Ukrainian economy 29.1% smaller in 2022

But amid ongoing war launched by Russia in February 2022, loss in Ukraine's GDP was below expectations

By Bahattin Gonultas

BERLIN (AA) - Ukraine's economy shrank 29.1% in 2022 amid the ongoing war with Russia, which began last Feb. 24, which has seriously damaged the infrastructure and disrupted economic activities.

Ukrainian State Statistics Service figures released late Wednesday were lower than experts' forecasts of a drop of around 40-50% for 2022.

The country's gross domestic product (GDP) rose 3.4% to around $200 billion in 2021, according to World Bank data.

A joint report last September, prepared by the Ukrainian government, European Council and World Bank, showed that the country's recovery process will cost $349 billion, or more than 1.5 times the country's GDP.

Despite the Turkish-backed agreement on grain shipments via the Black Sea, which has helped Ukraine's agricultural sector, agricultural exports are still well below the level before the war began.

The Ukrainian government depends on tens of billions of dollars in foreign aid from Western countries to continue its services.

*Writing by Gokhan Ergocun from Istanbul

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