Ukraine’s Gross Domestic Product (GDP) contracted 30.4% in 2022 — the biggest annual drop in more than 30 years — because of the war with Russia, Economy Minister Yulia Sviridenko said on Thursday. In 2021, Ukrainian GDP grew 3.4 percent.
Sviridenko, who is also deputy prime minister, explained in a statement that Ukraine’s economy had suffered its biggest losses since it gained independence from the Soviet Union in 1991, although the drop was less than initially expected.
This is objectively the worst result since independence, but better than what most experts expected at the beginning of the large-scale invasion, when estimates ranged from 40% to 50% drop in GDP,” the ministry said. of Economy.
The revision is partly due to a relative stabilization of the power supply situation, after the November bombings, according to the statement.
The Economy Ministry said Russian missile attacks on Ukraine’s energy infrastructure continued to put pressure on business activity and confidence.
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