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Ministry: Economic recovery faster than expected

by Martin Fornusek June 9, 2023 7:16 PM 1 min read
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Compared to the last quarter of 2022, Ukraine's gross domestic product (GDP) experienced a 2.4% increase in the first three months of 2023, the Economy Ministry reported on June 9.

Compared with the first quarter of 2022, the GDP dropped by 10.5% in the first quarter of 2023, according to the ministry.

The Economy Ministry said it was better than the previously forecast 14.1% drop.

"This data indicates that the economy of Ukraine is adapting and recovering at a faster pace than previously predicted. The country continues to work and overcome the challenges of the war," Economy Minister Yuliia Svyrydenko said.

But Svyrydenko warned that Ukraine keeps experiencing new economic shocks caused by Russian aggression, such as the delay in the operation of the Black Sea grain corridor or the consequences of the Kakhovka dam breach.

The National Bank of Ukraine also reported an improved GDP growth forecast on March 29, expecting an annual rise of 1% rather than the previously estimated 0.3%.

The World Bank presented a more negative picture, decreasing the 2023 GDP forecast from 3.3% to 2% in its June report.

Russia's all-out war against Ukraine caused severe damage to the country's economy, estimated by the Kyiv School of Economics at over $143.8 billion as of February 2023.

Russia’s war may halve Ukraine’s economy, increasing budget deficit by billions
After Ukraine ended 2021 with a historically high gross domestic product (GDP) of $195 billion, top officials issued optimistic forecasts for the coming year. Then the war began, killing all of the country’s economic plans. As of late April, the Russian military has destroyed 30% of Ukraine’s infr…
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