Ukraine's GDP rises 3.4 pct in 2021: central bank

KYIV -- The gross domestic product (GDP) of Ukraine rose 3.4 percent in 2021 following a 4-percent contraction in 2020, the Ukrinform news agency reported Tuesday, citing data from the country's central bank.

"The Ukrainian economy resumed growth in 2021, despite difficult conditions related to the consequences of the coronavirus crisis," said the National Bank of Ukraine in a report.

By the end of last year, Ukraine's foreign exchange reserves reached a nine-year high of $30.9 billion, while the country's inflation rate stood at 10 percent, said the bank.

In 2021, the net assets of Ukrainian banks grew 12.8 percent primarily due to accelerated growth in retail and business lending, it added.

Last month, the World Bank projected that Ukraine's GDP will shrink 45.1 percent this year due to the Russia-Ukraine conflict.