For the first time in history: Ukraine’s GDP set a dollar record

The last record was recorded in 2013 – $183 billion.In 2020, Ukraine's GDP amounted to $154 billion / REUTERS illustrationIn 2020, Ukraine’s GDP amounted to $154 billion / REUTERS illustration

In 2021, for the first time in all the years of independence,  Ukraine’s dollar GDP reached $200 billion.

This was during a round table “Currency and Monetary Policy of the NBU. Results and Forecasts” said Deputy Minister of Economy Denis Kudin.

According to Kudin, Ukraine has demonstrated such growth in dollar GDP for the first time since 1991.

 “Individual indicators reached record levels last year. And, perhaps, the most important is the absolute indicator of Ukraine’s dollar GDP – $ 200 billion,” Kudin said.

He also added that this is not only the highest figure since 1991, but also a significant increase for the year. In 2020, Ukraine’s GDP amounted to $154 billion.

The last record was recorded in 2013 – $183 billion.Screenshot index.minfin.com.uaScreenshot index.minfin.com.uaScreenshot index.minfin.com.uaScreenshot index.minfin.com.ua

GDP of Ukraine:

GDP is a macroeconomic indicator that reflects the market value of all final goods and services (that is, intended for direct consumption, use or application) produced per year in all sectors of the economy on the territory of the state for consumption, export and accumulation, regardless of the nationality of the used production factors.

According to the State Statistics Service, the gross domestic product of Ukraine in the second quarter of 2021 increased by 5.7% year-on-year compared to the same period last year.

The gross domestic product of Ukraine (GDP) in the  third quarter of  2021, compared to the same period last year, increased by 2.7% in annual terms.

Predictions:

  • On October 21, 2021, the National Bank revised  its forecast for  real GDP growth in 2021, taking into account the longer and more significant impact of the pandemic and the consequences of a sharp increase in gas prices – from 3.8% to 3.1%, in 2022 – from 4% to 3.8%.
  • The International Monetary Fund has downgraded its estimate of Ukraine’s gross domestic product (GDP) growth in 2021 to 3.5%, compared to 4% in the previous forecast.
  • The Ministry of Economy predicted that Ukraine’s GDP would grow at the level of 4.1% by the end of the year.
  • The state budget for 2021 included the growth of Ukraine’s GDP at the level of 4.6%.
  • The real gross domestic product of Ukraine in the third quarter of 2021  increased  by 2.4% compared to the same period in 2020.
  • On December 7, 2021, the Ministry of Economy  worsened the forecast  for the growth of Ukraine’s gross domestic product in 2021 and 2022.
  • On January 20, 2022, the National Bank revised its real GDP growth forecast  for 2022 from 3.8% to 3.4%, noting that more rapid economic recovery will be limited by expensive energy resources and the influence of the information background around geopolitical tensions.
  • (C)UNIAN 2022

2 comments

  1. Very nice!
    But, things could be much better sans oligarch parasites and mafia land shit nuggets hindering the country’s economic development. But still, delightful.

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