Ukraine's GDP declined by 29.2% in 2022. Inflation stood at 26.6% at end-2022. Poverty increased from 5.5% to 24.2% in 2022, pushing 7.1 million more people into poverty and retracting 15 years of progress. Despite a localization of active combat, Ukraine’s economic outlook remains highly uncertain and is dependent on the duration of the war. GDP is expected to grow by only 0.5% in 2023.