Ukraine’s GDP fell in the first quarter of the year

Ukraine's economy contracted by 19.3 % compared to the previous three months

The Gross Domestic Product (GDP) of Ukraine registered a contraction of 19.3 % in the first quarter of 2022 compared to the previous three months, according to the operating estimate of the State Statistical Service of Ukraine.

Compared to the first three months of 2021, the Ukrainian economy contracted by 15.1 %, in contrast to the year-on-year expansion of 6.1 % in the fourth quarter of 2021.

The World Bank anticipated in its latest forecasts that Ukraine’s GDP will fall by 45.1 % this year. In 2021, the Ukrainian economy had grown by 3.4 %, after contracting by 3.8 % in 2020.

On June 2nd, the central bank sharply increased its main interest rate from 10 % to 25 %, in an attempt to curb inflation and protect the hryvnia, the national currency, from the economic fallout from the Russian invasion.

K. Tovar

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Source: El Universal

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