{"id":39551,"date":"2026-01-16T15:36:04","date_gmt":"2026-01-16T12:36:04","guid":{"rendered":"https:\/\/ces.org.ua\/?p=39551"},"modified":"2026-04-20T16:34:18","modified_gmt":"2026-04-20T13:34:18","slug":"ukraines-economic-review-2025","status":"publish","type":"post","link":"https:\/\/ces.org.ua\/en\/ukraines-economic-review-2025\/","title":{"rendered":"Ukraine\u2019s Economic Review: 2025"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/sYcJq-SVLBE?si=wTTmQSFbqPSTr2nh\" width=\"760\" height=\"415\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\">\ufeff<\/span><\/iframe><\/p>\n<p>Since March 2022, the Centre for Economic Strategy (CES) has been preparing monthly reviews of Ukraine\u2019s economy during a full-scale war. The January special focuses on the major changes in Ukraine\u2019s economy over the course of 2025.<\/p>\n<p>All previous reviews 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>Executive summary:<\/p>\n<ul>\n<li><strong>Real GDP growth slowed to ~2% in 2025<\/strong> due to security risks, infrastructure and capacity losses, electricity shortages, and labour constraints; demand remained strong but was largely met by imports.<\/li>\n<li><b>Inflation ended 2025 at 8.0% y-o-y, <\/b>below all forecasts.<\/li>\n<li><strong>FX reserves hit a record $57.3 bn<\/strong>, covering nearly 6 months of imports.<\/li>\n<li><strong>The trade deficit deepened as imports rose to $84.8 bn (more than 2x exports)<\/strong>, driven by energy and defence needs.<\/li>\n<li><b>Refugee outflows slowed in 2025 to 0.3 million people, <\/b>but liberalised travel led to a notable exit of young men aged 18\u201322.<\/li>\n<li><strong>State budget revenues grew by 21% nominally in 2025 but remained insufficient<\/strong>; international financial support reached a record $52.4 bn which covered 95% of deficit.<\/li>\n<\/ul>\n<p><b><span data-scheme-color=\"@1E1E1E,,\" data-usefontface=\"true\" data-contrast=\"none\">See our attached presentation for further details.<\/span><\/b><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\ufeff Since March 2022, the Centre for Economic Strategy (CES) has been preparing monthly reviews of Ukraine\u2019s economy during a full-scale war. The January special focuses on the major changes in Ukraine\u2019s economy over the course of 2025. All previous reviews can be found under the\u00a0link. Executive summary: Real GDP growth slowed to ~2% in [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":39548,"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":[610,696],"experts":[662,462,527,505],"news_type":[140],"class_list":["post-39551","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-war-economy-en","tag-monthly-economic-reviews","experts-nataliia_kolesnichenko-en","experts-maksym-samoiliuk-en","experts-yeleazar-levchenko","experts-oleksandra-myronenko","news_type-researches"],"acf":[],"_links":{"self":[{"href":"https:\/\/ces.org.ua\/en\/wp-json\/wp\/v2\/posts\/39551","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=39551"}],"version-history":[{"count":7,"href":"https:\/\/ces.org.ua\/en\/wp-json\/wp\/v2\/posts\/39551\/revisions"}],"predecessor-version":[{"id":40302,"href":"https:\/\/ces.org.ua\/en\/wp-json\/wp\/v2\/posts\/39551\/revisions\/40302"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ces.org.ua\/en\/wp-json\/wp\/v2\/media\/39548"}],"wp:attachment":[{"href":"https:\/\/ces.org.ua\/en\/wp-json\/wp\/v2\/media?parent=39551"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ces.org.ua\/en\/wp-json\/wp\/v2\/categories?post=39551"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ces.org.ua\/en\/wp-json\/wp\/v2\/tags?post=39551"},{"taxonomy":"experts","embeddable":true,"href":"https:\/\/ces.org.ua\/en\/wp-json\/wp\/v2\/experts?post=39551"},{"taxonomy":"news_type","embeddable":true,"href":"https:\/\/ces.org.ua\/en\/wp-json\/wp\/v2\/news_type?post=39551"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}