Russian missile attacks accelerate GDP decline in Ukraine, says economy minister

10 November 2022, 07:27 PM
Ukraine’s GDP plunges by 39% over Russian missile attacks (Photo:Oleksandr Starukh/Telegram)

Ukraine’s GDP plunges by 39% over Russian missile attacks (Photo:Oleksandr Starukh/Telegram)

Russian missile attacks on Ukraine's critical infrastructure accelerated the decline in the country's GDP to 39% in October 2022 year-over-year, Ukrainian Economy Minister Yulia Svyrydenko said at a briefing with U.S. media representatives on Nov. 10.

“Based on the results of the nine months, we estimate a drop in GDP of about 30%,” she said.

“However, the GDP may fall further if the attacks continue, causing black-outs.”

At the same time, the minister noted that even under these new difficult conditions, Ukraine’s economy has demonstrated good adaptive abilities and flexibility.

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“We can already see the record speed with which our energy workers are re-connecting people to the power grids ,” Svyrydenko said.

According to the official, Ukrainians were also able to reduce electricity consumption by 7% to 20%.

Svyrydenko emphasized the importance of continuing to provide assistance to Ukraine, in particular to support the economy.

She stressed that Ukraine is counting on strengthening bilateral trade relations with the United States, inclusion in investment insurance, as well as further supplies of weapons.

Earlier, the National Bank of Ukraine predicted a 35.6% drop in Ukraine’s GDP in Q4.

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