The Ukrainian economy will contract by 6 percent in 2014, the Ministry of Economic Development and Trade said Friday.
According to a statement released by the press service of the ministry, the inflation rate in Ukraine this year is likely to climb to 19 percent.
The Eastern European country's economy is expected to grow in 2015 by 2 percent according to a positive outlook, while in a negative scenario, the growth rate would reach no more than 0.3 percent, the statement said.
Anatoly Maksyuta, Ukraine's first deputy minister of economic development and trade, noted that domestic social and political crises, military conflict in eastern part of the country, turmoil in financial system and tense relations with Russia were main factors affecting the economic performance.
Preliminary official data suggested that Ukraine's gross domestic product shrank by 3 percent in the first half of the year owing to the sharp decline in exports and industrial output.
In 2013, Ukraine's economy stagnated, marking the end of three years of growth.