Ukraine

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The Ukrainian economy has been badly affected by Russia’s increased missile attacks on infrastructure, damage inflicted on the Black Sea ports and the global price effects of the Middle East conflict. The acceleration of inflation has forced the National Bank to tighten its monetary policy. In light of these developments, we have revised downwards our growth forecast for 2026 to 0.6% and for 2027 to 2%, both year on year. Uncertainty over external financing poses a significant risk for the country’s economy and defence efforts.
        FORECAST*
Main Economic Indicators202320242025202620272028
Population, 1000 persons367003700037000...
GDP, real change in %5.53.21.80.62.13.7
GDP per capita (EUR at PPP)110201138011900...
Gross industrial production, real change in %6.84.7-1.7...
Unemployment rate - LFS, in %, average20.014.012.011.09.07.0
Average gross monthly wages, EUR441494551...
Consumer prices, % p.a.12.96.512.710.08.06.0
Fiscal balance in % of GDP-20.1-17.6-18.6-18.0-15.0-14.0
Public debt in % of GDP83.391.1101.2...
Current account in % of GDP-5.8-8.3-13.5-16.8-19.5-20.3
FDI inflow, EUR m413636741438...
Gross external debt in % of GDP86.898.1106.0...


Basic data are continuously updated.

* Forecasts are changed beginning of January, April, July and November.
See Press Conferences.

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Monthly Report No. 7-8/2026

Vasily Astrov, Alexandra Bykova, Selena Duraković, Meryem Gökten, Richard Grieveson, Ioannis Gutzianas, Gabor Hunya, Branimir Jovanović, Biljana Jovanovikj, Niko Korpar, Dzmitry Kruk, Isilda Mara, Michał Możdżeń, Emilia Penkova-Pearson, Olga Pindyuk, Sandor Richter, Marko Sošić, Bernd Christoph Ströhm and Marina Tverdostup
wiiw Monthly Report No. 7-8, July-August 2026
52 pages including 5 Tables

Details

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Executive summary

Olga Pindyuk
in: The Crisis is Over, but its Scarring Effects are Hindering Recovery
wiiw Forecast Report No. Spring 2024, April 2024 , pp. I-VII
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