Ukraine’s economy seems to be in free-fall from its currency and fiscal crisis.
The country’s president, Viktor Yushchenko, has reportedly told a meeting of business leaders that between January and March GDP is likely to have shrunk by as much as 23 percent year-on-year. In the same period last year the economy grew 6.3 percent. Prime Minister Yulia Tymoshenko’s government has not yet published official figures. Once allies, she and Yushchenko are now bitter rivals. Her office would not comment on what Yushchenko has said and there was not response from Ukraine’s Economy Ministry. The State Statistics Committee has stopped publishing monthly figures and the official data for the first quarter is not expected to be released until July.