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Ukraine’s GDP to fall by 10% in 2015 — ministry

November 17, 2015, 13:46 UTC+3 KIEV
According to the ministry, 0.7% growth of GDP in the third quarter was recorded amid decreased warfare intensity in the eastern part of the country
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© AP Photo/Emilio Morenatti

KIEV, November 17. /TASS/. Ukraine’s Ministry of Economic Development and Trade kept its GDP forecast unchanged at minus 10% for 2015, it said in a report on Tuesday.

"We leave our forecast estimates unchanged till the end of 2015 - GDP decline at 10%,"the report said.

According to the ministry, 0.7% growth of GDP in the third quarter was recorded amid decreased warfare intensity in the eastern part of the country.

On Monday, Ukraine’s State Statistics Service reported that the country’s real GDP went down by 7% in Q3 of 2015 compared with the same period last year. In Q2, GDP dropped by 14.7% year-on-year.

Ukraine’s 2015 state budget was initially based on optimistic scenario, which implied 5.5% decline of GDP at 26.7% inflation and growth of nominal GDP to 1.85 trillion hryvnias ($80.4 bln).

On September 17, Ukraine’s parliament (Verkhovna Rada) downgraded 2015 budget to 8.9% decline of real GDP at 45.8% inflation. Further on Ukraine’s National Bank downgraded its economic forecast for current year to 11.5% decline while the World Bank said the country’s economic growth will stand at minus 12%.

For 2016, National Bank of Ukraine forecasts GDP growth at 2.4% at 12% inflation while the government hopes to reach growth at above 2%.

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