This change is due to the latest data from the State Statistics Service on the fall of Ukraine’s GDP in the fourth quarter of 2022.
The Ministry of Economy improved the estimate of the fall of the Ukrainian economy in 2022 to 29.2% from 30.4%. This was announced yesterday by the press service of the department.
It is indicated that this change is due to the latest data from the State Statistics Service on the fall of Ukraine’s GDP in the fourth quarter of 2022.
“Due to the best dynamics of the fourth quarter, according to the estimates of the Ministry of Economy, taking into account the statistics of the State Statistics Service, the fall in GDP for the year is less than 30% and reached 29.2%,” said First Vice Prime Minister Yulia Sviridenko.
At the same time, negative trends continue to be observed, preventing the economy from starting to recover. In particular, we are talking about the restrained consumption of households, which is mainly focused on the purchase of essential goods and services.
Current trends also include a continued decline in investment activity under war conditions, partially offset by forced investment by business and the state in the purchase and installation of a large number of alternative sources of electricity.
A positive role was played by the large-scale overhaul of energy infrastructure facilities, restoration of damaged residential and road facilities, made possible thanks to international financial assistance, as well as further expansion of support programs in financial business.
In addition, negative pressure remains from export-import operations due to Russia’s sabotage of ship inspections as part of the grain deal. On the other hand, export activities were supported by the expansion of logistics routes in EU countries and the elimination of duties and quotas for certain types of products.
Recall that in February, the fall in GDP reached 26%, which is significantly better than in January, which was 32%.
Also, the Ministry of Economy worsened the forecast for GDP growth. The revision of the macro forecast is connected to the assumption that the conflict will last “almost a full year.” At the same time, the department improved its inflation forecast.
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Source: korrespondent
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