Ukraine's economy fell 30.4% in 2022, largest annual drop in 30 years

Ukraine suffered its sharpest economic decline in over 30 years in 2022 because of the war with Russia, but said foreign aid and the “unbreakable spirit” of its people helped prevent an even worse scenario.

Preliminary economy ministry data on Thursday showed a 30.4 per cent drop in gross domestic product last year and economic analysts said risks and uncertainty remain high, especially if Russia continues to attack critical infrastructure in Ukraine.

Economy Minister Yulia Svyrydenko described the decline in GDP as the biggest in any year since Ukraine won independence from the Soviet Union in 1991, but said the fall was