Before the fall of the economy in the second quarter of 11.4% led to strict quarantine restrictions and declining demand, as well as reduced investment. This is stated in the report of the National Bank.
“The main factor in the deepening decline in GDP was expected to be a reduction in domestic demand. It is caused by a direct influence stringent quarantine restrictions on economic activity and indirectly – because of uncertainty about the further development of a pandemic situation. As a result, the consumer behavior of citizens has changed in the direction of reducing the purchase of non-essential goods and services and investment behavior of enterprises – in the direction of postponing business projects, “- said in a statement.
The decline in the economy was significantly affected by the decline in investment. Gross of the fixed capital formation decreased by 22.3% year on year.
“Exports of goods and services decreased (by 9% year on year), but at a much slower pace than imports. Deterioration in exports was due to the decline in agriculture, weak external demand and lower volumes of gas transit, as was stipulated in the contract with Gazprom. At the same time, weak consumer and investment demand led to a sharp decline in imports (by 23.4%), therefore, the contribution of net exports to GDP change was positive, “the statement said.
The Central Bank states that in the second quarter the performance of almost all sectors of the economy deteriorated. In addition to the significant subsidence of the agricultural sector due to the late start of the harvest, the decline deepened in industry, construction, IT, and all service sectors.
However, the National Bank expects a gradual economic recovery in the third quarter.
“This will be facilitated not only by mild quarantine conditions, but also the strengthening of external demand and the intensification of domestic consumption. However, economic activity will be constrained by the preservation of certain restrictions in the conditions of adaptive quarantine, as well as increasing the risks of further increase in the incidence of coronavirus, “- said in a statement.
The Supreme Court declared Astra Bank insolvent, the press service of the National Bank reports. By its decision, the Supreme Court overturned the decisions of the Kyiv District Administrative Court and the Sixth Administrative Court of Appeal, which found the central bank’s actions illegal. The NBU reminded that Astra Bank is the only bank that […]
The National Bank did not go out this week with interventions on the interbank market, according to the press service of the regulator on Friday, November 27. The Central Bank has been refusing to buy or sell currency for three weeks in a row. At the same time, since the beginning of the year, the […]
If re-rigid quarantine is introduced, the Ukrainian economy will lose three times less than during the spring lockdown. This was stated on ICTV by the adviser to the head of the President’s Office Tymofiy Milovanov. According to him, the second lockdown will be easier, because during this time the economy has adapted to the conditions […]
The fall of the hryvnia will not happen again in the event of a full lockdown, as in March, assured the director of the open markets department of the National Bank Oleksiy Lupin. “We do not expect a repeat of the March events in the foreign exchange market, because in March it was something new, […]
The resumption of the number of tourists in New York is possible after the vaccination process begins in 2021, said the head of the New York Department of Tourism Fred Dixon. This was reported by CNN with reference to the forecast of the New York Department of Tourism. “Given the uncertainty of the prospects for […]
The court satisfied the claim of the state-owned PrivatBank to Agroterminal and decided to collect UAH 1 billion in debt from it as a guarantor of Boryvazh. This is stated in the decision of the Commercial Court of Odessa region. According to court materials, PrivatBank terminated the loan agreement due to the debtor’s breach of […]
The defining reason for the depreciation of the hryvnia against the dollar and the euro in the third quarter was the deterioration of business expectations. Deteriorating expectations created increased demand for the currency, which turned out to be higher than supply. This contributed to the devaluation pressure in the foreign exchange market in the III […]
Ukrainian commercial organization McDonald’s Ukraine Ltd., owned by Golden Arches Eutopians Holdings B.V. Dutch company, has increased in the past year, investment in the improvement of the network of Ukrainian fast-food restaurants. As UNIAN reported earlier, the rate of investment rose by 23% which amounts to 270 million UAH. It is also known that in […]Next
Introduced five years ago in Amazon’s warehouses the robots did not make the life easier for the employees – on the contrary, people are now forced to work four times faster. In addition, the robotics has brought Amazon warehouses to the record 14,000 serious injuries by the end of 2019. The current figures are to […]Next
