The Ministry of Economy announced that, according to a preliminary estimate, Ukraine’s GDP fell by 30.4%. This is the worst indicator since gaining Independence in 1991, but still better than expected.

According to minister Yulia Svyrydenko, the economy of Ukraine suffered ‘the greatest losses, destruction and damage in the entire history’.

The losses were caused by the full-scale war that Russia launched against Ukraine in February 2022.

According to the preliminary assessment of analysts, the drop in GDP is estimated at the level of 30.4% [±2%] and is objectively the ‘worst result since independence’.

However, the figure is still better than most experts expected at the start of a full-scale invasion. At that time, estimates ranged from a 40-50% fall in GDP or more.