The government expects a 4.8% drop in GDP in 2020

The Cabinet of Ministers of Ukraine updated its economic forecast for 2020. In 2020, the government expects a 4.8% fall in GDP, 11.6% inflation and average salary of ₴10.7 thousand (-4.5%),

according to the Cabinet Resolution No. 253 of 29 March 2020.

The document presents the following projections:

• exports of goods and services — $59.9 billion (-5.5%);
• imports of goods and services — $68.2 billion (-10%);
• prices for industrial products — 12%;
• unemployment rate — 9.4%;
• workforce productivity — -3.3%.

As reported earlier, an updated version of the state budget for 2020 (pending in the Parliament) is based on the following key figures:

• GDP — a 3.9% decrease (formerly a 3.7% increase was planned);
• budget deficit — 6% (formerly 2.1%);
• inflation — 8.7% (formerly 5.5%);
• exchange rate — ₴29.5 to $1 (formerly ₴27 to $) year average, by the end of the year — ₴30.5 to $1;
• average wage — ₴11,000 (formerly ₴12,500, but adjusted for inflation, it will not change against 2019);
• unemployment rate — 9.4% (formerly 8.1%).