IED Project
Monthly Economic Monitoring of UkraineMEMU is one of IER’s flagship analytical publications. Since 2000, it has provided a comprehensive overview of the Ukrainian economy, including IER’s own assessment of GDP dynamics
Ukraine’s real GDP declined by 0.6% in Q1 2026 – IER Estimate
- According to Ukrstat, the extractive industry in February grew by 9.0% yoy due to a low statistical base, while manufacturing output declined by 1.2% yoy.
- According to the IER estimate, real GDP declined by 0.6% yoy in Q1 2026.
- In March, electricity imports decreased by 25% mom to 942 thous. MWh. Exports totalled 30 thous. MWh.
- As of 12 April, Ukraine’s underground gas storage facilities held 5.26 bn m³ of natural gas (available gas excluding technical gas), which means growth by 10% mom.
- In March 2026, rail shipments of grain totalled 3.05 m t (+11.4% mom; +36.9% yoy).
- Exports remained stable, while imports continued to increase.
- State Budget expenditures were under-executed, likely due to late procedures for approving the required budget documents, as well as efforts to save funds.
- International assistance remains low partially due to delays in the implementation of conditionalities by Ukraine.
- In March, inflation accelerated again to 7.9% yoy.
- The NBU kept the key policy rate at 15% per annum amid high uncertainty.
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