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