As the supposed cease-fire in Ukraine fails to end the bloodshed in the east of the country, fresh data on Tuesday showed the extent of the pain being felt within the country's economy.
The country - ravaged by conflict between government troops and pro-Russian separatists – posted a fall in gross domestic product (GDP) of 15.2 percent year-on-year in the fourth quarter of 2014, according to the State Statistics Service of Ukraine on Tuesday morning. The figures also showed a 3.8 percent fall from the previous quarter amid the political upheaval in Kiev.
The data were the worst for several years and are significantly down from the 5.3 percent contraction (year-on-year) recorded in the third quarter. They also come alongside some dismal trade balance data, which highlighted weak domestic demand in the country.
Timothy Ash, head of emerging markets at Standard Bank, said the figures were a sad indictment of the international community.
"Despite all the rhetoric that they would not allow Ukraine to fail, they failed to support Ukraine in its hour of need," he said in a note on Tuesday.
"Western credit disbursements were a fraction of what was promised, but at the same time the Ukrainians were advised to pay external debt payments in full, and to clear gas debts to Russia."