“Ukraine’s Economy Back in Recession as Virus, Rate Hikes Weigh,”

Bloomberg headlines, citing the latest dip in official GDP numbers. Second-quarter GDP fell by 0.8% compared to the first quarter, reports the State Statistics Service. This fall comes after the Q1 GDP was 1.2% below the last quarter of 2020. A recession is defined as two consecutive quarters of economic shrinkage. Compared to disastrous first half of 2020, the first half 2021 was up 1.7%, stresses the Economy Ministry.