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KIEV, March 6. /TASS/. Ukraine’s industrial output declined by 21% in January 2015, Ukrainian Economic Development Minister Aivaras Abromavichus said on Friday.
"Ukraine’s GDP shrank by 14% in 2014 while industrial output fell by 10% In January 2015, industrial output contracted by 21%," he said.
The deterioration of Ukraine’s economic performance is the result of the "absence of reforms in the country in the past 25 years," the minister said.
Ukraine has lost 20% of its economic potential over the past year due to developments in southeast Ukraine, Ukrainian Prime Minister Arseniy Yatsenyuk said in late February.
"These are the losses of the industrial economy, the losses of what was exported for hard currency," the premier said in an interview with Ukrainian TV channels.
Ukraine also had to build its army anew during the year, the premier said, adding large sums of money were spent on the country’s armed forces.