Ukraine's central bank revises down economic contraction in 2022

KIEV, Oct. 21 (Xinhua) -- Ukraine's economy is expected to contract by 32 percent this year, a shallower decline from 37.5 percent expected previously, the country's central bank said on Thursday.

In the second and the third quarters this year, the economic activity in Ukraine slowly recovered, with the "grain corridor" starting to operate under the Black Sea Grain Initiative, the bank said in an outlook.

Among the factors holding back the economic recovery, the bank listed logistical problems, the loss of labor force and production facilities, and the decline in real incomes of the population caused by the Russia-Ukraine conflict.

The bank estimated that the Ukrainian economy would return to a 4-5 percent growth in the coming years.