New EBRD forecast sees Ukraine’s recovery gaining traction

The European Bank for Reconstruction and Development (EBRD) forecasts Ukraine’s gross domestic product (GDP) to increase by 3.5% year-on-year in both 2021 and 2022.

According to the latest Regional Economic Prospects (REP) report, published today, growth in 2021 will be fuelled by a rich grain harvest and the continued normalisation of business activities. At the same time, slow progress on reform and rollout of the Covid-19 vaccination remain major risks to the forecast.

Due to the prolonged lockdown in early 2021, Ukraine’s economy declined by 2.2% year-on-year in the first quarter, before embarking on a recovery of 5.7% in the second quarter. The EBRD report says that driven by double-digit growth in household consumption and investment, the recovery was underpinned by strongly rising prices for major export products such as cereals and iron.

Find out more

Press release