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Tuesday, July 23, 2024

Ukraine’s GDP plunges record 30.4 pc in 2022

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Ukraine’s GDP declined by a record 30.4 percent last year due to the Russia-Ukraine conflict, the country’s Economy Ministry said, citing preliminary estimates.

“In 2022, the Ukrainian economy suffered its largest losses and damage in the entire history of independence,” said the ministry’s press service, quoting Yulia Svyrydenko, the first deputy prime minister and economy minister on Thursday.

In December 2022, Ukraine’s GDP declined 34 per cent due to a certain stabilization of the situation with energy supply, after a fall of 37 per cent in November, the ministry said.

In the fourth quarter of last year, Ukraine’s economy experienced a decline of 35.5 per cent compared with the same period in 2021, it said.

The Ukrainian economy saw a 3.4-per cent growth in 2021. The country’s GDP is expected to rise 3.2 per cent this year, according to the government’s projection.

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