Ukraine's GDP decline slows to 10.5% in Q1 - State Statistics Committee

MOSCOW. June 9 (Interfax) - Ukraine's real GDP decline slowed to 10.5% according to preliminary data in Q1 2023 from 31.4% in Q4 2022, Ukrainian media quoted the State Statistics Committee as saying.

Real GDP fell 30.6% year-on-year in Q3, 36.9% in Q2 and 14.9% in Q1 2022.

Seasonally adjusted GDP grew 2.4% in Q1 2023 compared with Q4 2022.

The economy shrank 29.1% in 2022 as a whole, the State Statistics Committee has said.

The International Monetary Fund at the end of May upgraded its real GDP growth outlook for Ukraine in 2023 to a range of 1% to 3% percent, from the previous range of -3% to +1% at the end of March.

The National Bank at the end of April improved its growth outlook to 2.3%, from the 0.3% it was forecasting in January. It estimated the economy had fallen 13.5% in Q1 2023. Finance Minister Sergei Marchenko said in the middle of May that the 2023 GDP growth forecast had been increased to 3.2%, while previously the government estimated it at 1%.