The Gross Domestic Product (GDP) in Ukraine was worth 190.74 billion US dollars in 2024, according to official data from the World Bank. The GDP value of Ukraine represents 0.18 percent of the world economy. This dataset provides the latest reported value for - Ukraine GDP - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

In 2023, the gross domestic product in the European Union grew by 0.8 percent, as economic stagnation and high inflation caused by the Russia-Ukraine war impacted European economies. The European Commission forecasts that the European economy will have grown by 0.9 percent in 2024, continuing the trend registered in the previous year. This represents slow economic growth after the post-pandemic resurgence, yet avoids the recession many commentators warned the EU might slip into. Growth is forecast to increase again in 2025, climbing to 1.5 percent—a figure considered low by historical EU standards, excluding periods of economic crisis.

The Gross Domestic Product per capita in Ukraine was last recorded at 2219.04 US dollars in 2024. The GDP per Capita in Ukraine is equivalent to 18 percent of the world's average. This dataset provides the latest reported value for - Ukraine GDP per capita - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Following a survey of 27 economists, the Central Bank of Russia forecast an average annual inflation rate of *** percent and a ***-percent growth in gross domestic product (GDP) in the country in 2025. For the following year, a lower inflation rate was projected. In 2027, the Central Bank forecast a GDP growth of *** percent and an annual key interest rate of ** percent.

In 2024, Poland's defense spending as a share of gross domestic product was **** percent, the highest of all NATO member states, followed by Estonia at **** percent, and then the United States at **** percent. It is a target of NATO that every member country should spend at least two percent of their GDP on defense. As of this year, it is estimated that all but eight of the alliance's 31 member states were meeting this target. The average expenditure on defense expenditure across all NATO member states was **** percent in 2024, compared with **** percent in the previous year. NATO, Trump, and the War in Ukraine Russia's full-scale invasion of Ukraine in February 2022 shook many European powers out of a creeping complacency that had set in since the end of the Cold War. It led directly to the applications of Sweden and Finland to the alliance in 2022, with the latter joining later that year. The conflict has however also underlined how Europe's security is still underpinned by American military power, with the United States the main contributor of military aid to Ukraine. Furthermore, in overall defense spending, the U.S. spends far more than the rest of NATO combined. The current Trump administration has frequently criticized NATO states that they see as taking advantage of this discrepancy, urging other members to reach and even exceed the two percent threshold. Article 5 triggered in the aftermath of 9/11 While NATO was founded with the aim of deterring the Soviet Union in the Cold War, its central defense clause "Article 5" whereby an attack on one member is considered an attack on all, has only been triggered once; after the 9/11 terrorist attacks on the United States. NATO's involvement in the subsequent War in Afghanistan was a direct result of this, with troops supporting the operation from across the alliance. Although NATO's focus drifted towards counter-insurgency, and the threat from terrorism in this period, its original purpose has become far more important recently.

The United States imported an average of 147,000 barrels of petroleum per day from Russia in 2022. The U.S. Congress passed a bill banning imports from oil, gas, coal, and other energy commodities from Russia in April 2022 as a reaction to Russia’s invasion of Ukraine. Other Western countries did the same as an effort to penalize and put economic pressure on Russia. According to a survey from March 2022, 49 percent of U.S. registered voters supported the government's sanctions on Russian oil exports.

Market and price uncertainty

Even though Russia was among the leading countries for petroleum imports into the U.S., market disruptions caused by the imposed sanctions have still severely impacted U.S. average gas prices. In June 2022, gasoline prices reached a new peak of more than five U.S. dollars per gallon. By comparison, diesel prices climbed to around 5.8 U.S. dollars. With the world still grappling with the economic repercussions brought on by the pandemic, the Russia-Ukraine war added another layer of uncertainty over market development. According to a June 2022 outlook, the average global GDP growth forecast change due to the Russia-Ukraine war was a 1.44 percent decrease to the projection made before the war. Only five countries out of the 42 included in the study were forecast to have a positive GDP growth.

The UK inflation rate was 3.4 percent in May 2025, down from 3.5 percent in the previous month, and the fastest rate of inflation since February 2024. Between September 2022 and March 2023, the UK experienced seven months of double-digit inflation, which peaked at 11.1 percent in October 2022. Due to this long period of high inflation, UK consumer prices have increased by over 20 percent in the last three years. As of the most recent month, prices were rising fastest in the communications sector, at 6.1 percent, but were falling in both the furniture and transport sectors, at -0.3 percent and -0.6 percent respectively.
The Cost of Living Crisis High inflation is one of the main factors behind the ongoing Cost of Living Crisis in the UK, which, despite subsiding somewhat in 2024, is still impacting households going into 2025. In December 2024, for example, 56 percent of UK households reported their cost of living was increasing compared with the previous month, up from 45 percent in July, but far lower than at the height of the crisis in 2022. After global energy prices spiraled that year, the UK's energy price cap increased substantially. The cap, which limits what suppliers can charge consumers, reached 3,549 British pounds per year in October 2022, compared with 1,277 pounds a year earlier. Along with soaring food costs, high-energy bills have hit UK households hard, especially lower income ones that spend more of their earnings on housing costs. As a result of these factors, UK households experienced their biggest fall in living standards in decades in 2022/23. Global inflation crisis causes rapid surge in prices The UK's high inflation, and cost of living crisis in 2022 had its origins in the COVID-19 pandemic. Following the initial waves of the virus, global supply chains struggled to meet the renewed demand for goods and services. Food and energy prices, which were already high, increased further in 2022. Russia's invasion of Ukraine in February 2022 brought an end to the era of cheap gas flowing to European markets from Russia. The war also disrupted global food markets, as both Russia and Ukraine are major exporters of cereal crops. As a result of these factors, inflation surged across Europe and in other parts of the world, but typically declined in 2023, and approached more usual levels by 2024.