Ukraine's GDP decline accelerates to 15.2% in Q4, 2014
The fall in gross domestic product (GDP) of Ukraine in the fourth quarter of 2014 accelerated to 15.2% on a year-on-year basis, from 5.3% recorded in the previous quarter, according to recent data from the State Statistics Service of Ukraine posted on its official Web site.
According to the State Statistics Service, the data are in fixed 2010 prices, excluding the occupied territory of the Autonomous Republic of Crimea and Sevastopol, as well as excluding the area where the government’s anti-terrorist operation is being carried out.
Thus, in Q4 2014, GDP shrank by 3.8%, as compared with the previous quarter, taking into account seasonal factors.
Data on nominal GDP for the fourth quarter and 2014 as a whole, as well as annual data on real GDP were not provided.
The Ukrainian government predicted a fall in Ukraine’s GDP in 2014 of 7%, while the National Bank of Ukraine forecast a fall of 7.5%.
Based on the data of major international creditors of Ukraine, the decline of GDP in 2014 was forecast at 8.2% according to the World Bank, 7.5% according to the European Bank for Reconstruction and Development, and 6.5% according to the International Monetary Fund.