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Ukraine GDP plummets from war

Ukraine GDP fell 15.1% Q1 yr/yr – official

A destroyed Russian tank begins to rust in woodland near Kyiv on 7 June 2022 in Kyiv, Ukraine. A sense of normality has increasingly returned to Kyiv as Russia's assault has focused on the eastern Donbas region. (Photo: Christopher Furlong / Getty Images)

June 9 (Reuters) - Ukraine's economy, beset by war against Russia, contracted by 15.1% year-on-year in the first quarter of this year, the State Statistics Service said in an initial assessment issued on Thursday.

That figure for gross domestic product (GDP) compared with year-on-year growth of 6.1% in the last quarter of 2021, the service said. The first quarter figure showed a plunge of 19.3% compared with the final quarter of 2021, taking account of seasonal factors.

The service’s data showed GDP rose 3.4% year-on-year throughout 2021 – compared with a decline of 3.8% the previous year.

The World Bank has forecast a fall of 45.1% for 2022, compared with 44% forecast by the Kyiv government. Russian troops invaded on Feb. 24, some eight weeks into the quarter.

 

(Reporting by Ronald Popeski; Editing by Alex Richardson)

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