Ukraine: Fitch forecasted the GDP fall by 9% in 2015

Ukraine: Fitch forecasted the GDP fall by 9% in 2015

Ukraine: Fitch forecasted the GDP fall by 9% in 2015

The FINANCIAL -- The international ratings agency Fitch forecasted the GDP of Ukraine to contract by 9% in the current year, which corresponds to the forecasts of the International Monetary Fund and the European Bank for Reconstruction and Development, informed the press-service of the agency on June 22.

It should be noted that in March 2015, Fitch forecasted a fall of GDP at the level of 5%, according to APK Inform.

According to the announcement, the fall of GDP will be accompanied by sharp hryvnia (UAH) depreciation (the official UAH/USD exchange rate or is down by 35% year-to-date after a fall by 97% in 2014), ensuing inflation (annual consumer inflation of 58% in May 2015), and an unresolved military conflict in eastern Ukraine, causing widespread economic dislocations.