NBU increases its GDP in 2023 outlook to 4.9%

By Ben Aris in Berlin October 26, 2023

The National Bank of Ukraine (NBU) upgraded its economic outlook for the country’s growth for the third time this year on October 26, increasing its growth forecast to 4.9% for the year 2023 as well as predicting inflation will fall to 5.8%, Interfax Ukraine reports. (chart)

The GDP growth projection for next year has also been improved from 3.5% to 3.6%. However, higher inflation is expected in 2024 of 9.5% as opposed to the previous estimate of 8.5%.

In late July the NBU also raised its GDP growth forecast for Ukraine in 2023 from 2% to 2.9%, compared to the initial projection of 0.3% made in January. Simultaneously, the forecast for GDP growth in 2024 was lowered from 4.3% to 3.5%.

At the same time the NBU said inflation this year will come in at 10.6%, significantly less than the previous expectation of 14.8%.


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