Ukraineʼs GDP fell by more than 15% in the first quarter

Anhelina Sheremet

Ukraineʼs real gross domestic product in the first quarter of 2022 decreased by 15.1% compared to the same quarter in 2021.

This is stated in the report from the State Statistics Service as of June 9.

Compared to the previous quarter, GDP fell by 19.3% — taking into account the seasonal factor.

Earlier, the World Bank warned that Ukraineʼs GDP could shrink by a staggering 45.1% this year. The reason is Russiaʼs invasion, which caused closing of businesses, reducing of export, and made economic activity in large parts of the country impossible. The World Bank also forecasts a 11.2% drop in Russiaʼs GDP in 2022 due to financial sanctions imposed by the United States and its Western allies against Russian banks, state-owned enterprises and other institutions.