Family dinner after the collapse of the Kakhovka dam
Photo: Evgeniy Maloletka / dpa
Ukraine's economic output slumped by 10.5 percent in the first quarter compared to the same period last year. However, according to Economy Minister Yulia Svyrydenko, the decline was smaller than expected. It had assumed a decline in gross domestic product (GDP) of 14 percent. The war began on February 24, 2022 and therefore did not have a full impact on the first quarter of the previous year.
Compared to the fourth quarter of 2022, Ukraine's GDP has even increased by 2.4 percent. Svyrydenko sees this as a reason for optimism: "Such data indicate that Ukraine's economy is adapting and recovering faster than previously expected." The minister cited delays in the export of grain and other agricultural goods as problems – as well as the consequences of the destruction of the Kakhovka dam for the future.
The water continues to drain from the reservoir, flooding large agricultural areas. The damage caused by the disaster has not yet been fully recorded.