Ukraine's Economic Ministry estimates country's GDP grows 5% in 2023

MOSCOW. Jan 12 (Interfax) - Ukraine's Economic Ministry estimates that the country's GDP swung to growth of 5% in 2023 from a drop of 28.8% in 2022, Ukrainian media reported, citing Economic Minister Yulia Sviridenko's preliminary assessment that she said during an online conference to review the situation in Ukraine's economy last year.

Sviridenko said that, "This is the so-called recovery growth," adding that the National Bank of Ukraine estimates that the country's GDP grew 5.5% in 2023.

Sviridenko clarified that public administration and defense demonstrated the highest rates of recovery owing to priority funding, as did the construction sector because of restoration projects, agriculture owing to high harvests, as well as domestic trade and the processing industry.

The Economic Ministry had previously estimated growth of 5.5% year-on-year in Ukraine's GDP in January-November 2023.

The NBU in early November raised its forecast for growth in GDP to 4.9% in 2023 from the previous outlook of 2.9%.

Ukraine's government, when approving the draft federal budget for the second reading in early November, improved the estimate for growth in GDP to 5% in 2023 from the previous outlook of 2.8%, though downgraded the figure to 4.6% from 5%, respectively, for 2024.