War plunges Ukraine’s GDP to record 30.4% in 2022

In the wake of Russia's ongoing war against Ukraine, the country's GDP declined by a record 30.4 per cent last year

Kiev: In the wake of Russia’s ongoing war against Ukraine, the country’s GDP declined by a record 30.4 per cent last year, the Economy Ministry said citing preliminary estimates.

“In 2022, the Ukrainian economy suffered its largest losses and damage in the entire history of independence,” Xinhua news agency quoted Economy Minister Yulia Svyrydenko as saying.

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In December 2022, Ukraine’s GDP declined 34 per cent due to a certain stabilisation 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.