KYIV, June 15 – Ukraine’s economy has been gradually recovering in May after most of the fighting with Russian troops has shifted to eastern part of the country, allowing many businesses to reopen, a senior official at the National Bank of Ukraine said.

The economy was estimated to contract between 35% and 40% on the year in May, an improvement from a 44% contraction in March, when Russian troops had been pursuing offensive on multiple fronts, Deputy Governor of the National Bank of Ukraine Serhiy Nikolaychuk said.

According to NBU estimates, in March GDP fell by 44%, and in May the fall was reduced to 35-40%," Nikolaychuk said citing NBU’s estimate of Ukraine’s economic performance.