Weekly Insight -- Economic recovery is shifting into lower gear
Based on data published last week by UkrStat, we estimate the decline in GDP to slow to about 5% YoY in August. It was caused mainly by a continuous rebound of railway and aviation transport. On the other hand, other sectors' performance expectedly points to a slower pace of recovery amid the escalating outbreak of COVID-19 cases in Ukraine and the rest of the world. The latest activity data is consistent with our forecast of GDP decline this year by 5.7%.
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