Is Ukraine’s economy booming despite the Russian invasion?

By ·May 17, 2024


Ukraine’s gross domestic product, the total value of all goods and services produced in a given period of time, has declined more than 10% since it was invaded by Russia in February 2022.

The country’s GDP decreased from its pre-war peak of $199.8 billion in 2021 to $177.2 billion in 2023 — an 11.3% drop. During the same period, the European Union’s nominal GDP grew by 5.9%.

The Russian invasion disrupted several key industries and diverted workers from jobs to the army. There was also a 19% reduction in the Ukrainian population between 2021 and 2023, from 41 million to 33.2 million.

Falling GDP has corresponded with a deterioration of living standards, with 64% of Ukrainians in 2023 reporting their standard of living was getting worse, according to a Gallup poll. In the same poll, around 50% of Ukrainians expressed difficulty affording shelter or food.

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International Monetary Fund GDP, current prices
International Monetary Fund Ukraine

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