDP fall and a 19% inflation growth. Meanwhile, the price growth has reached 11.6% for last six months.

The deputy minister of economy noted that inflation processes in the country have particularly quickened a falling Ukrainian hryvnia exchange rate per US dollar.

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