NBU improves its forecast for GDP growth in 2023 to 4.9% with inflation decreasing to 5.8%

14:18, 26.10.2023 1 min read

For the third time this year, the National Bank of Ukraine (NBU) has significantly improved its macroeconomic forecast for the current year 2023: it now expects economic growth of 4.9% with inflation falling to 5.8%.

According to a report on the central bank's website on Thursday, next year's GDP growth estimate was improved slightly – from 3.5% to 3.6%, while with regard to inflation, the NBU now expects a reversal of the trend and its increase to 9.5% instead of the previous forecast of 8.5%.

As reported, at the end of July the National Bank again raised the forecast for Ukraine's GDP growth in 2023 from 2% to 2.9% (in January it estimated it at 0.3%), but lowered the forecast for 2024 from 4.3% to 3.5%.

The central bank also again improved its inflation estimate for 2023 from 14.8% to 10.6% (in January it expected it to be 18.7%), and for 2024 – from 9.6% to 8.5%.