Ukraine's GDP falls 39 pct year on year in October
Nov 11, 2022
Kiev [Ukraine], November 11: Ukraine's gross domestic product (GDP) declined 39 percent year on year in October, after falling 35 percent in the previous month, the Interfax-Ukraine news agency reported Thursday, citing a senior official.
YuliaSvyrydenko, the first deputy prime minister and economy minister, told reporters that Russia's attacks on Ukraine's critical infrastructure were behind the accelerated economic slowdown last month.
The Ukrainian government estimated that in January-September 2022 Ukraine's GDP dropped 30 percent, Svyrydenko said.
If the attacks, which caused massive power outages across Ukraine, continue, the country's economy may see a bigger decline by the end of the year, she added.
Earlier in the day, the State Statistics Service said that inflation in Ukraine skyrocketed to 26.6 percent last month on an annual basis.
On a monthly basis, consumer prices grew 2.5 percent in October.
According to the National Bank of Ukraine, inflation is expected to reach 30 percent at the end of 2022 compared with 10 percent in the previous year.
Ukraine's economy is projected to drop 31.5 percent this year, according to the bank's forecast.
Source: Xinhua
