Ukraine Economy Devastated With 37% Slump in Second Quarter
- GDP slump in April-June follows 15% slump in first quarter
- War against Russia battered nation’s exports, shut down plants
Firefighters extinguish a fire after an apartment was hit by a missile strike in Kharkiv, Ukraine.
Photographer: Sergey Bobok/AFP/Getty Images
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Russia’s military invasion sent Ukraine’s economy reeling in the second quarter, with gross domestic product tumbling 37% on an annual basis as the nation’s infrastructure, exports and consumption collapsed.
After a 15% drop in GDP in the first quarter, the economy’s crash in the April-to-June period laid bare the destruction wrought by Russia’s invasion, which has left a fifth of the country occupied, key export sectors throttled and a government struggling to fund a military effort to defend the country.