Economy Ministry worsens forecast for Ukraine's GDP growth in 2023, improves inflation forecast

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07.Mar .2023 10:27

Economy Ministry worsens forecast for Ukraine's GDP growth in 2023, improves inflation forecast

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The Ministry of Economy of Ukraine revised its macro forecast for 2023, worsening the forecast for GDP growth from 3.2% to 1%, primarily due to the assumption that hostilities will not end in the middle of the year, but will last "almost a whole year," said Deputy Minister Serhiy Sobolev.

"It seems that we have passed the peak of inflation - it is gradually starting to decline. We predict that it will decrease from 26.6% in 2022 to 24%," he said at a discussion organized by the Center for Economic Strategy (CES) on Monday.

Earlier, the Ministry of Economy predicted inflation for this year at 28%, and this forecast was included in the law on the state budget for 2023.

As reported, the National Bank in January worsened its forecast for GDP growth for 2023 from 4% to 0.3%, and inflation from 20.8% to 18.7%, Interfax-Ukraine reports.

inflation economy Economic Growth GDP Growth Rate