Current Account in Ukraine
Ukraine - Current AccountThe war has now surpassed the grim milestone of 100 days. In recent weeks, fighting has shifted towards the east and south of Ukraine, and Russia has made significant territorial gains in the Donbas region. Moreover, it has largely succeeded in cutting Ukraine off from the sea, after capturing Mariupol to the east, Kherson to the west and instituting a naval blockade in the Black Sea. This is causing severe disruptions to wheat supplies worldwide. Ukraine was the world’s fifth biggest exporter prior to the conflict, which led exports to collapse year on year in both March and April. To make matters worse, bilateral peace talks in Turkey have largely stalled and no agreement is yet in sight. Nonetheless, international aid for the war effort has remained robust: The U.S. signed a new aid package worth about EUR 37 billion, while the EU pledged a further EUR 500 million in military aid.
Ukraine - Current Account Data
|Current Account (% of GDP)||1.8||-1.5||-2.2||-3.3||-0.9|
5 years of economic forecasts for more than 30 economic indicators.
Ukraine Current Account Chart
Source: National Bank of Ukraine and FocusEconomics calculations.
|Bond Yield||19.00||0.0 %||Jul 27|
|Exchange Rate||23.70||0.30 %||Jan 01|
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September 8, 2022
According to a preliminary estimate, economic growth nosedived in Q2, contracting 37.2% in annual terms (Q1: -15.2% yoy).
September 7, 2022
At its meeting on 8 September, the National Bank of Ukraine (NBU) unanimously voted to maintain its policy rate at 25.00%, after the largest rate hike in 24 years at its June meeting. The board members’ decision to leave the main rate unchanged was chiefly due to a lower-than-expected inflation figure in July.
August 11, 2022
Consumer prices rose 0.70% in July over the previous month, slowing down from the 3.11% increase logged in June.
July 21, 2022
At its meeting on 21 July, the National Bank of Ukraine (NBU) decided to maintain its policy rate at 25.00%—the highest since March 2016—after the largest rate hike in 24 years at its June meeting. The decision not to hike further was mainly driven by the Bank’s assessment that the 1,500 basis-point hike taken at its previous meeting was enough to improve the attractiveness of the hryvnia, guarantee healthy levels of international reserves and macroeconomic stability.
July 11, 2022
Consumer prices rose 3.11% in June over the previous month, accelerating from May's 2.68% rise.