Ukraine's GDP falls by 10.5% in first quarter of 2023 - economy ministry
Adds details, quote
KYIV, June 9 (Reuters) -Ukraine's gross domestic product fell by 10.5% in the first quarter of the year compared with the same period a year ago, the economy ministry said on Friday.
The ministry said in a statement the fall was less than it had initially expected, indicating that the economy was adapting to events following Russia's invasion more quickly than expected.
The ministry said it had initially expected GDP to fall by 14.1% in the first quarter of 2023.
"The data indicate that the Ukrainian economy is adapting and recovering at a faster pace than was previously forecast," said Yulia Svyrydenko, who serves as first deputy prime minister and economy minister.
She said the government continued to focus on stabilising the situation in the energy sector and helping solve logistics problems for Ukrainian exports.
Ukraine's economy shrank by about one-third last year following the full-scale Russian invasion. This year a slight growth is expected by the government and analysts.
Reporting by Olena Harmash, Editing by Timothy Heritage
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
