Ministry of Economy: Ukraine’s GDP drops by 6% for six months

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Open source

According to the Ministry of Economy, the gross domestic product of Ukraine in January-May 2020 decreased by 5.9%, according to economic activity data for May 2020, Espreso reports.

“According to the results of January-May 2020, the reduction in the composite manufacturing index amounted to 7.3% (6.7% decrease in January-April 2020) and, accordingly, the 5.9% reduction in GDP, which was estimated by the Ministry of Economy,” the report reads.

The May results showed that the slowdown in drop of most economic activities amid softening quarantine. This evidenced by an improvement of the business expectation index compared to the previous month.

At the same time, the review draws attention to the fact that the development of most types of economic activity was restrained by the negative impact of the coronavirus spread and the effect of constraints that developed in previous periods.

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