Ukraine's economy shrinks by 17.6% in Q1
The fall in Ukraine’s gross domestic product (GDP) in the first quarter of 2015 amounted to 17.6% compared with the same period last year (in constant prices of 2010), according to the data published on the Web site of the State Statistics Service of Ukraine.
Compared with the previous quarter, the fourth of 2014, and taking into consideration seasonal factors, the country’s GDP in the first quarter decreased by 6.5%.
In late April, the National Bank of Ukraine published its estimates of GDP decline in Ukraine in the first quarter of 2015 at 15% in annual terms.
As UNIAN reported earlier, last year the country’s GDP in constant 2010 prices and excluding the occupied areas of the Crimea and part of the ATO zone declined by 6.8% in annual terms compared with the previous year.
Nominal GDP in 2014 amounted to UAH 1.567 trillion, an in prices of the previous year UAH 1.365 trillion.
The growth of the GDP deflator (a measure that reflects a real change in prices of all goods and services) for 2014 was at 14.8% compared with the same period last year.
In 2013, Ukraine's GDP growth was zero, and the nominal GDP for the year amounted to UAH 1.455 trillion.
The Cabinet of Ministers has been considering three scenarios with regard to Ukraine's economy in 2015, according to which the fall of the country's GDP is expected to range from 11.9% to 5.5%.
The National Bank of Ukraine predicts a fall in the country’s GDP in 2015 of 7.5%.
Ukraine's GDP is also projected to decrease by 7.5% under the forecasts of the World Bank and the European Bank for Reconstruction and Development. The key creditor of Ukraine, the International Monetary Fund, predicts economic decline in Ukraine at 5.5% in 2015.