KYIV, Feb 6 – Ukraine’s economy will probably contract 19% on the year in the first quarter, suggesting the pace of contraction is likely to slow from 35% drop reported in the Q4 2022, the National Bank of Ukraine reported.

The economy will probably begin to recover in the second quarter due to a lower base as most of the economy had to shut down in Q2 2022 following the Russian military invasion on February 24, 2022.