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Shmyhal estimated the annual decline in GDP

Photo: Press Service of the Cabinet of Ministers

The economy is starting to recover from the shock coma that was in the first month and a half after the start of the war, Denys Shmygal said.

By the end of 2022, Ukraine’s GDP will decrease by at least 35%. This was stated by Prime Minister Denys Shmyhal at a conference in Lugano, Switzerland, Interfax-Ukraine reports on Tuesday, July 5th.

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“We were able to conduct a relatively successful sowing campaign, resume logistics on the western border … However, this should not be deceived. The decline in GDP this year is expected to be at least 35%,” said Shmyhal.

He noted that the economy is starting to move away from the shock coma that was in the first month and a half of a full-scale war between Russia and Ukraine.

According to the State Statistics Service, Ukraine’s GDP in the first quarter of 2022 dropped by 15.1% compared to the first quarter of 2021, after growing by 6.1% in the fourth quarter of last year.

According to the National Bank, in the second quarter the fall was 40%. The NBU predicts that in the second half of the year the rate of economic contraction will be lower, but in general, real GDP will decrease by more than 30% throughout the year.

And the World Bank believes that the Ukrainian economy will fall by 45% this year. It was noted that the war weakened the Ukrainian industry, which led to the destruction of infrastructure and a sharp decline in population.

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Source: korrespondent

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