Ukraine's economy decreases by 6.8% in 2014

20 march 2015 | 14:15

Ukraine has been in recession for three years. The GDP decline accelerated in 2014. 

Ukraine's economy has been falling since mid-2012.
Ukraine's real GDP fell by 6.8% in 2014, according to the State Statistics Service of Ukraine. Ukraine's nominal yearly GDP amounted to UAH 1.567 billion.

There was a 1.2% decline in the first quarter, 4.5% in the second quarter, 5.4% in the third quarter and 14.8% in the fourth quarter of 2014.

The State Statistics Service of Ukraine publishes data without the information from the temporarily occupied territory of the Crimea, Sevastopol and parts of Lugansk and Donetsk oblast occupied by the separatists.

Read more: US economy grows by decade record 5%

In early March, the Ukrainian Cabinet approved three scenarios of economy development in 2015. Thus, an optimistic forecast predicts 5.5% decline. A realistic forecast expects 8.6% decline. The pessimistic forecast promises 11.9%.

Ukraine's economy entered a recession in 2012. There was zero economy growth in 2013, according to the State Statistics Service of Ukraine.

Source: ZN.UA

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