9 Dec 2022 17:00

Ukraine's GDP fell 41% in Nov, 33.2% drop expected for year - ministry

MOSCOW. Dec 9 (Interfax) - Ukraine's economy shrank 41% year-on-year in November, First Deputy Economy Minister Denis Kudin said.

"Our expectations for November are minus 41%. This is much deeper than what we have forecast," the Ukrainian media quoted Kudin as saying at the Center for Economic Strategy.

Kudin said that the general outlook for the fall of Ukraine's GDP this year had been revised from 32% to 33.2%.

While the third quarter of the year was better than expected for Ukraine, the Economy Ministry said that it might change the GDP decline forecast from 33.2% to 30% in 2022. However, this was revised to only 32% in late October when the draft budget was prepared for the second reading.

In addition, the GDP growth outlook for 2022 was adjusted from 4.6% to 3.2%.

The National Bank of Ukraine in the middle of October improved its outlook for GDP decline from 33.4% to 31.5%, worsening the growth outlook for 2023 from 5.5% to 4%.