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Ukraine's economy grew 5.3% in 2023, statistics service says

Published 03/28/2024, 10:58 AM
Updated 03/28/2024, 11:01 AM
© Reuters. FILE PHOTO: A view shows a grain terminal in the sea port in Odesa after restarting grain exports, as Russia's attack on Ukraine continues, Ukraine August 19, 2022. REUTERS/Valentyn Ogirenko/File Photo

(Reuters) - Ukraine's economy grew by 5.3% in 2023 after contracting by almost a third in the first year of Russia's full-scale invasion, the statistics service said on Thursday.

The GDP figure was slightly higher than the figure of 5% given by Economy Minister Yulia Svyrydenko in January.

The statistics service has not been publishing full data during the war. Thursday was the first time they had given a figure for annual gross domestic product since the invasion.

It gave no details on the drivers of the growth in its one-line statement.

Ukrainian officials say GDP plunged 28.8% in 2022 and hope it will grow by 4.6% this year.

The economy is highly dependent on financial assistance from the West. Vital assistance from the United States has been stuck in Congress for months due to Republican opposition.

Finance Minister Serhiy Marchenko said in televised comments that he was optimistic that the U.S. aid package would be passed in April.

"There are all the grounds for this ... We are quite optimistic although there could be various unexpected things," he added.

Latest comments

Of COURSE Ukraine’s economy grew last year! We pumped Billions of US dollars into it! American tax payers are financing the salaries of Ukraine public employees, and backing their pensions. We ARE their economy!
would you prefer a multi trillion dollar war....
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