In the ongoing conflict between Ukraine and Russia which has resulted in widespread devastation of life and property, Ukraine has suffered its sharpest economic decline in over 30 years in 2022, Al Jazeera reported, citing the official data.
The Gross domestic product (GDP) declined by 30.4 per cent last year, according to preliminary figures from the data released by the Economy Ministry on Thursday.
Economic specialists said dangers and uncertainty are still high, particularly if Russia continues to target the nation's vital infrastructure.
Quoting Yulia Svyrydenko, Ukraine's economy minister, Al Jazeera described the fall as less severe than anticipated, despite the fact that it was the largest in any year since Ukraine gained independence from the Soviet Union in 1991.
"The successes of Ukraine's defence forces on the front lines, the coordinated work of the government and businesses, the unbreakable spirit of the population and the speed of rebuilding damaged critical infrastructure units, and also systemic financial support from international donors have allowed us to keep up the economic front and continue our movement towards victory," Svyrydenko said.
The ongoing war between Russia and Ukraine has only escalated between the two countries over time and has received widespread, global condemnation.
On New Year's eve, massive explosions rocked the Ukrainian capital of Kyiv on Sunday following a barrage of at least 20 cruise missiles fired at targets across Ukraine, Al Jazeera reported on Sunday citing Kyiv's Mayor Vitali Klitschko.
The attacks on New Year came after a barrage of at least 20 cruise missiles fired at targets across Ukraine.
During the massive Russian strikes, at least one person was killed in Kyiv, and at least 28 were wounded across Ukraine, the Ukrainian media publication stated citing authorities. Russian missiles struck civilian areas in the centre, south, east, and west of Ukraine during the coordinated strikes.
Meanwhile, the Ukrainian military had claimed up to around 400 Russian soldiers were killed and a further 300 wounded, and then said the exact number was "being clarified."
However, the Russian Defense Ministry said 89 servicemen were killed in the strike in eastern Ukraine that occurred on New Year's Day.
Among them was the regiment's deputy commander, Lt Col Bachurin, the ministry said in a statement.
The apparent Ukrainian strike took place just after midnight on Sunday at a vocational school housing Russian conscripts in Makiivka in the Donetsk region, according to both Ukrainian and pro-Russian accounts, reported CNN.
Ukrainian President Volodymyr Zelenskyy alleged that Russia is planning a prolonged campaign of attacks with Iranian-made drones to exhaust Ukraine.