Deputy Minister of Finance of Ukraine warned on September 11, 2022, that the reduction of economic activity in Ukraine is very large.
Source: Oleksandr Kava, Deputy Minister of Finance of Ukraine
Ukraine lost half of its steelmaking capacity due to Russia’s armed aggression.
“In Mariupol, we lost half of our state’s steel-smelting capacity. Azovstal steelworks and the Mariupol Metallurgical Plant collectively smelted half of all steel in Ukraine.”
The Minister also noted that the reduction in economic activity in Ukraine is very large. According to the National Bank of Ukraine, Ukraine’s economy will shrink by a third in 2022, but it will return to growth in 2023‒2024 if the Black Sea ports are unblocked.
It was previously reported that the gross domestic product (GDP) of Ukraine in the second quarter of 2022 decreased by 37.2% compared to the second quarter of 2021. At the same time, it is emphasized that compared to the previous quarter, the GDP decreased by 19.1%.
See also: The Russian Federation stole $600 million worth of steel from Ukraine
