According to official government statistics, the Ukrainian economy contracted by 14.7% in the first six months of 2015, compared to the same period last year. 

Government statistics for the first quarter of the year compared with the first quarter of 2014 were worse, at 17.2%.

Whilst the data shows a general slow down in contraction of the economy and the figure is better than the official expectations of 16.3% for the first six months, the country is still experiencing an unprecedented economic collapse.

In May, the World Bank increased their predicted contraction of the Ukrainian economy for 2015 from 2.3% to 7.5%.

Now Ukrainian Ministry of Economic Development believe the GDP decline for 2015 will be nearly 9%.

IMF Help

The country is currently receiving funds to keep the economy above water in the form of a loan program from the IMF, totalling $17.5 million.

The IMF are uncomfortable with a such a program for a country currently experiencing a border dispute and conflict with Russian separatist rebels in the East. However, without help, the country would not be capable of financing itself.

In return for the bailout funds, the Ukraine is carrying out significant structural and economic reforms and must enter debt write-down negotiations with its creditors.