bne IntelliNews – Ukraine’s Ministry of Finance revises GDP growth up to 3% for 2023

Ukraine’s Ministry of Finance has revised up its GDP growth forecast up to 3%, the ministry said on September 12. (chart)

According to 2023’s activity, Ukraine’s GDP will grow by more than 3%, Minister of Finance Serhii Marchenko said.

“The balance of payments has been adjusted thanks to external infusions. The NBU’s reserves and the hryvnia are strengthening, but exports are not growing, and imports are increasing, which is an alarming signal,” said Marchenko, UBN reports.

However, a global slowdown, particularly in Europe, could negatively affect Ukraine’s growth, the minister added, by depressing Ukraine’s support from its partners.

The governments of the most developed countries have already gone through a difficult inflationary period with minimal economic losses according to the minister.

The European Commission forecasts that EU economic growth will slow to 0.8% in 2023 and 1.4% in 2024 and in the eurozone to 0.8% and 1.3%, respectively. In the spring, the EC predicted the EU economy to grow by 1% in 2023 and 1.7% in 2024 and the eurozone by 1.1% and 1.6%, respectively.