Statistics service revises downward assessment of Ukraine’s GDP decline in Q1 2021 to 2.2%

The real gross domestic product of Ukraine in the first quarter of 2021 decreased 2.2%, the State Statistics Service reported the updated estimate on Tuesday, while in the middle of May the decline was tentatively assessed at 2%.

According to the authority, nominal GDP amounted to UAH 1.009 trillion, and per capita it was UAH 24,280.

The State Statistics Service added that compared to the previous quarter (taking into account the seasonal factor), GDP fell by 1.2%.

The authority said that the change in the deflator was 20.7%.

According to the State Statistics Service, in the first quarter of 2020 compared to the first quarter of 2019, the decline was 1.2%, in the second quarter it accelerated to 11.2%, after which it slowed down to 3.5% in the third quarter and 0.5% in the fourth.

Nominal GDP in the first quarter of last year was UAH 853.69 billion (the deflator change was 5.3%), in the second it was UAH 874.62 billion (5.6%), in the third it was UAH 1.162 trillion (8.4%) and in the fourth it was UAH 1.301 trillion (17.5%).

As reported, in 2020, Ukraine's GDP decreased 4% after four years of growth: in 2019 by 3.2%, a year earlier by 3.4%, and in 2017 and 2016 by 2.5% and 2.4% respectively. There was a decline of 9.8% in 2015 and 6.6% in 2014.

The government predicts the growth of the Ukrainian economy by 4.1% in 2021.

Source: www.en.interfax.com.ua