The crisis had an even deeper impact on Ukraine’s economy, which is now predicted to contract by nearly 7% in 2014.
In the second quarter, Ukraine’s GDP fell 4.6% on the year (down 1.1% compared with Q1), driven by a huge 52% drop in gross investment, Euler Hermes noted in its report.
Consumer spending also fell, but it was counterbalanced by an increase in public spending.
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