The NBU has summarized the war’s consequences for the Ukrainian economy.

The full-scale invasion by the Russian Federation has caused a 30% loss of Ukraine’s GDP. Also, the forced exodus of Ukrainians in 2022 caused an increase in inflation, said the head of the National Bank, Andriy Pyshnyi.

“Ukraine’s critical dependence on international financial aid remains, and the importance of this source should not be underestimated. It is fundamentally important for us. After all, due to a full-scale invasion the country lost a third of its GDP, 20% of its territory, and the migration flow became the largest since the Second World War. This is a huge global catastrophe from which Ukraine continues to suffer,” the head of the NBU said.

Pyshnyi explained that inflation in 2022 and high inflation at the beginning of 2023 resulted from Ukraine printing ₴400B to finance the war budget.

“In 2022, we received an unprecedented $32B in financial aid, but it was provided at the end of the year“, noted the head of NBU.

However, in 2023, the NBU did not print hryvnias to finance the budget deficit.