KIEV, May 30 - Fitch Ratings forecasts that Ukraine's GDP will contract by 5% in 2014.

"The crisis will continue to weigh on Ukraine's economy. We forecast GDP to contract by 5% this year. Ex-Crimea, industrial production shrank 6% year on year in April, and consumer spending is well down, especially in the east. Inflation in April was 3.3%, but Fitch expects it to rise due to gas tariffs and pass-through of exchange rate depreciation. Public finances are under pressure but the government has increased tax collection and contained spending, narrowing the fiscal deficit," the agency said.

As reported, the European Bank for Reconstruction and Development anticipates that the Ukrainian economy will decrease by 7% in 2014 instead of rising by 1.5%, as predicted in October 2013.