Ukraine premier: Damage to country projected at over $1 trillion

The total amount of damage inflicted on Ukraine as a result of full-scale hostilities by Russia is projected at more than $1 trillion, Report informs, citing Prime Minister Denys Shmyhal’s remarks for Interfax-Ukraine.

According to him, the amount of damage only to the destroyed infrastructure - bridges, roads, housing, buildings - is $120 billion. "With respect to the military infrastructure and other civilian spending, that's more than $270 billion," he said.

The prime minister specified that a special registry has been created for a detailed calculation.

"The second component is the calculation of the losses of the Ukrainian economy. This is a drop in GDP calculated for the months when we will continue hostilities. This is lost profits and investments that were not put in our enterprises. According to our calculations, this amount is more than $290 billion," Shmyhal said.

In addition, the losses received by the state as a result of a decline in GDP in the future.

“Before the war, we had plans for how our economy would grow. Now the enterprises that should bring income to the state have been destroyed. Therefore, after the war, of course, there will be a significant correction,” the head of the Ukrainian government said.

He estimated the drop in Ukraine's GDP in 2022 at the current moment at 35% or more.

According to the State Statistics Service, in 2021, Ukraine's GDP grew by 3.4% after a decline of 3.8% in 2020, its nominal volume amounted to about $200 billion.