Ukraine GDP Q1 2022


Ukraine: GDP nosedives in Q1 amid Russian invasion

June 9, 2022

A preliminary release revealed that GDP tumbled 15.1% year on year in the first quarter of 2022, sharply contrasting the previous quarter’s 6.1% rise. The result marked the worst figure since Q1 2015 and was the result of Russian’s invasion of the country on 24 February. Although a comprehensive release is not yet available, the reading will have likely been the outcome of the devastation of the agriculture, retail and industrial sectors.

On a seasonally-adjusted quarter-on-quarter basis, output nosedived 19.3% in Q1, swinging from the 1.9% expansion logged in the previous quarter, as underlying momentum was drastically set back.

FocusEconomics Consensus panelists project GDP to plummet 36.8% in 2022, which is down 0.3 percentage points from last month’s forecast. In 2023, our panelists expect a 12.5% rebound.

Author:, Junior Economist

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