How the Structure of GDP of Ukraine Responded to COVID-19
The impact of the COVID-19 pandemic on the structure of Ukrainian GDP is studied, with summing up the causes of impact occurrence and mechanisms of manifestation. The peculiarities of the pandemic’s impact on the institutional and industrial structure of economy in the specific conditions of Ukraine are revealed. The dynamics of the structure of the domestic GDP in the conditions of pandemic is analyzed.
The contribution of the sectors of non-financial corporations, households, financial corporations and government in the Ukrainian GDP is highlighted. It is shown that the increased economic activity of non-financial sector resulted in a growth in dividends, royalties and other components of the property income. However, financial corporations, general government and households were losing property incomes, first of all due to the decreased interest rate of the National Bank of Ukraine, which reduced incomes of financial corporations in form of interests on loans, bond yields of the government, and deposit incomes of households.
Problems of redistribution of primary incomes of sectors by the financial system are discussed. Emphasis is made on the banking sector. With the pandemic shattering the financial health of banks, they started to increase the commission fees to compensate the losses. This process is expected to go on in the forthcoming months. At the initial period of the economy freezing, banks did not feel its outcomes as severely as sectors like tourism, transport or culture. The dynamics of GDP structure by economic activity is analyzed by three dimensions given the available national accounts data of the State Statistics Service of Ukraine. The analysis covers, first, the dynamics of GDP structure by economic activity in absolute terms, second, the dynamics of GDP structure in current prices, and, third, the dynamics of GDP structure in last year prices, thus eliminating the price effect for the dynamics of GDP. The adverse impact of the dynamics of prices occurred in the following sectors: manufacturing; health care and social aid; education; water supply, sanitation, waste treatment; transport; storage facilities; postal and courier activities; temporary accommodation and public catering. While the grown prices for these sectors’ products increased their weight in GDP in current prices, this weight was smaller in comparable prices.
The study was conducted on the basis of research publications and material of the State Statistics Service of Ukraine and professional organizations. Desk research method was used in the process, i. e. analysis of available data, involving extraction and exploration of the already available information, which is the basis for producing new data in line of the author’s research objective.
2. Danylyshyn, B., & Stepaniuk, Ye. Neobkhidni kroky dlia rozvytku ekonomiky ta bankivskoho sektoru Ukrainy v period koronakryzy ta pislia yii zavershennia [Necessary steps for the development of Ukraine’s economy and banking sector during and after the coronavirus crisis]. Ekonomika Ukrainy – Economy of Ukraine, 1, 40–53. Retrieved from https://doi.org/10.15407/economyukr.2021.01.040 [in Ukrainian].
3. Kolodko, G. V. After the pandemic. economics and politics in the post-pandemic world. 2020. Ekonomika Ukrainy – Economy of Ukraine, 5, 3–24. Retrieved from https://doi.org/10.15407/economyukr.2020.05.003 [in Ukrainian].
4. Sidenko, V. R. (2018). Hlobalni strukturni transformatsii ta trendy ekonomiky Ukrainy. Ch. I: Klyuchovi trendy strukturnykh zmin u svitovii ekonomitsi ta v Ukraini. [Global structural transformations and trends of the economy of Ukraine. Part I: Key trends of structural changes in the world economy and in Ukraine]. Ekonomika i prohnozuvannia – Economics and forecasting, 1, 37–57 [in Ukrainian].
5. Sharov, O. M. 2020. “Korona-test” finansovoi systemy Ukrainy: zovnishni zahrozy [“Crown-test” of the financial system of Ukraine: external threats]. Ekonomika Ukrainy – Economy of Ukraine, 7, 14–26. Retrieved from https://doi.org/10.15407/economyukr.2020.07.014 [in Ukrainian].
6. Ashofteha A., Bravo J. M. (2020). A study on the quality of novel coronavirus (COVID-19) official datasets. Statistical Journal of the IAOS. 36 (2). Р. 291–301. DOI: 10.3233/SJI-200674
7. Cooka L. Gray A. (2020). Official statistics in the search for solutions for living with COVID-19 and its consequences. Statistical Journal of the IAOS. 36 (2). Р. 253–278. DOI: 10.3233/SJI-200671
8. Ferguson, Neil M, Laydon, D., Nedjati-Gilani, G., Imai, N., Ainslie, K., Baguelin, M., & et al. (2020). Impact of non-pharmaceutical interventions (NPIs) to reduce COVID-19 mortality and healthcare demand. Report 9. Imperial College London Response Team. doi: https://doi.org/10.25561/77482
9. Ljones, O. (2020). Pandemic and official statistics; some comments on recent COVID-19 experiences. Statistical Journal of the IAOS. 36 (2). 285–290. DOI: 10.3233/SJI-200672
10. Puhachova, M. V. (2020). Using Economic Barometers to Analyze the Impact of the COVID-19 Pandemic on the National Economies. Statystyka Ukrainy – Statistics of Ukraine, 1, 59–65. Doi: 10.31767/su. 1(88)2020.01.07
11. Saіt Ministerstva okhorony zdorovіa Ukrainy [Website of the Ministry of Health of Ukraine]. Retrieved from [in Ukrainian].
12. Ofitsiinyi vebsait Derzhavnoi sluzhby statystyky Ukrainy [Official website of the State Statistics Service of Ukraine]. www.ukrstat.gov.ua. Retrieved March 9, 2021 from http://www.ukrstat.gov.ua/ [in Ukrainian].
13. Patskan V. Fakhivtsi Rakhunkovoi palaty vzhe pochaly vidslidkovuvaty vydatky na borotbu z COVID-19 [Specialists of the Accounting Chamber have already started tracking expenditures to combat COVID-19]. rp.gov.ua. Retrieved from https://rp.gov.ua/PressCenter/News/?id=874 [in Ukrainian].
14. Oblikova stavka NBU 2021 [NBU discount rate 2021]. index.minfin.com.ua. https://index.minfin.com.ua/ua/banks/nbu/refinance/ in Ukrainian].
15. Central banks. Sait Forex Club. Retrieved April 2, 2020 from https://www.fxclub.org/centralnye-banki/ [in Russian].
16. Ofitsiіne internet-predstavnytstvo Natsionalnoho banku Ukrainy [Official website of the National Bank of Ukraine]. (2021). bank.gov.ua. Retrieved March 9, 2021 from https://bank.gov.ua/ [in Ukrainian].
Abstract views: 16 PDF Downloads: 18