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State Statistics Service worsens forecast for drop in Ukraine's GDP in Q3, 2014

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State Statistics Service worsens forecast for drop in Ukraine's GDP in Q3, 2014
Photo: Reuters

Ukraine's real gross domestic product (GDP) in the third quarter of 2014 declined by 5.3% year-on-year, whereas in the second quarter the drop was 4.7% and in the first quarter it was 1.1%, the State Statistics Service reported on Wednesday.

In late October, the service estimated the fall in GDP in July-September 2014 compared to July-September 2013 at 5.1%.

The service added that GDP, taking into account the seasonal factor, shrank by 2.3% in the third quarter of 2014 compared to the second quarter of 2014, whereas earlier the fall was estimated at 2.1%.

According to the report, nominal GDP in the third quarter of 2014 amounted to UAH 428.163 billion, and the change of the deflator was 15.1%, while in the second quarter of this year the figures were UAH 372.77 billion and 11.1% respectively, and in the third quarter of last year - UAH 392.63 billion and 2.6%.

The service also clarifies that the assessment of GDP was made without taking into account the occupied territories of Crimea and Sevastopol and in constant prices for 2010, while previously it used prices fixed in 2007.

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