Economy Ministry estimates decline in Ukraine's GDP at 41% in Nov, at 33.2% over 2022

15:31, 09.12.2022 1 min read

Russian attacks on energy infrastructure increased the rate of decline in the Ukrainian economy in November 2022, year-over-year, up to approximately 41%, First Deputy Economy Minister Denys Kudin has said.

"Our expectations for November are 41% less. This is significantly deeper than what we predicted before," he said during a discussion at the Center for Economic Strategy (CES) on the evening of December 8.

A month earlier, First Deputy Prime Minister, Economy Minister Yulia Svyrydenko, at a meeting with representatives of the U.S. media, said Russian energy terror in October increased the fall in GDP to 39% by October 2021, which is worse than the figures that were in September-August, namely at 35%.

Kudin also said in general for this year the forecast for a fall in GDP has been worsened to 33.2% from 32%.

"Our forecast is 33.2% less. We worsened it somewhat due to attacks on the energy system after November 23 and December 5," he said.