KIEV: Ukraine’s gross domestic product (GDP) shrank by 29.2 percent in 2022, the government-run Ukrinform news agency reported Tuesday, citing an estimation by the country’s economy ministry.
The economic decrease reflected depressed household consumption, a decline in investment activity, and negative pressure on export and import operations caused by the Russia-Ukraine conflict.
Ukraine’s GDP performance last year was better than the initially estimated decline of 30.4 percent due to better-than-expected dynamics in the fourth quarter.
According to official statistics, Ukraine’s real GDP declined by 31.4 percent year-on-year in October-December of 2022.
Earlier this month, the economy ministry slashed its forecast for the country’s GDP growth this year to 1 percent from 3.2 percent estimated earlier. Xinhua