The gross domestic product of Ukraine in the first quarter of 2022 fell by 16% compared to the same period last year, the country’s Ministry of Economy estimates.
“Our forecast for GDP decline in the first quarter is 16%, and the annual decline could reach 40%,” First Deputy Minister Denis Kudin is quoted in a press release from the department.
He noted that those industries where remote work is impossible, in particular, aviation, maritime transportation, and the service sector, where businesses work directly with consumers, have suffered the most.
At the same time, Kudin pointed out that over the past 10 days, the economy as a whole has begun to recover, business in safe regions is returning to work, and farmers have begun sowing.
The ministry noted that in the process of economic recovery, special attention will be paid to supporting industries that directly provide for the livelihoods of citizens and strengthen the defense capability of the state. “We are talking about agriculture, food production, retail, utilities and energy services, industries working on mobilization orders,” the press release says.
According to the Ministry of Economy, Ukraine in March of this year exported 5.97 million tons of goods worth $2.7 billion, which is more than half the quantity and value indicators for February. Imports fell three times – to 1.6 million tons for $1.8 billion.
Ores, corn, ferroalloys and oil remained the main export items. The export of metals (including flat-rolled products – decreased by almost 10 times, to 47,000 tons) and agricultural products was especially affected, the ministry noted.
“For some metallurgy positions, exports were not made at all. This is primarily due to the physical destruction of metallurgical facilities and the stoppage of production,” the ministry commented.
In March, Ukraine exported 1.1 million tons of corn, 309 thousand tons of wheat, 118 thousand tons of sunflower oil, 40 thousand tons of soybeans. This is four times less than in February.
Currently, the most important imports are gas, oil, oil products and coal.
