According to the updated data of the State Statistics Committee of Ukraine, the fall in GDP in 2020 was 4.0%, which turned out to be slightly better than the estimates of the Ministry of Economy, which provided for a fall in GDP by 4.2%.
“The updated reporting quarterly figures for 2020 indicate that Ukraine has adequately withstood the challenges of the COVID-19 pandemic, passed the peak of the fall and moved on to gradually establishing production activities and adapting business to changing conditions both within the country and abroad. For 2021, we keep the forecast for the growth of the Ukrainian economy in 2021 by 4.6% of GDP, ”commented Igor Petrashko, Minister of Economic Development, Trade and Agriculture of Ukraine.
The economy in 2020 was mainly supported by domestic consumer demand. Thus, consumer spending at the end of the year increased by 1.6% amid an increase in the minimum and, accordingly, average monthly wages, which grew by 7.4% at the end of the year.
"An important role in general was played by support from the state, in particular, the priority of allocating budget funds to meet medical needs and restore transport and social infrastructure, as well as to support the population and business in order to stimulate demand," the press service noted Ministry of Economy.