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Ukraine's Economy Contracts Massive 17.6% in One Quarter

Economy has been shrinking for 15 months straight now

MORE: Politics

Ukraine's economy contracted for the fifth straight quarter by a near record 17.6 percent comparing to the same quarter last year.

Ukraine's economy
No signs of recovery

There are no signs of a turnaround with the government in Kiev predicting 5.5 percent annual drop in the size of the economy.

Inflation is anticipated at 26.7 percent, but these are considered conservative estimates with many experts expecting a much grimmer picture in the near future.

With the loss of industrial heartland in Eastern Ukraine due to the civil war, Ukraine's economy has taken a nosedive, and the country is currently negotiating with foreign creditors on restructuring part of its debt load.


 


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MORE: Politics