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Ukraine’s GDP decline slowed to 5.8%
During eight months of 2020, some areas of the economy even showed growth, although the overall decline was more than 5%.
In Ukraine, the GDP decline from January to August 2020 slowed to 5.8%, while some industries even showed growth. This is evidenced by the Economic Activity Magazine of the Ministry of Economy, published on Monday, October 12.
In August, in the context of the extension of the adaptive quarantine, almost all types of economic activity decelerated the pace of decline, while the retail segment and construction showed growth.
At the same time, the production of consumer goods, road construction, transport, trade and agriculture (thanks to the active phase of the harvest season in all regions) improved their dynamics and the index of business activity expectations improved compared to the previous month.
Furthermore, the slowdown in the composite index for the production of goods and services fell to 6.5% (7.3% in 8 months of 2020). Consequently, the Ministry of Economy estimates the decrease in GDP at the level of 5.8%.
Earlier, the Ombudsman said that one in four Ukrainians lives below the poverty line. The Ombudsman spoke about widespread “worker poverty” in Ukraine, when employed people do not have enough money to cover their basic needs.
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