Kiev, March 22 (QNA) - Gross Domestic Product (GDP) in Ukraine in 2015 shrank by 9.9% from 2014, when the decline was 6.6%, according to the State Statistics Service of Ukraine.

GDP in Q1, 2015 declined by 17% year-over-year, by 14.7% in Q2, 2015, by 7.2% by Q3, 2015, and by 1.4% in Q4, 2015. Price deflation also eased, from 42.8% in Q1, 2015, to 39.6% in Q2, 2015, 37.9% in Q3, 2015, and 32.7% in Q4, 2015, with the annual indicator being 38.4%. 

Ukraine's GDP in monetary terms rose by 26.3% in 2015 from 2014, to UAH 1.980 trillion. According to the State Statistics Service's earlier preliminary reports, Ukraine's GDP in the fourth quarter of 2015 shrank by 1.2%, year on year, while decline in the third quarter was 7.2%; compared to 14.6% in the second quarter and 17.2% in the first quarter. 

Ukraine's national budget in 2015 was originally based the best case scenario, which foresaw a 5.5% decline in real GDP amid a 26.7% decline in inflation. However, real inflation was 43.3% amid an approximate 10% decline in GDP, according to the economy ministry.

The central bank and the economy ministry revised down its GDP growth prediction for 2016 from 2% to 1%, after analyzing market dynamics in January and February 2016.(QNA)