Macroeconomic forecast for Ukraine 2025 – 2026

Ukraine’s economy is expected to continue growing in 2025–2026, driven mainly by private consumption and investment, although the ongoing full-scale war will continue to constrain growth. Real GDP is forecast to expand by 2.9% in 2025 and 3.2% in 2026, while inflation is expected to ease from 12.5% to 6.5%. At the same time, external imbalances, limited budget financing and high public debt will remain key challenges, while the outlook remains highly uncertain and dependent on further developments in the war. For details, see the document “Macroeconomic forecast for Ukraine 2025–2026”.