Ukrainian economy shrinks 1.3 percent in Q1 2013

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Ukraine's gross domestic product ( GDP) shrank 1.3 percent year-on-year in the first quarter of 2013, the country's statistical agency said on Tuesday.

Official figures released by the State Statistic Service showed that on quarterly basis, the East European country's economy expanded 0.5 percent.

On April 16, the International Monetary Fund downgraded its projection for Ukraine's economic growth this year from 3.5 percent to zero.

The Ukrainian government expects the economy to grow 2.5 to 3.4 percent this year.

Last year, the country's GDP rose 0.2 percent to 175 billion U. S. dollars. Endi

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