Ukraine's gross domestic product (GDP) in 2023 increased by 5% after falling by 28.8% in 2022, this preliminary assessment of the Ministry of Economy was announced by First Deputy Prime Minister - Minister of Economy Yulia Svyrydenko at a webinar of the Center for Economic Strategy on Thursday.

“This is the so-called recovery growth,” she said, adding that the National Bank estimates GDP growth last year at 5.5%.

Svyrydenko clarified that the highest rates of recovery were demonstrated by public administration and defense due to priority funding, construction taking into account restoration projects, agriculture due to good weather and high harvests, domestic trade and processing industry.

Previously, the Ministry of Economy estimated GDP growth for January-November 2023 compared to the corresponding period last year at 5.5%.

At the end of October, the NBU improved its forecast for Ukraine's GDP growth this year from 2.9% to 4.9%, and next year from 3.5% to 3.6%. However, in an interview with the Interfax-Ukraine agency, Deputy Governor of the National Bank Serhiy Nikolaychuk noted that it is highly likely that economic growth last year exceeded 5%.

When approving the draft state budget for the second reading in early November, the government improved its estimate of GDP growth this year from 2.8% to 5%, but worsened it for 2024 from 5% to 4.6%.