The report issued this month says that “Ukraine’s economy fell back into recession in the second quarter of this year as the fallout from the pandemic and soaring inflation that caused the National Bank of Ukraine (NBU) to dramatically hike interest rates start to weigh on growth. GDP shrank by a seasonally adjusted 0.8% q/q in the second quarter after falling 1.2% q/q in the previous three months, preliminary data released by Ukrstat showed on August 16. However, on an annualized basis GDP growth was positive advancing by 5.4%, up from -2.2% y/y growth in the first quarter, although the second-quarter growth was less than the 7.3% y/y increase analysts were expecting.”