Ukraine's economy grows 5.3% amid second year of war

Ukraine's economy rebounded by 5.3% in 2023, bouncing back from a record slump caused by Russia's full-scale invasion, according to preliminary data from the State Statistics Service of Ukraine.

This marks the highest growth rate since 2011.

Here's a breakdown of how the Gross Domestic Product (GDP) changed throughout 2023:

→ Q1: -10.3%;
→ Q2: +19.2%;
→ Q3: +9.6%;
→ Q4: +4.7%.

In 2024, the International Monetary Fund's latest forecast suggests that the pace of economic recovery could slow down due to war uncertainties and supply constraints at the borders.

For the first two months of 2024, the growth rates are approximately 3.6%, as reported by the Ministry of Economy in mid-March.