Ukrainian economy
According
to
the
Ministry
of
Economy
of
Ukraine
in
2022
Ukraine's
GDP
decreased
by
30.3%.
That
is
GDP
of
Ukraine
in
2022
is estimated at $139 billion (vs. $200 billion in 2021).
"During
2022,
the
economy
of
Ukraine
suffered
the
largest
losses
and
damages
caused
by
the
Russian
Federation
in
the
entire
history
of
independence.
On
February
24,
2022,
the
Russian
Federation
scaled
up
its
terror,
which
began
in
2014,
along
the
entire
length of the common border and from the territory of Belarus and occupied Crimea.
In
turn,
the
successes
of
the
Defense
Forces
of
Ukraine
on
the
battlefield,
the
coordinated
work
of
the
Government
and
business,
the
adamantine
spirit
of
the
population,
the
speed
of
restoration
of
destroyed/damaged
critical
infrastructure
objects
by
domestic
services,
as
well
as
systematic
financial
support
from
international
partners
allowed
us
to
maintain
the
economic
front
and
continue
movement
toward
victory",
-
stated
the
First
Deputy
Prime
Minister
of
Ukraine
-
Minister
of
Economy
of
Ukraine
Yuliia Svyrydenko.
Consumer inflation in 2022 amounted to 26.6% according to the State Statistics Service of Ukraine.
"Such
a
relatively
low
indicator
of
consumer
inflation
indicates
that
during
a
full-scale
war,
the
level
of
which
Europe
has
not
known
for
the
last
almost
eighty
years,
the
economy
of
Ukraine
has
withstood
and
successfully
adapted
to
functioning
in
war
conditions.
Despite
fears
about
the
development
of
hyperinflationary
processes
and
the
high
probability
of
inflation
rates
exceeding
30%,
under
such
force
majeure
conditions,
the
level
of
inflation
turned
out
to
be
relatively
comparable
to
a
number
of
European
countries.
According
to
preliminary
Eurostat
data,
consumer
inflation
in
Latvia
was
20.7%,
Lithuania
-
20%,
Estonia
-
17.5%.
Such
a
price
for
a
full-scale
war
can
be
considered
an
achievement
for
the
economy
of
Ukraine",
-
said
the
First
Deputy
Prime
Minister of Ukraine - Minister of Economy of Ukraine Yuliia Svyrydenko.
As
noted
in
the
Ministry
of
Economy
of
Ukraine,
throughout
the
war,
inflation
was
practically
formed
by
two
main
factors
of
the
war:
•
the
first
–
the
extent
of
destruction
of
infrastructure
(including
energy)
and
logistics
and,
accordingly,
the
speed
of
recovery and adaptation of the economy;
•
the
second
-
the
level
and
speed
of
migration
as
a
factor
of
demand
and
a
factor
of
providing
labor
resources
for
the
needs of production (and, therefore, the formation of the supply of goods and services).
Because
of
war
7
million
internally
displaced
persons
were
registered
in
Ukraine
in
2022.
4.6
million
of
Ukrainians
left
Ukraine
in
2022.
“We
have
7
million
internally
displaced
persons
for
whom
the
labor
issue
is
extremely
urgent.
Another
4.6
million
of
Ukrainians
left
Ukraine
in
2022.
And
we
appreciate
the
openness
of
the
neighboring
countries
that
gave
them
shelter
and
work”,
-
stated
the
First Deputy Prime Minister of Ukraine - Minister of Economy of Ukraine Yuliia Svyrydenko in Davos in 2023.
According
to
the
preliminary
operational
data
of
the
Ministry
of
Economy
of
Ukraine,
published
at
the
beginning
of
January
2023:
-
Ukraine exported almost 100 million tonnes of goods (-38.4% y-o-y) in 2022 for USD 44.1 billion (-35% y-o-y).
-
16.3 million tonnes of agricultural products were exported through so called ‘Grain corridor”
-
Geographically,
63%
of
Ukrainian
exports
went
to
the
EU
($27.9
billion).
Among
EU
member
states,
the
largest
exports
were
directed
to
Poland
($6.6
billion),
Romania
($3.8
billion),
Hungary
($2.27
billion),
Germany
($2.23
billion),
Italy
($1.5 billion) and Spain ($1.5 billion).
-
Outside
the
EU,
the
largest
export
market
was
Turkey
($2.9
billion),
ahead
of
China
($2.46
billion).
But
at
the
same
time,
exports to Turkey decreased by 29% in 2022, and to China by 69%.
-
Import
volume
decreased
by
almost
half
(-48.1%),
but
in
value
only
by
19.6%.
In
2022,
35
million
tonnes
of
products
worth $58 billion were imported (this figure can still be significantly adjusted).
According
to
the
Minister
of
Agricultural
Policy
and
Food
of
Ukraine
Mykola
Solskyi,
in
2022
export
of
agricultural
products
from
Ukraine
amounted
to
at
least
$20
billion
($27.9
billion
in
2021
according
to
the
State
Customs
Service
of
Ukraine).
Despite
considerable decrease of agricultural export in 2022 vs 2021, it still was the # 1 export item of Ukraine in 2022.
