 "Russia-Ukraine War: Kyiv's GDP fell by 29.1% in 2022, figures slightly better than govt forecast")
Kyiv: The Russian war in Ukraine has battered its economy with the country’s GDP falling by 29.1 per cent in 2022, the state statistics service has revealed.
Although, last year’s final gross domestic product (GDP) figures are slightly better than a 30 per cent drop predicted by the government.
The February 2022 Russian invasion has killed tens of thousands, uprooted millions, damaged the heavy industry, the power grid and the agriculture sector, and resulted in the loss of swathes of land in the south and east.
The war has also restricted Ukraine’s access to Black Sea ports which are important for the country to facilitate the export of grain and metals exports.
The government says GDP may grow by one per cent in 2023 due to an improving situation in the transport, retail and construction sectors.
The economy ministry said earlier this year that exports had fallen 35 per cent in 2022 from the year before, and that physical volumes were down 38.4 per cent.
Moscow’s invasion also reduced Ukraine’s grain crop production to 53 million tonnes in 2022 from a record 86 million tonnes in 2021.
Another key part of the economy, the metals sector, reduced steel production by almost 71 per cent after several leading plants were destroyed or occupied.
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