The FINANCIAL — The contraction of Ukraine’s gross domestic product accelerated in the first quarter to 17.6% on the year, the State Statistics Service said on May 15, according to Nasdaq.
The country’s economy has been hammered by a separatist conflict in its east that started last spring and has slashed industrial production and sent the currency plunging. GDP slipped 6.5% compared with the final quarter of last year, the State Statistics Service said.
Ukraine’s government has forecast a 5.5% fall in GDP this year, but the World Bank forecasts a contraction of 7.5%.
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