GDP in Ukraine
Ukraine - GDP
GDP growth records best result in over 11 years in Q4 2021 prior to the Russian invasion
A second national accounts release confirmed that GDP growth improved to 6.6% year on year in the fourth quarter, from 2.9% in the third quarter. Q4's reading came in higher than the preliminary estimate of a 5.9% expansion and marked the best reading since Q3 2011.
The improvement was marked by a continued growth in domestic demand. Private consumption grew 1.9% year on year (Q3: +8.8% yoy), slowing from the previous quarter, while government consumption increased 1.2% in Q4 (Q3: +2.3% yoy). Meanwhile, fixed investment growth slowed slightly to 15.5% in Q4, from the 16.3% growth recorded in the previous quarter.
On the external front, exports of goods and services declined at a more pronounced rate of 9.7% in Q4 (Q3: -8.6% yoy). Conversely, imports of goods and services growth picked up to 18.7% in Q4 (Q3: +13.9% yoy). As such, the external sector subtracted 16.4 percentage points from the overall result, deteriorating from the 11.9 percentage point deduction logged in the previous quarter.
On a seasonally-adjusted quarter-on-quarter basis, economic growth gathered momentum, picking up to 1.9% in Q4 from the previous period's 1.8% expansion and marking the best result since Q3 2020.
However, the data reflected a time period prior to the invasion of Ukraine by Russia on 24 February, which will undoubtedly have had a crippling effect on the economy and darkened prospects for the future.
FocusEconomics Consensus panelists project GDP to contract 8.3% in 2022, which is down 11.7 percentage points from last month’s forecast. In 2023, they expect it to expand 3.5% in 2023.
Ukraine - GDP Data
|Economic Growth (GDP, annual variation in %)||-9.8||2.4||2.5||3.4||3.2|
5 years of economic forecasts for more than 30 economic indicators.
Ukraine GDP Chart
Source: State Statistics Committee of Ukraine (Ukrstat).
|Bond Yield||19.00||0.0 %||Jul 27|
|Exchange Rate||23.70||0.30 %||Jan 01|
Get a sample report showing our regional, country and commodities data and analysis.
Request a Trial
Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.
June 2, 2022
At a surprise meeting on 2 June, the National Bank of Ukraine (NBU) raised its key policy rate by 1,500 basis points to 25.00% from 10.00%.
May 11, 2022
Consumer prices increased 3.1% over the previous month in April, slowing down from the 4.5% increase recorded in March.
April 13, 2022
Consumer prices rose 4.50% in March over the previous month, accelerating from February's 1.59% increase.
April 6, 2022
The Russian invasion of Ukraine is now well into its sixth week and the military landscape has evolved significantly.
March 11, 2022
A second national accounts release confirmed that GDP growth improved to 6.6% year on year in the fourth quarter, from 2.9% in the third quarter.