The Gross Domestic Product (GDP) in Ukraine contracted 0.70 percent in the first quarter of 2020 over the previous quarter.
GDP Growth Rate in Ukraine averaged 0.11 percent from 2010 until 2020, reaching an all time high of 3.90 percent in the second quarter of 2010 and a record low of -4.70 percent in the third quarter of 2014. This page provides - Ukraine GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Ukraine GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on July of 2020. source: State Statistics Service Of Ukraine
GDP Growth Rate in Ukraine is expected to be -7.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Ukraine to stand at 1.20 in 12 months time. In the long-term, the Ukraine GDP Growth Rate is projected to trend around 0.80 percent in 2021 and 0.50 percent in 2022, according to our econometric models.
Ukraine GDP Growth Rate
Ukraine possesses rich farmlands (wheat, rye, flax, corn, barley, sugar beets, sunflowers and potatoes are the major crops), vast mineral resources (iron, manganese, coal, anthracite, aluminum, mercury, nickel, natural gas, oil, zinc, titanium and bauxite), a well-developed industrial base (steel, tractors, machinery, building materials, chemicals, fertilizers are major products) and highly trained labor. Yet, the economy remains in poor condition due to underdeveloped infrastructure, corruption, bureaucracy and political turmoil. On the production side, services are the biggest sector of the economy and account for nearly 68 percent of total GDP, of which the most important are; domestic trade (14 percent) and accommodation and food service (13 percent). Industry accounts for 22 percent of GDP and is divided by manufacturing (11 percent); and agriculture (10 percent).