Ukraine's economy rises 5% in 2023 after nearly 29% GDP plunge in 2022
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Ukraine's gross domestic product (GDP) grew by 5% in 2023 after plummeting 28.8% in 2022, according to a preliminary estimate by the Economy Ministry, First Vice Prime Minister and Minister of Economy Yulia Svyrydenko said at a webinar held on Jan. 11 by the Center for Economic Strategy.
"This is the so-called restorative growth," she said, adding that the central bank estimates last year's GDP growth at 5.5%, Ukrainian news agency Interfax-Ukraine reported.
Read also: Ukraine loses a third of its GDP due to Russian invasion, reports NBU
The highest rates of recovery were demonstrated by public administration and defense due to priority funding, construction taking into account restoration projects, agriculture due to favorable weather and high harvest, domestic trade, and the processing industry.
The Economy Ministry earlier estimated GDP growth in January-November 2023 at 5.5% compared to the same period in the prior year.
When approving the draft state budget for the second reading in early November, the government improved its estimate of GDP growth in 2023 from 2.8% to 5%, but downgraded it for 2024 from 5% to 4.6%.
The World Bank has improved its estimate of Ukraine's gross domestic product growth in 2023 to 4.8% from 2% six months earlier and predicted a slowdown in recovery to 3.2% in 2024.
Read also: 2024 investment trends and forecasts
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