Ukraine’s GDP grew by 3.2% in 2021, – Economy Ministry

In 2021, the growth of Ukraine’s real gross domestic product (GDP) amounted to 3.2%, First Deputy Prime Minister, Minister of Economy Yulia Svyrydenko informed, as Ministry’s press office reported.

Ukraine’s GDP in U.S. dollars in 2021 reached a historic high and amounted to almost $200 billion.

Analysts expect Ukraine’s economy to slow down to 3.6% in 2022 from the 3.7% projected earlier. The Ministry explained a downward revision of the forecast by slower growth in investments. The Ukrainian economy is expected to grow 3.4% and 4% in 2023 and 2024 respectively.

As reported earlier, Ukraine’s GDP contracted by 4% in 2020 following by a growth in the four previous years: 3.2% in 2019, 3.4% in 2018, 2.5% in 2017, and 2.4% in 2016.

Ukrainian inflation, currently at a four-year high of 10.3%, will slow this year but likely remain above the central bank’s 5% target due to high food and gas prices. Analysts from Ukrainian banks and brokerages see 2022 inflation at 6.7% compared to an estimated 10.2% in 2021.

By 2014, Ukraine received $ 5-6 billion in investments annually. And since 2014, this direct flow of investment has decreased by 2-3 times.

The final losses could be calculated after the physical admission to the currently occupied territories. It will be necessary to audit the condition of all the enterprises, housing, infrastructure, after which Ukraine would send an appropriate invoice to Russia for compensation of the losses.

Read also: Strategy of Russia-West relations for the next 20 years: Ukraine’s role, – Atlantic Council