{"id":34779,"date":"2025-06-20T13:17:10","date_gmt":"2025-06-20T10:17:10","guid":{"rendered":"https:\/\/ces.org.ua\/?p=34779"},"modified":"2026-04-20T16:35:32","modified_gmt":"2026-04-20T13:35:32","slug":"economic_review_june_2025","status":"publish","type":"post","link":"https:\/\/ces.org.ua\/en\/economic_review_june_2025\/","title":{"rendered":"Economic review in June 2025. How has Russia\u2019s invasion changed German-Ukrainian economic relations?"},"content":{"rendered":"<p style=\"text-align: left;\">Since March 2022, the Centre for Economic Strategy (CES), together with the German Economic Team (GET), has been preparing monthly reviews of Ukraine\u2019s economy during a full-scale war. \u00a0All notes can be found under the\u00a0<a href=\"https:\/\/ces.org.ua\/en\/category\/research-list-en\/economy-during-the-war-en\/\">link<\/a>.<\/p>\n<p style=\"text-align: left;\">Key changes in the Ukrainian economy in June:<\/p>\n<ul style=\"text-align: left;\">\n<li><b>Monetary, FX, and banking sectors: <\/b>Inflation hits 15.9%, key policy rate steady at 15.5%. Despite a May decline, Ukraine\u2019s reserves remain sufficient, supported by a weaker dollar and a stronger euro.<\/li>\n<li><b>Fiscal sector: <\/b>Every fourth Hryvnia of tax revenues in May was CPT: the state budget received \u20b4173 bn of taxes, adding 19% y-o-y. State budget expenditures decreased in April despite the increase in debt service.<\/li>\n<li><b>Sectoral analysis: <\/b>Ukraine triples net electricity imports in May and the energy gap was filled thanks to steady power imports. Production of all major iron &amp; steel products fell in May with both external and internal factors led to a decline in production and exports. Autonomous Trade Measures (ATMs) in Ukraine\u2013EU trade expired on June 6. Now Ukraine is back to regular free trade regime with quotas for 40 agrarian categories. IT Exports grows for three consecutive months: $569 m of IT exports in April correspond to 4% growth, both m-o-m and y-o-y. Machinery accounts for 43% of trade between Ukraine and Germany.<\/li>\n<\/ul>\n<p style=\"text-align: left;\"><b>See our report below for further details.<\/b><\/p>\n<p style=\"text-align: left;\">Invited speakers:<\/p>\n<ul style=\"text-align: left;\">\n<li><b>Vitalii\u00a0Ivaschuk<\/b>, Economic Advisor at the\u00a0Embassy of Ukraine in Berlin.<\/li>\n<li><strong>Stefan K\u00e4gebein<\/strong>, Director, Eastern and Southeastern Europe, Southern Caucasus, German Chamber of Commerce and Industry (DIHK).<\/li>\n<li><b><span data-contrast=\"auto\">Robert Kirchner<\/span><\/b><span data-contrast=\"auto\">,<\/span> <span data-contrast=\"auto\">D<\/span><span data-contrast=\"auto\">eputy <\/span><span data-contrast=\"auto\">T<\/span><span data-contrast=\"auto\">eam <\/span><span data-contrast=\"auto\">L<\/span><span data-contrast=\"auto\">eader of the German Economic Team<\/span><span data-contrast=\"auto\">.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:240,&quot;335559740&quot;:257}\">\u00a0<\/span><\/li>\n<li><strong>Reiner Perau<\/strong>, CEO at the German Ukrainian Chamber of Commerce.<\/li>\n<\/ul>\n<p style=\"text-align: left;\"><span data-contrast=\"auto\">Moderator<\/span><span data-contrast=\"auto\">:<\/span> <b><span data-contrast=\"auto\">Hlib Vyshlinsky<\/span><\/b><span data-contrast=\"auto\">, <\/span><span data-contrast=\"auto\">Executive Director of CES<\/span><span data-contrast=\"auto\">.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:240,&quot;335559739&quot;:240,&quot;335559740&quot;:257}\">\u00a0<\/span><\/p>\n<p style=\"text-align: left;\"><span data-contrast=\"auto\">Media partner \u2014 Ekonomichna Pravda.<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:200}\">\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Since March 2022, the Centre for Economic Strategy (CES), together with the German Economic Team (GET), has been preparing monthly reviews of Ukraine\u2019s economy during a full-scale war. \u00a0All notes can be found under the\u00a0link. Key changes in the Ukrainian economy in June: Monetary, FX, and banking sectors: Inflation hits 15.9%, key policy rate steady [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":34538,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[197,492,143],"tags":[599,610,696],"experts":[513,462,527,505,642,478],"news_type":[140],"class_list":["post-34779","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research-list-en","category-economy-during-the-war-en","category-home-news-en","tag-international-support-en","tag-war-economy-en","tag-monthly-economic-reviews","experts-volodymyr-landa","experts-maksym-samoiliuk-en","experts-yeleazar-levchenko","experts-oleksandra-myronenko","experts-bohdan-slutskyi","experts-mariia-tomilina","news_type-researches"],"acf":[],"_links":{"self":[{"href":"https:\/\/ces.org.ua\/en\/wp-json\/wp\/v2\/posts\/34779","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ces.org.ua\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ces.org.ua\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ces.org.ua\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/ces.org.ua\/en\/wp-json\/wp\/v2\/comments?post=34779"}],"version-history":[{"count":2,"href":"https:\/\/ces.org.ua\/en\/wp-json\/wp\/v2\/posts\/34779\/revisions"}],"predecessor-version":[{"id":34781,"href":"https:\/\/ces.org.ua\/en\/wp-json\/wp\/v2\/posts\/34779\/revisions\/34781"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ces.org.ua\/en\/wp-json\/wp\/v2\/media\/34538"}],"wp:attachment":[{"href":"https:\/\/ces.org.ua\/en\/wp-json\/wp\/v2\/media?parent=34779"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ces.org.ua\/en\/wp-json\/wp\/v2\/categories?post=34779"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ces.org.ua\/en\/wp-json\/wp\/v2\/tags?post=34779"},{"taxonomy":"experts","embeddable":true,"href":"https:\/\/ces.org.ua\/en\/wp-json\/wp\/v2\/experts?post=34779"},{"taxonomy":"news_type","embeddable":true,"href":"https:\/\/ces.org.ua\/en\/wp-json\/wp\/v2\/news_type?post=34779"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}