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Ukraine's economy shrank by 30% in first three quarters of 2022

Published 10/08/2022, 03:36 PM
Updated 10/08/2022, 03:41 PM
© Reuters. FILE PHOTO: A view shows a grain terminal in the sea port in Odesa after restarting grain export, as Russia's attack on Ukraine continues, Ukraine August 19, 2022. REUTERS/Valentyn Ogirenko

(Reuters) - Ukraine's economy shrank by an estimated 30% in the first three quarters of 2022 compared with the same period in 2021, largely due to Russia's invasion, the economy ministry said on Saturday.

Bad weather in September that slowed the pace of harvesting also played a role, as did interruptions in supply from the Zaporizhzhia nuclear power plant, the ministry said in a statement. Ukraine and Russia accuse each other of shelling the facility.

Exports in September jumped by 23% from August to their highest level since the war started in February, helped by an internationally brokered deal allowing the shipment of grain from Black Sea ports.

"The situation at the front improved in September, but the enemy continued shelling Ukrainian territory, which put pressure on business sentiment and logistics," the ministry said.

© Reuters. FILE PHOTO: A view shows a grain terminal in the sea port in Odesa after restarting grain export, as Russia's attack on Ukraine continues, Ukraine August 19, 2022. REUTERS/Valentyn Ogirenko

"Further destruction of production facilities, infrastructure and residential buildings," as well as uncertainty over how long the war would last, were hindering development and postponing the recovery, it said.

In July, Ukraine's central bank said the economy could shrink by a third in 2022 and was expected to grow between 5% and 6% in 2023 and 2024.

Latest comments

So, what did the corrupt bastards do with the billions and billions of dollars our unelected President Biden sent them?
Get back in your cave, Q-nut.
They don’t need in economy anymore. All expenses paid by US.
And Europe we suport them
 You support them with kind words. It is important.
Time for Europe to step up and pay for more.
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