The State Statistics Service scales down its GDP estimate to -2.2% in Q1

Preliminary assessment of economic decline for January–March was -2%

The State Statistics Service scaled down its estimate of a drop in the real GDP of Ukraine in Q1 2021 to -2.2% y-o-y. Preliminary assessment of economic decline was -2%, as reported by the State Statistics Service of Ukraine on its website.

Ukraine’s GDP contracted 1.2% against the previous quarter (after seasonal adjustment). Earlier, the agency estimated the GDP fall at -1.1%.

According to the State Statistics Service of Ukraine, nominal GDP amounted to ₴1.9 trillion, or ₴24.28 thousand per capita. The percentage change in the GDP deflator was 20.7%.

As reported earlier, according to the State Statistics Service, a 1.5% drop was recorded in Ukraine’s real GDP in Q1 2020 compared to the same period a year earlier. Real GDP declined by 0.8% against the previous quarter.

In 2020, the State Statistics Service estimated a fall in real GDP at 4% compared to the previous year. Q4 2020 demonstrated a 0.7% contraction in Ukraine’s GDP against Q4 2019.