Ukraine’s gross domestic product (GDP) fell 29.1% in 2022 as Russia’s massive invasion battered the economy, the state statistics service said late Wednesday.
The final GDP numbers for 2022 were slightly better than the 30% contraction previously forecast by the government.
Moscow’s February 2022 invasion killed tens of thousands, uprooted millions, damaged heavy industry, the power grid and the agricultural sector, and resulted in the loss of tracts of land in the south and east.
Ukraine now has severely restricted access to the Black Sea ports, which are vital for grain and metal exports, the mainstays of Ukraine’s export-oriented economy.
The government says GDP could grow by 1% in 2023 due to an improving situation in the transport, retail and construction sectors.
The economy ministry said earlier this year that exports in 2022 fell 35% year-on-year and physical volume fell 38.4%.
Ukraine’s grain harvest fell from a record 86 million tons in 2021 to 53 million tons in 2022 due to the invasion.
Another important part of the economy, the metals sector, reduced steel production by almost 71% after several leading plants were destroyed or occupied.
Comments are closed.