Ukraine’s National Bank downgrades GDP growth by 3.1% in 2021

Source : 112 Ukraine

In 2022, the growth is expected at the level of 3.8%
16:49, 21 October 2021

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The National Bank of Ukraine (NBU) downgraded the estimate of GDP growth in 2021 from 3.8 to 3.1%, in 2022 - to 3.8 from 4% as the NBU reported.

It is noted that the unfavorable situation in the energy market and the consequences of logistics problems in the world will limit the output of the Ukrainian industry and restrain the pace of economic recovery next year.

“Considering this fact, the National Bank revised its forecast for GDP growth in 2022 from 4 to 3.8%. In 2023, the economy will grow by 4%," the NBU said.

Related: IMF warns of pandemic risks to global economy

At the same time, economic growth will ensure the further recovery of the world economy and the expansion of domestic demand, including investment. The NBU also predicts that favorable terms of trade will continue for Ukrainian exporters, as well as vaccination of the population, which will avoid lockdowns.

At the same time, the National Bank improved the forecast of nominal GDP in 2021 to 5.19 trillion of hryvnias ($197,695,455,900.0) from 4.975 (189,505,759,750.00), in 2022 - to 5.75 trillion hryvnias ($219,026,757,500.00) from 5.485 ($208,932,480,850.0).

Related: Ukraine's e-commerce reform: Economy Ministry plans to identify online sellers

In 2020, the Ukrainian economy fell by 4%. In 2021, the Economy Ministry and the government expect the growth by 4.1%.

As we reported, the year-over-year growth of consumer prices in Ukraine in September 2021 accelerated to 11% from 10.2% in September.

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