The Ministry of Economy improved the estimate of the fall in GDP last year

The Ministry of Economy improved the estimate of the fall in GDP last year


The Ministry of Economy has improved the estimate of the fall of Ukraine’s economy in 2022 to 29.2% from 30.4%.

About this reported press service of the Ministry of Economy.

The preliminary estimate of GDP reduction was 30.4%. The change is due to the latest data from the State Statistics Service regarding the fall in the GDP of Ukraine in the 4th quarter of 2022.

“Taking into account the better dynamics of the fourth quarter, according to the estimates of the Ministry of Economy and taking into account the statistical data of the State Statistics Service, the fall in GDP at the end of the year turned out to be less than 30% and amounted to 29.2%”, – noted First Deputy Prime Minister – Minister of Economy Yuliya Svyridenko.

At the same time, negative trends are observed in the future, which prevent the economy from starting to recover. In particular, we are talking about depressed consumption by households, which was mainly focused on the purchase of essential goods and services.

Also among the trends is the ongoing wartime decline in investment activity, which was partially offset by forced investment by business and the state in the purchase and installation of a significant number of alternative power sources.

A positive role was played by large-scale capital repairs of energy infrastructure facilities, restoration of destroyed residential and road facilities, which became possible thanks to international financial assistance, as well as further expansion of financial business support programs.

Negative pressure on export-import operations remains due to Russia’s sabotage of vessel inspections within the framework of the “grain initiative”. On the other hand, the expansion of logistics routes to the EU countries and the cancellation of customs duties and quotas for certain types of products supported export activity.

We remind you:

In the 4th quarter of 2022, the real GDP of Ukraine fell down by 31.4% compared to the fourth quarter of 2021 after falling 30.8% in the third quarter.



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