Skip to content
Edit post

National Bank: Ukraine’s GDP to fall by one third in 2022; Russian attacks on energy system imperil economy

by Dinara Khalilova December 27, 2022 5:36 PM 1 min read
This audio is created with AI assistance

Support independent journalism in Ukraine. Join us in this fight.

Become a member Support us just once

Ukraine’s economy will grow more slowly than expected in 2023 due to Russian mass attacks on Ukraine's energy infrastructure, according to the National Bank's report presented on Dec. 27 by Kateryna Rozhkova, the bank’s deputy head.

Ukraine’s GDP will fall by nearly a third by the end of this year, according to the National Bank.

Constant Russian large-scale attacks and destruction of the country’s energy infrastructure increase the risks for financial stability.

“Although the financial sector works without interruption, it suffers corresponding losses. These are lost revenues and additional costs for arranging branches to work during blackouts,” said Rozhkova.

Russian attacks on Ukraine’s critical infrastructure also reduce the demand for banking services and lead to additional credit losses, according to the official.

Meanwhile, the international aid Ukraine has received is allowing it to reduce the budget’s monetary financing rate, Rozhkova said, adding that NBU hopes “to avoid such a tool altogether next year.”

Russian forces have fired more than 1,000 missiles and drones at Ukrainian energy infrastructure since Oct. 10, according to Ukrenergo head Volodymyr Kudrytskyi. The attacks killed dozens of people and forced authorities to impose blackouts.

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

Intensified Russian attacks on Ukraine infrastructure unlikely to achieve Kremlin's goals
Support independent journalism in Ukraine. Join us in this fight.
Freedom can be costly. Both Ukraine and its journalists are paying a high price for their independence. Support independent journalism in its darkest hour. Support us for as little as $1, and it only takes a minute.
visa masterCard americanExpress

News Feed

Ukraine Daily
News from Ukraine in your inbox
Ukraine news
Please, enter correct email address
6:29 PM

Tucker Carlson's team denies launching show on Russian TV.

The Russian state television network Rossiya 24 posted episodes of a purported new show with U.S. far-right political commentator and conspiracy theorist Tucker Carlson on May 21, but Carlson's team said he had nothing to do with it.
3:45 PM

Moldova, EU sign pact on security, defense.

"It (partnership) will allow to jointly address common security challenges, make our engagement more effective and explore new areas of cooperation," European Union's top diplomat Josep Borrell said.
MORE NEWS

Editors' Picks

Enter your email to subscribe
Please, enter correct email address
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Successfuly subscribed
Thank you for signing up for this newsletter. We’ve sent you a confirmation email.