Business

Ukraine’s economy falls 30.4% in 2022 because of war – minister

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Ukraine’s gross domestic product fell by 30.4% in 2022 – the largest annual fall in over 30 years – because of the war with Russia, Economy Minister Yulia Svyrydenko said on Thursday.

Svyrydenko, who is also first deputy prime minister, said in a statement that Ukraine’s economy had suffered its largest losses since it won independence from the Soviet Union in 1991 although the fall was less than initially expected.

“The successes of Ukraine’s defence forces on the front lines, the coordinated work of the government and businesses, the unbreakable spirit of the population and the speed of rebuilding damaged critical infrastructure units and also systemic financial support from international donors have allowed us to keep up the economic front and continue our movement towards victory,” Svyrydenko said.

The economy ministry said Russian missile attacks on Ukraine’s energy infrastructure continued to put pressure on business activity and sentiment.

Ukraine’s GDP grew by 3.4% in 2021.

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