The country’s income is estimated by the World Bank at $5,070 per capita. The World Bank generally divides the world’s economies into four income groups: low, lower than average, higher than average, and high. The classification is updated every year on July 1, considering the gross national income (GNI) per capita for the previous calendar year.
The increase in Ukraine’s rating resulted from a resumption of economic growth in 2023 (real GDP increased by 5.3% after a drop of 28.8% in 2022) and a population reduction of more than 15% since the beginning of the Russian invasion. These factors were further reinforced by the rise in prices for domestically produced goods and services, which caused a significant increase in nominal GNI per capita by 18.5%.
While the Russian invasion significantly weakened Ukraine’s economy, real growth in 2023 was driven by construction activity (24.6%), reflecting a significant increase in investment spending (52.9%) supporting Ukraine’s recovery efforts.