Ukraine says its GDP fell 10.5% in 1st quarter of 2023 – National | 24CA News
Ukraine‘s gross domestic product fell by 10.5 per cent in the first quarter of the year compared with the same period a year ago, the economy ministry said on Friday.
The ministry said in a statement the fall was less than it had initially expected, indicating that the economy was adapting to events following Russia’s invasion extra rapidly than anticipated.
The ministry stated it had initially anticipated GDP to fall by 14.1 per cent within the first quarter of 2023.
“The data indicate that the Ukrainian economy is adapting and recovering at a faster pace than was previously forecast,” stated Yulia Svyrydenko, who serves as first deputy prime minister and financial system minister.
She stated the federal government continued to give attention to stabilizing the scenario within the power sector and serving to clear up logistics issues for Ukrainian exports.
Ukraine’s financial system shrank by about one-third final yr following the full-scale Russian invasion. This yr a slight development is predicted by the federal government and analysts.
