The State Statistics Service estimates a fall in Ukraine’s GDP in the first quarter at 10.5% y/y

In January-March 2023, the real GDP of Ukraine decreased by 10.5% compared to the same period last year. This is evidenced by the previous State Statistics Service’s data.

These are the lowest quarterly rates of decline of the country’s economy since the beginning of the war, in particular:

  • in the first quarter of 2022, GDP fell by 14.9%;
  • II quarter – by 36.9%;
  • III quarter – 30.6%;
  • IV quarter – by 31.3%.

Compared to the fourth quarter of 2022, the economy of Ukraine increased by 2.4% in the first quarter of 2023, taking into account the seasonal factor.

«Such data indicate that the economy of Ukraine is adapting and recovering at a faster pace than previously predicted. It continues to work and overcome the challenges of war,» noted First Deputy Prime Minister – Minister of Economy of Ukraine Julia Svyridenko.

The rate of inflation in Ukraine in May 2023 increased to 0.5% compared to 0.2% in April. Compared to May 2022, inflation decreased to 15.3% compared to 17.9% in April. Core inflation slowed to 0.3% in May from 0.5% in April and 1.3% in March. In January-May 2023, inflation in the country was 3.8%, and the base rate was 3.3%.

As GMK Center reported earlier, on November 3, 2022, the Verkhovna Rada in the second reading and as a whole adopted the draft law «On the State Budget of Ukraine for 2023». In 2023, the government expects GDP growth of 3.2% and an inflation rate of 28%.

At the same time, the National Bank worsened the growth forecast of the gross domestic product of Ukraine in 2023 to 0.3% from 4% in the previous forecast.

  • Сonferences

ANNOUNCEMENT: Mining and Metals Central Asia 2025

On September 17-19, Almaty (Kazakhstan) will host the 30th anniversary Central Asian international exhibition of…

Tuesday July 1, 2025
  • Companies

The highest electricity price in Europe may shut down ArcelorMittal Kryvyi Rih

ArcelorMittal Kryvyi Rih, Ukraine's largest steel mill, is at risk of closing due to the…

Tuesday July 1, 2025
  • State

The government forecasts Ukraine’s GDP growth to accelerate to 4.5% in 2026

The budget declaration for 2026-2028, approved by the government on June 27, provides for an…

Tuesday July 1, 2025
  • Global Market

Iron ore prices fluctuate around $100/t

As of June 27, 2025, September iron ore futures on the Dalian Commodity Exchange (DCE)…

Tuesday July 1, 2025
  • Global Market

Inflation in the eurozone accelerated to 2% in June

Inflation in the eurozone rose by 2% in June 2025 compared to the same month…

Tuesday July 1, 2025
  • Global Market

The world is stepping up measures against dumped imports of steel products

Global players in the steel market are stepping up measures against dumped imports of metal…

Tuesday July 1, 2025