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.
For additional information, visit statistics on Industry sector’s share in Ukraine’s GDP, Ukraine’s annual GDP growth rate, overview of Ukraine’s net ODA received.
