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Ministry: Ukraine’s GDP fell by 30.4% in 2022.

by The Kyiv Independent news desk January 5, 2023 1:40 PM 1 min read
This audio is created with AI assistance

Ukraine’s gross domestic product (GDP) dropped by 30.4% in 2022, according to a preliminary estimate by the Economy Ministry.

“This is objectively the worst result since independence (in 1991), but better than most experts predicted at the beginning of (Russia’s) full-scale invasion, when estimates ranged from 40-50% and more,” the ministry said.

For comparison, in 2021 Ukraine’s economy grew by 3.4%, the ministry added.

In December, Ukraine’s GDP decrease was not as dramatic as in November since the electricity supply situation was somewhat stabilized, according to the Economy Ministry.

However, further Russian attacks on Ukraine's energy system have continued to put pressure on Ukrainian businesses, the ministry said.

Russian forces have fired more than 1,000 missiles and drones at Ukrainian energy infrastructure since Oct. 10, according to Volodymyr Kudrytsky, CEO of electricity grid operator Ukrenergo.

The attacks have killed dozens of people and led to frequent blackouts.

The Kyiv School of Economics reported in December that Russia had caused damage worth $136 billion to Ukraine’s residential and non-residential real estate and other infrastructure as of November.

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