Ukraine’s 2023 GDP growth pegged at 1 percent

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Gross Domestic Product (GDP)
Gross Domestic Product (GDP)

The European Bank for Reconstruction and Development (EBRD) has maintained its forecast for Ukraine’s GDP growth this year unchanged at 1 percent, the Interfax-Ukraine news agency reported Wednesday, citing the bank’s latest report.

The forecast reflects the “deeply negative” GDP growth on year-on-year terms in the first two months of the year relative to January-February 2022, the bank said in its Regional Economic Prospects report.

In 2024, the country’s GDP is expected to increase to 3 percent, it said.

Conflict-related uncertainties, a reduction in domestic demand after about 8 million people fled abroad, damage to grain infrastructure and the collapse of the Black Sea Grain Initiative are among the main challenges affecting Ukraine’s economic growth, according to the bank.

Ukraine’s economy increased by 19.5 percent year-on-year in the second quarter of 2023 after a decline of 10.5 percent in the first quarter.

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