Ukraine’s GDP in the second quarter of 2014 has declined 4.7 percent compared to the same period in 2013, the Ukrainian State Statistics Service said on Wednesday. The contraction was more than four times the 1.1 percent fall in the first quarter.

The gross domestic product of Ukraine has been falling every quarter since the beginning of 2012. Ukraine expects GDP to tumble by 6-6.5 percent this year according to Finance Minister Alexander Shlapak, who added the inflation rate will reach 19 percent in 2014.