Ukraine's General Government Debt (% of GDP), 1990-2022

Ukraine’s general government debt showed substantial fluctuations between 1995 and 2022, reflecting the country’s economic and political instability. Starting at 30.2% in 1995, debt-to-GDP declined in the late 1990s as Ukraine pursued economic stabilization. However, debt spiked to 59.0% in 1999 amid a challenging economic environment and currency devaluation. From 2000 to 2007, the debt ratio decreased significantly, reaching 12.3% as Ukraine experienced economic growth and benefited from international aid and investment.

In 2014, debt levels surged dramatically to 70.3%, driven by the annexation of Crimea, geopolitical tensions, and economic contraction. The conflict with Russia led to further economic strain, pushing debt to a peak of 79.5% in 2016. Although debt reduced gradually to 50.5% by 2019, the COVID-19 pandemic reversed this trend, causing debt to reach 60.5% in 2020. The 2022 level rose again to 81.7% amid intensified conflict, reflecting Ukraine's reliance on external funding to sustain its economy and defense expenditures.