Ukrainians’ expenditures abroad triple to $2 billion a month, NBU says

12 December 2022, 09:46 PM
According to the UN, the number of Ukrainian refugees in Europe is over 4.75 million people (Photo:Kay Nietfeld /dpa via Reuters)

According to the UN, the number of Ukrainian refugees in Europe is over 4.75 million people (Photo:Kay Nietfeld /dpa via Reuters)

The expenditures of Ukrainian migrants abroad in 2022 have reached $2 billion per month, which is three times higher than in 2021, Ukrainian news agency Interfax-Ukraine reported on Dec. 12, quoting the governor of the National Bank of Ukraine (NBU) Andriy Pyshnyy. 

“Ukrainian migrants are supporting the economy of European countries – that’s the counter-intuitive conclusion of our analytical department’s specialists,” said Pyshnyy.

According to Pyshnyy, the European economy receives a positive fiscal effect and a long-term positive impact – due to the expenditures and employment of Ukrainian citizens.

Video of day

The governor noted that the Ukrainians’ spending abroad are covered by accumulated savings in Ukrainian banks, wages in Ukraine and in the countries of their stay, as well as state-provided social assistance.

He clarified that NBU’s calculations were based on IMF research, and indicate that thanks to the contribution of Ukrainian migrants, GDP of Estonia, Poland, and the Czech Republic in 2026 will be 2.2-2.3% higher than in a no-migration scenario.

“Since the beginning of the full-scale war, Ukrainians in Poland have paid PLN 10 billion ($2.4 billion) in taxes, which significantly exceeds the amount of financial aid provided (to them),” Pyshnyy noted.

According to the UN, the number of Ukrainian refugees registered for temporary protection or under similar national protection schemes in Europe reached more than 4.75 million people, as of Nov. 22.

By November, the number of Ukrainian refugees has increased by 324,320 people from October, and by about 1.8 million people since late May.

The largest number of refugees –1.5 million people – has been registered in Poland. Germany and the Czech Republic follow Poland, with 1.02 million and 462,410 Ukrainian refugees, respectively. Italy (164,170 people) and Spain (154,460 people) are also among the top five countries.

More than 100,000 Ukrainians received a similar status in the UK (146,200 people), 146,030 people in Bulgaria, 118,990 people in France, and 101,240 people in Slovakia.

By the middle of 2020s, the UN estimates the Ukrainian global diaspora will be at 6.1 million people, including 5 million in Europe.

Follow us on Twitter, Facebook and Google News

Ukraine Today
Fresh daily newsletter covering the top headlines and developments in Ukraine
Daily at 9am EST
Show more news