So far, the month has even improved slightly. The Ukrainian economy is gradually beginning to recover and slow down its decline. Thus, the decline in GDP in Ukraine in May this year (compared to the same month last year) slowed to 35-40%. This was stated by Deputy Governor of the National Bank of Ukraine Serhiy Nikolaychuk, Interfax-Ukraine reports. Nikolaychuk said.
At the same time, the Deputy Chairman of the National Bank noted that only indirect data can be relied on to estimate GDP.
Speaking about inflation, which reached 18% year on year in May, Mykolaychuk noted that it is largely determined by disruptions in supply chains and problems with logistics. He noted that inflation is highest in the southern regions of Ukraine, which are now partially occupied, while in the western regions it is lowest and, in fact, very close to inflation in neighboring countries.
The Deputy Chairman of the NBU estimated the inflation expectations of the population at about 20%. According to him, this was one of the arguments for raising the discount rate from 10% to 25% – to ensure positive real rates and reduce inflationary pressures.
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Earlier it was reported that Ukraine's real GDP decreased in the first quarter of 2022 compared to the previous quarter by 19.3%. And compared to the same period in 2021 – by 15.1%.
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