Summary
- Businesses faced problems with access to electricity due to the russian shelling of energy facilities. This restrained GDP growth.
- Transportation by railway and through the Ukrainian Sea Corridor is growing, contributing to the development of several sectors of the economy.
- The value of goods exports declined sharply in March on a year-on-year basis amid continued decline in grain and iron ore prices.
- In March, a record external financing of USD 9 bn was received. Half the funds came from the EU as bridge financing under the Facility for Ukraine.
- The Government approved the Ukraine Plan, which defines priority steps and measures, the implementation of which should become the basis for the EU budget support.
- State fiscal revenues continued to grow, partly due to the windfall taxation of banks' profits.
- Inflation slowed to 3.2% yoy in March. Inflation was last at this level in the COVID year of 2020 and before the start of the russian aggression in 2014.
- The NBU lowered the policy rate to 14.5% p.a. in response to the low inflation and the resumption of aid from donors to Ukraine. However, the NBU moved cautiously as the Ukrainian economy faces serious risks.
- The hryvnia weakened to UAH 39 per USD as the NBU paced its support.
