Ukraine's government downgrades forecast for GDP fall in 2015 to 5.5% - Finance Minister

The Ukrainian Cabinet of Ministers has downgraded the forecast for Ukraine's GDP fall in 2015 to 5.5%, while the national budget for 2015 adopted in late December was built on the conservative scenario, providing for a GDP decline of 4.3% Minister of Finance Natalie Jaresko has stated.

She clarified at a press conference in Kyiv that in view of the hryvnia devaluation and inflation, the forecast for nominal GDP was slightly increased; however she did not specify the exact figure.

Jaresko also added that amendments to the 2015 national budget, recently approved by the government, are built on the forecast for the average annual hryvnia exchange rate being UAH 21.7/$1, while the national budget in December was based on the forecast of UAH 17 per $1.

As reported, Prime Minister Arseniy Yatseniuk on February 14 reported that the forecast for inflation in 2015 had deteriorated to 26% from 13.1%, when the national budget was adopted.