Economics
Ukraine’s Economy Back in Recession as Virus, Rate Hikes Weigh
- Second-quarter GDP falls 0.8% q/q even as y/y number jumps
- Citizens enduring one of Europe’s slowest vaccination drives
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Ukraine’s economy fell back into recession as fallout from the pandemic continued to weigh and interest rates were lifted to tackle soaring inflation.
Second-quarter gross domestic product shrank a seasonally adjusted 0.8% after falling 1.2% in the previous three months, preliminary data Monday showed. On an annual basis, it ended more than a year of contraction, advancing by 5.4%, though that was some way off analyst estimates for a 7.3% increase.