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Ukraine’s economy shrank 30% in 2022, official says

The minister, Yulia Svyrydenko, who is also the first deputy prime minister of Ukraine, said preliminary data showed that the country’s GDP fell 30.4% in 2022, the largest decline since Ukraine declared independence from the Soviet Union in 1991.

January 05, 2023 / 09:56 PM IST
An elderly man walks past a car shop that was destroyed after a Russian attack in Ukraine (Representative image: AP)

An elderly man walks past a car shop that was destroyed after a Russian attack in Ukraine (Representative image: AP)

Ukraine recorded the largest annual fall in its gross domestic product in more than 30 years, the country’s economy minister said Thursday, a precipitous decline caused by Russia’s invasion.

The minister, Yulia Svyrydenko, who is also the first deputy prime minister of Ukraine, said preliminary data showed that the country’s GDP fell 30.4% in 2022, the largest decline since Ukraine declared independence from the Soviet Union in 1991.

Even so, the drop was slightly lower than the direst forecasts, and Svyrydenko said in a statement that the “indomitable spirit” of the Ukrainian people, along with financial support from international donors, had allowed Kyiv to “maintain the economic front and continue our movement toward victory.”

The human toll of the war has been severe. More than 100,000 Russian troops have been killed or wounded, while Ukraine has probably suffered a similar number of military casualties, the chairman of the U.S. Joint Chiefs of Staff, Gen. Mark Milley, said in November. Milley said Russia’s invasion had also killed about 40,000 Ukrainian civilians and displaced 15 million to 30 million residents.