September 1, 2009

Ukraine’s Economy in the Q2 of 2009

According to a new data released by Ukraine's State Committee of Statistics (UKRSTAT), Ukraine's GDP in Q2 of 2009 fell by 18% as compared to Q2 in 2008. Most of GDP's fall is attributed to a drastic contraction in a volume of industrial production, in particular, steel industry and construction sector. Ukraine's industrial output shrank by almost 30% as compared to Q2 of 2008. A volume of construction works dropped almost in half. Consumer prices have increased by 15% since July 2008. Unemployment rate is at 10% level. On a bright side, Ukraine's agricultural output increased by 3.8% in the same period of time.

If we compare Ukraine's economy to Russia's, an overall economic situation is better in Russia than in Ukraine. According the latest issue of the Economist, Russia's GDP declined by 10.9%, industrial production shrank by 10.8%, consumer prices increased by 12%, and unemployment rate is 8.3%.

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