Page 16 - UKRRptApr21

3.0 Macro Economy
3.1 Macroeconomic overview
The Ukrainian economy likely improved in February, albeit remaining in the red. Although industrial output worsened to -4.6% y-o-y from 4.0% in January, this was attributable to seasonal and calendar effects (the low base from 2020, which was a leap year). After seasonal and calendar adjustments, industrial output edged up 0.4% m/m in February. Retail sales growth, dampened by the high base of the previous year, accelerated to 5.6% y-o-y in February following
16 UKRAINE Country Report April 2021 www.intellinews.com