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Ukraine's GDP contracts 9.9 percent in 2015

Staff writer ▼ | March 22, 2016
Ukraine's gross domestic product (GDP) shrank for the second year in a row in 2015, falling 9.9 percent, official data showed.
Ukraine parliament
Ukraine   The contraction last year has accelerated
The contraction last year has accelerated from the 6.6-percent slump registered in 2014, indicating that the East European economy plunged deeper into recession.

The country's GDP dropped 1.4 percent in October-December 2015 on an annual basis, compared with 7.2 percent in July-September, the data released by the State Statistics Service showed.

The Ukrainian economy sank into recession in the first quarter of 2014 due to anti-government street protests that toppled the previous authorities and ensuing military conflict in eastern part of the country.

The Ukrainian government forecast that the economy will start to recover this year, with GDP growing by 1 percent.