Ukraine’s GDP to drop by 5% in 2014 – Fitch — RT Business

Ukraine’s GDP to drop by 5% in 2014 – Fitch — RT Business:



"Fitch Ratings has predicted that Ukraine’s GDP will diminish by five percent in 2014, as the crisis will continue to weigh on the protest-torn country's economy. 




“We forecast GDP to contract by 5 percent this year,” Charles Seville, director for sovereigns at Fitch Ratings in London, said in an article titled 'New Ukrainian President Faces Major Challenges.'



“Ex-Crimea, industrial production shrank 6 percent year on year in April, and consumer spending is well down, especially in the east,” he continued.



While inflation in April was 3.3 percent, the agency predicts it will rise due to gas tariffs and pass-through of exchange rate depreciation.



“Public finances are under pressure but the government has increased tax collection and contained spending, narrowing the fiscal deficit,” the article states."



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