Ukraine's economy contracted by 30% in the first three quarters of 2022

Ukraine's economy shrank by an estimated 30% in the first three quarters of 2022 compared to the same period in 2021, largely due to Russia's invasion, the economy ministry said on Saturday.

Poor weather in September, which slowed the pace of harvesting, played a role, as well as disruptions in supplies from the Zaporizhzhia nuclear power plant, the ministry said in a statement. Ukraine and Russia accuse each other of bombing the plant. Exports in September rose 23% from August to their highest level since the start of the war in February, helped by an international agreement allowing grain shipments through Black Sea ports. "The situation on the frontline improved in September, but the enemy continued shelling Ukrainian territory, which put pressure on business sentiment and logistics," the ministry said. "Further destruction of production facilities, infrastructure and housing" as well as uncertainty over how long the war will last are hampering development and delaying recovery, it said. In July, Ukraine's central bank said the economy could shrink by a third in 2022 and is expected to grow between 5% and 6% in 2023 and 2024. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!