Minister: Ukraine’s GDP will grow by more than 5% in 2023

Ukraine’s gross domestic product (GDP) is likely to grow by more than five percent in the first 11 months of 2023 after a 28.9 percent decline, Ukrainian Economy Minister Yulia Sviridenko said on Monday. percent in the same period last year.

She added that the government expects GDP to grow by 4.6 percent next year, 6.8 percent in 2025, and 6.6 percent in 2026. The government statistics authority has not yet published GDP figures for the same period in 2023.

She added that the service sector, including public administration and defense, was the main contributor to Ukraine’s GDP and that the manufacturing sector was the second largest contributor, indicating that the industry is actively recovering despite the devastation caused by the war.

Ukraine’s economy was severely damaged by the Russian invasion in February 2022, as millions of residents fled, cities and towns were destroyed and bombed, logistics and supply routes were disrupted, and the infrastructure and energy sectors were damaged.

GDP fell by 29.1 percent in 2022, its largest annual decline since Ukraine’s independence in 1991.

Ukrainian companies adapted to the reality of the war better than expected and the economy returned to growth this year. The statistics services reported that the gross domestic product grew by 9.3 percent year-on-year in the third quarter of the year.