Ukraine GDP Q2 2022


Ukraine: GDP contracts at record pace in Q2 amid Russian invasion

September 8, 2022

According to a preliminary estimate, economic growth nosedived in Q2, contracting 37.2% in annual terms (Q1: -15.2% yoy). The second quarter’s figure was chiefly due to Russia’s ongoing invasion and marked the worst result on record.

Although a full breakdown is not yet available, the consequences of the war on the agriculture, retail and industrial sectors likely led the downturn.

On a seasonally-adjusted quarter-on-quarter basis, output tumbled 19.1% in Q2, moderating slightly from the 19.3% contraction logged in the previous quarter due to a base effect.

FocusEconomics Consensus panelists project GDP to plummet 34.5% in 2022, which is up 0.2 percentage points from last month’s forecast. In 2023, our panelists expect a 8.2% rebound.

Author:, Junior Economist

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Ukraine GDP Chart

Ukraine GDP Q2  2022

Note: Year-on-year variation of GDP in %.
Source: State Statistics Service of Ukraine and FocusEconomics Consensus Forecast.

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