The Ukrainian insurance company TAS Group, belonging to Sergey Tigipko,has absorbed the Netherlands private joint-stock company Aegon Life Ukraine which management made the decision to abandon the Ukrainian market. For shareholders of Aegon Life Ukraine 2015, it has ended with the net loss in the amount of 3,6 million hryvnias. Total receivables of insurers from […]Next
Online resource Entrepreneur has published interesting and instructive stories from the lives of American and Canadian founders of the business in which they share the lessons they got from the worse mentors in their life Be a mentor Name: Melissa Ben-Ishay, Company: Baked By Melissa Lesson: The importance of open communication. When I think of the […]Next
The Tesla Motors will conclude the bargain with the Grohmann Engineering GmbH complex. The representatives of the American company which are engaged in a construction of electro cars intend to redeem 100% of the systems European developer shares for batteries release. They are going to close the deal until the end of 2017. The cooperation […]Next
” Kryvyi Rih Iron Ore Plant”, JSC won in a court case to recover from the ” Mariupol Ilyich Iron and Steel Works “, JSC the part of the ”Metinvest” group, a total 1.32 billion UAH for the delivered products – the iron ore together with penalty charges. This is stated in the decision of […]Next
NPJSC Ukrtransgaz, Engie and its Enegie Energy Management Ukraine subsidiary company have concluded the contracts on natural gas transportation and storage. NPJSC Ukrtransgaz is reported about it.The agreement conclusion has taken place in Paris during Ukrainian and French economy forum . Igor Prokopiv, the President of NPJSC Ukrtransgaz admitted that they were ready to perform […]Next
The coronavirus epidemic in the world will intensify by the end of this year due to the seasonality of the infection, but in early 2021 the situation will improve. This opinion was expressed by the head of Microsoft Bill Gates at the virtual conference GeekWire Summit. This was reported by Inc. “The good news is […]Next
It is widely known that in the modern world entities are created to do business lawfully. Now it is convenient not only to active entrepreneurs, but to active violators of the law who successfully hide their antics in large corporations. In different countries are increasingly progressing practice of money laundering, tax evasion and other financial […]Next
Net profit of one of the largest financial corporations in the world Citigroup Inc. in January-September 2020 fell twice, compared to the same period in 2019 to $ 7.068 billion, follows from the reporting of the corporation. Adjusted earnings per share were $ 2.97 against $ 5.89 a year earlier. The financial giant’s revenue for […]Next
From December 21, 2018, to February 15, 2019, application acceptance for participation in the Ukrainian School of Political Studies in 2019 continues. From December 21, 2018, to February 15, 2019, application acceptance for participation in the Ukrainian School of Political Studies in 2019 continues – one of the most successful educational network projects in Ukraine, […]Next
The World Health Organization expects that by the spring of 2021, the situation in the fight against the coronavirus pandemic could change significantly. The main hope is the invention of vaccine against the disease. This was stated by Adviser to the Director-General of the WHO Bruce Aylward. He noted that by March the situation could […]Next
European Bank for Reconstruction and Development (EBRD) provides a revolving credit facility for $ 20 million for working capital of the “Ukrainian Agrarian Investments” company, that has more than 70 farms in northern and western Ukraine. This loan replaces the previous funding of $ 13 million, which was granted to “Ukrainian Agrarian Investments” in 2014. […]Next
ATB-Market LLC (Dnepropetrovsk), completed 2015 with a turnover of 46.7 billion UAH (including VAT) by increasing the rate for 16.5% comparing the level of 2014. This was stated by the chairman of the board of the directors, CEO of the “ATB” Boris Markov in an interview to “Business” from 29 February 2016. According to him, […]Next
The Georgian Industrial Group purchased 25% of the Ukrainian pharmaceutical company, which is 70% owned by the state. Buyer of the is Luraq Investments Limited (Limassol, Cyprus), which is part of the Georgian Industrial Group (Georgian Industrial Group, GIG) bought the last 25% of the insulin producer “Indar”, PJSC (Kyiv). This information was published by […]Next
From the sale of enterprises of “Ukrspirt” the state plans to raise between 200 and 400 million dollars. This was announced by Minister of Agricultural Policy Taras Kutovojs in an interview. “The market itself will determine the amount. According to the forecasts, I think it should be from 200 to 400 million dollars “, – the […]Next