The decline of Ukraine’s economy accelerated in February

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The decline of Ukraine’s economy accelerated in February

16.04.2021 News

In the first two months of 2021, GDP fell by 2.8%, while in January the decline was estimated at 2.6%. This is stated in the review of the Ministry of Economy

Thus, the reduction of the Consolidated Index of Production of Goods and Services by Main Economic Activities amounted to 4.2% (4% in January). Almost all key sectors of the economy, except for domestic trade, made a negative contribution to the dynamics of spare parts.

It is noted that the easing of anti-epidemiological restrictions with the transition to adaptive quarantine in February after the January lockdown contributed to the partial resumption of production activity of some economic entities.

“However, the variability of the situation with the level of morbidity, depletion of producers by permanent quarantine measures and the unpredictability of the introduction of further restrictions continue to hinder the development of key economic activities,” – said in a review.

The Ministry predicts that economic recovery will begin in the second quarter.

“The speed of economic recovery will depend on the duration and severity of quarantine restrictions. It is now clear that the first quarter of 2021 will continue to develop negative dynamics, and recovery will begin only in the second quarter, and within the country, “the statement said.

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