The State Statistics Service estimates a drop in Ukraine’s GDP in the second quarter of 2022 at 37.2% y/y

In April-July 2022, the real Ukrainian GDP decreased by 37.2% compared to the same period last year. State Statistics Service’s data informs about it.

Compared to January-March 2022, the economy of Ukraine decreased by 19.1% in the second quarter of 2022. At the same time, in the first quarter of 2022, GDP fell by 15.1% year-on-year.

In August 2022, inflation in Ukraine increased to 1.1% m/m from 0.7% in July 2022. In comparison with August 2021, inflation in August 2022 reached to 23.8%. Core inflation in August 2022 increased to 2.1% m/m from 1.2% in July.

In 8 months of 2022, inflation in Ukraine reached 19.5% y/y.

As GMK Center reported earlier, the Ministry of Economy estimates a drop in the real GDP of Ukraine by 35% compared to August 2021. The Ministry indicates that the pace of economic decline is slowing down.

In 2022, the Ministry expects a slowdown in the rate of GDP decline to 33.2% on an annual basis.

As GMK Center reported, the National Bank of Ukraine (NBU) predicts a 37.5% decline in the country’s GDP in the second half of the year compared to the same period in 2021. In particular, the decline will be 37.5% in the third quarter, and 39.3% in the fourth.