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Ukraine's GDP contracts 17.6 pct in Q1

Xinhua, May 15, 2015 Adjust font size:

Ukraine's gross domestic product (GDP) fell 17.6 percent year-on-year in the first quarter of 2015, the State Statistics Service said Friday in a report.

The figure was worse than preliminary official estimates at the end of April, when the National Bank said that the economy contracted 15 percent in January-March.

The data from the service show that Ukraine's GDP shrank for the fourth quarter in a row, indicating a deep economic recession in the East European country.

The Ukrainian government forecasted that the country's economy will bottom out in 2015, shrinking by at least 5.5 percent before beginning to recover in 2016. Endi