Ukraine Recession Deepens as GDP Falls 17.6% on Year in First Quarter

Ukraine Recession Deepens as GDP Falls 17.6% on Year in First Quarter

Ukraine Recession Deepens as GDP Falls 17.6% on Year in First Quarter

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%.