Ukraine's GDP fell by 31.4% year-on-year in the fourth quarter of 2022, compared to a 30.8% drop in the third quarter, according to the State Statistics Service.
The Economy Ministry revised its forecast for 2023 on March 6, predicting that Ukraine's economy would only grow by 1%, as opposed to their original prediction of 3.2%.
The deteriorating economic situation in Ukraine can be attributed to the ongoing war waged by Russia against the country, which shows no signs of ending anytime soon.
Allied countries have pledged to support Ukraine in its post-war reconstruction, including Japan, which promised on Feb. 1 to provide $170 million for emergency recovery projects, including the reconsctruction of critical infrastructure damaged or destroyed during the Russian invasion.
U.S. investment company J.P. Morgan also promised its support in attracting private capital for Ukraine's post-war construction, according to the Economy Ministry on March 9.
Ukraine's agricultural industry has suffered huge blows that impacted the overall economy. Agriculture Minister Mykola Solskyi told the Kyiv Independent on Feb. 27 that indirect damages to the industry, which includes losses sustained by farmers and supply chains, amounts to $34.25 billion. The direct damage to Ukraine's agricultural industry is worth $6.6 billion.