Ukraine's Central Government Debt (% of GDP), 1995-2022

Ukraine’s central government debt rose significantly during the late 1990s, peaking at 58.96% in 1999 due to economic restructuring and financial instability following independence. By 2007, debt had declined to 12.27%, supported by robust growth and debt restructuring efforts. However, the 2014 conflict in Eastern Ukraine and economic downturn led to a surge, peaking at 80.9% in 2016.

Despite some recovery, the 2022 Russian invasion saw debt skyrocket to 83.12%, reflecting the severe economic strain and increased borrowing needs to support defense and recovery efforts.