(MENAFN) The Ukraine economy shrank 17.6 percent in the first quarter of 2015 on year, dragged down by continuing violence in its eastern industrial heartland, The Peninsula Qatar reported.
The plunge followed recent forecasts predicting Ukraine's economy would decline even faster than expected as the continuing conflict with separatists in the east undermined industrial production.
The European Bank for Reconstruction and Development said Ukraine's "GDP is now expected to shrink by 7.5 percent this year, a worsening outlook since January, when a 5 percent contraction was forecast."
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