Ukraine lessens projected GDP fall from 50% to 32%

27 December 2022, 02:54 PM
Minister of Economic Development and Trade Yulia Svyrydenko (Photo:Yulia Svyrydenko / Facebook)

Minister of Economic Development and Trade Yulia Svyrydenko (Photo:Yulia Svyrydenko / Facebook)

The adaptability that Ukrainian business has shown during the full-scale Russian invasion has allowed the country to decrease the predicted fall in GDP from 50% to 32% by the end of the year, Minister of Economic Development and Trade Yulia Svyrydenko said on Ukrainian television on Dec. 27.

She noted that continued economic growth depends on the level of employment and relevant budget revenues. Ukraine has managed to generate 50% of budgetary revenues from within the country, while the other 50% is being provided by international partners.

According to the State Statistics Service, Ukrainian GDP fell by 30.8% in the third quarter of 2022 and actually has grown, compared to the second quarter.

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Earlier, the Ukrainian National Bank said GDP would fall more than expected, due to Russian attacks on Ukraine’s energy infrastructure.

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