News
30.04.2014
Ukrainian economy shrinks by 1% in Q1, 2014
Ukraine's gross domestic product (GDP) fell by 1% in the first quarter of this year, which is slightly better than predicted by the Ukrainian Economic Development and Trade Ministry.
First Deputy Minister for Economic Development and Trade Anatoliy Maksiuta said this at a briefing on Tuesday, a Ukrinform correspondent reported.
"We expect that this year there will be a negative GDP - minus 3%. We expect that in the first quarter, there are still no official figures, this is about minus 1%," he said.
Maksiuta said that these results were better than predicted by the ministry. He added that in January-March 2014, the industry fell by 5% and construction by 6.4%. Instead, retail trade turnover grew by 7%, and agriculture rose by 6% due to the development of animal husbandry.
He also predicted that the year 2014 would be difficult, but future reforms, in his opinion, would lay the basis for economic growth next year.
