Ukraine’s national debt reached 92% of GDP.

As of the end of 2024, Ukraine’s national debt reached to approximately ₴7T. Forbes analysts calculated that the ratio of national debt to GDP has reached 92%. This is the total national debt, which, in addition to Ukraine’s direct debt, also includes debts guaranteed by the state.

It is noted that in the structure of national debt, the lion’s share (96%) falls on the state’s direct debt, the remaining 4% on debts guaranteed by the state. For comparison, in 2023 national debt amounted to ₴5.5T, or 84% of GDP.

The national debt’s increase occurred due to significant external and internal borrowings required to finance wartime spending. Another significant factor is the weakening of the hryvnia exchange rate against the world’s leading currencies, which increases the hryvnia scale of foreign currency debts.

Before the full-scale invasion in 2021, the size of the public debt was ₴2.67T, or 49% of GDP.