Ukraine: economy shrank 25-30% in first two months

| 31 March 2009 10:24

If you want to know what a modern-day depression looks like, try Ukraine.

Growth in the ex-Soviet state, hit by shrinking markets for its steel and chemical exports, stood at 5.8 per cent of gross domestic product in the same period of 2008. ”We were ill-prepared to confront the crisis and its first blow was painful and difficult…,” Mr Yushchenko told parliament in his state of the nation annual address.

”The consequence of this was a slowdown in GDP growth in 2008 to 2.1 per cent… and a destructive fall of 25-30 per cent according to figures from January-February 2009.” He said he was quoting the figures despite ”determined efforts to conceal them”.

The State Statistics Committee has stopped publishing monthly GDP growth rates and now releases them only quarterly, three months after the event.

Source
Ukraine economy ‘shrank by up to 30%’ – FT

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Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty years of business experience. He is also a regular economic and financial commentator on BBC World News, CNBC Television, Business News Network, CBC, Fox Television and RT Television. He speaks six languages, a skill he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.

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