Ukraine suffered its sharpest economic decline in over 30 years in 2022 because of the war with Russia, but said foreign aid and the “unbreakable spirit” of its people helped prevent an even worse scenario.
Preliminary economy ministry data on Thursday showed a 30.4% drop in gross domestic product last year and economic analysts said risks and uncertainty remain high, especially if Russia continues to attack critical infrastructure in Ukraine.
Economy Minister Yulia Svyrydenko described the decline in GDP as the biggest in any year since Ukraine won independence from the Soviet Union in 1991, but said the fall was smaller than expected.
“In 2022, the Ukrainian economy suffered its largest losses and damages in the entire history of independence, inflicted on it by the Russian Federation,” Svyrydenko, who is also first deputy prime minister, said in a statement.
“The successes of Ukraine’s defence forces on the front lines, the coordinated work of the government and businesses, the unbreakable spirit of the population and the speed of rebuilding damaged critical infrastructure units, and also systemic financial support from international donors have allowed us to keep up the economic front and continue our movement towards victory.”