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Monday, March 20, 2023

Ukraine's economy shrank by 30.8% in third quarter of 2022

by The Kyiv Independent news deskDecember 9, 2022 7:06 pm

Gross domestic product fell by 30.8% in the third quarter of 2022, according to a report by the State Statistics Service of Ukraine. There's been a slight improvement compared to 37.2% in the second quarter of the year.

Monthly consumer inflation in the country slowed down to 0.7% in November from 2.5% the previous month, Economy Minister Yulia Svyrydenko said.

She added that consumer inflation slowed to 26.5% in November 2022-2021.

"The main shock challenge for the economy in October-November was the destruction of the energy infrastructure, which led to a reduction in working hours, difficulty in storing goods, and other negative economic factors," Svyrydenko said.

On Dec. 2, the Economy Ministry worsened Ukraine's GDP forecast amid continuous attacks on Ukraine's energy sector, saying it is expected to drop as much as 32-33.5% this year.

Since mid-October, Russia has unleashed six mass strikes targeting Ukraine's energy infrastructure, killing dozens of civilians and causing emergency blackouts.

The Kyiv Independent news desk
The Kyiv Independent news desk

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