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Ukraines economy likely to contract 3% on year in Q1, ministry forecasts
Journal Staff Report

KYIV, Jan 11 The Ministry for the Development of Economy, Trade and Agriculture of Ukraine estimates the drop in Ukraine's gross domestic product (GDP) in January-March 2021 at 3%, according to the Economic Activity Review posted on the ministry's website on Monday.

"If before the decision on weekend quarantine in November 2020 and the introduction of the new lockdown in January 2021, the Economy Ministry predicted insignificant GDP growth in the first quarter of 2021, now, given the reduction in the safety margin of most foreign economic activity (especially the service sector) and the depletion of the economy constant fluctuations and changes in working conditions in 2020, the decline in GDP in the first quarter of 2021, which can reach 3%, is obvious," the ministry said in the document.




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