Ukraine's real gross domestic product (GDP) in 2023 grew by 5.3% compared to the previous year, when it fell by 28.8%, the State Statistics Service reported on Thursday.

According to the data, nominal GDP over the past year amounted to UAH 6.538 trillion, the change in the deflator was 18.5%.

The State Statistics Service clarified that in the first quarter of 2023, the decrease in real GDP compared to the same period last year amounted to 10.3% of GDP, after which it grew by 19.2% in the second quarter, 9.6% in the third and 4.7% in the fourth.

Earlier, in December last year, the statistical agency estimated the decline in the first quarter at 10.5%, followed by growth in the second by 19.5% and in the third by 9.3%.

Nominal GDP in the fourth quarter amounted to UAH 1.933 trillion, compared to UAH 1.778 trillion in the third, UAH 1.464 trillion in the second and UAH 1.363 trillion in the first, the data also say.

As reported, the National Bank of Ukraine in January estimated the country's GDP growth in 2023 at 5.7%, and its nominal value at UAH 6.51 trillion. The NBU maintained its forecast for GDP growth in 2024 by 3.6% (nominal - UAH 7.58 trillion), slightly worsening it for 2025 - from 6% to 5.8%. At the same time, for the first quarter of this year, the NBU improved its GDP growth forecast to 7.1% from 5.4%, expecting it to slow down to 4.8% in the second quarter.

When approving the draft state budget for the second reading in early November 2023, the government improved the estimate of GDP growth last year from 2.8% to 5%, but worsened it for 2024 from 5% to 4.6%. According to the Ministry of Economy, GDP growth in January-February this year amounted to 3.6%.

The IMF, in its updated EFF program with Ukraine, estimated real GDP growth in 2023 at 5%, and nominal GDP at UAH 6.5 trillion. It predicts a slowdown to 3-4% this year, and an increase in nominal GDP to UAH 7.75 trillion.