The economy of Ukraine expanded by 1.8% in 2025, reaching $209.7 billion in nominal GDP, according to data from the International Monetary Fund and national statistics.
Growth was largely driven by private consumption, which made the biggest contribution to overall economic activity. Household spending rose 7.5%, while government consumption also increased, supported by a flexible fiscal policy during wartime.
GDP per capita climbed to $6,382, up from $5,719 in 2024, reflecting a gradual recovery despite the ongoing conflict with Russia.
Investment also strengthened, with fixed capital formation rising 10.9%, particularly in defense and agriculture. However, exports remained a drag on growth due to weaker harvests, reduced industrial demand, and energy shortages, while imports surged to support defense needs and infrastructure repairs.
The National Bank of Ukraine expects the recovery to continue in 2026, with another 1.8% expansion forecast, supported by reconstruction efforts, increased investment, and closer European integration.
Still, the outlook remains highly uncertain, with the war's trajectory, reliance on external funding, and broader geopolitical instability posing significant risks to sustained growth.