A 30 per cent annual contraction in GDP is rarely good news, but for Ukraine it represents an important victory.
- Despite the departure of millions of refugees, domestic consumption – often of goods necessary for the war effort or survival – has been strong.
- Importantly, exports of IT products and services – a major foreign currency earner – have held steady, in many cases seeing an increase on 2021.
- A more recent report, published by the IT Ukraine Association, confirmed the IT sector’s impact on Ukraine’s economic stability. According to the report, Do IT Like Ukraine, nine out of 10 Ukrainian IT firms are currently operating at 80 per cent (or more) of pre-war capacity.
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