Ukraine’s GDP shrank by 26% in February after falling by 32% in January, Economy Minister Yulia Svyridenko announced on Wednesday, Reuters and Agerpres reported.
Economic activity resumed in February thanks to a better situation in the energy sector and a smaller energy deficit, the Ukrainian official explained.
The “energy war” won by Ukraine adds optimism to the business environment, which has increased confidence in the future and intensified its activities, noted Yulia Svyridenko.
“In general, the economic front is holding up – the economy is working, adapting and recovering,” the Ukrainian official assured.
Ukraine’s power system has been severely damaged by Russian attacks in recent months, leaving millions without electricity, but after rapid repairs and the use of equipment provided by allies, Ukraine is now generating enough electricity to support businesses and consumers.
The Minister of Economy noted that the situation is improving in many sectors, including transport, retail trade and construction.
On Monday, Deputy Minister of Economy Oleksiy Sobolev said that the Ministry of Economy of Ukraine has worsened the forecasts for the country’s GDP growth in 2023 by up to 1%. Earlier, the agency predicted the growth of the Ukrainian economy by 3.2%. % in 2023, after the last year it was reduced by about a third.
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Source: Hot News
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