KYIV, Jan 11 – Ukraine's economy expanded 5% in 2023 after contracting 28.8% in 2022, this preliminary assessment of the Ministry of Economy was announced by First Deputy Prime Minister - Minister of Economy Yulia Svyrydenko at a webinar of the Center for Economic Strategy on Thursday.

“This is the so-called recovery growth,” she said, adding that the National Bank estimates GDP growth last year at 5.5%.

Svyrydenko clarified that the highest rates of recovery were demonstrated by public administration and defense due to priority funding, construction taking into account restoration projects, agriculture due to good weather and high harvests, domestic trade and processing industry.