How the War in Ukraine Affected the Economy: 15 Important Statistics

The ongoing war between Russia and Ukraine, which started on February 24th, 2022, has had a significant impact on the global economy. Russia's economy has been hit by Western sanctions, while Ukraine has seen its currency plunge and its GDP shrink. 

Key Statistics on the War's Economic Impact

• Russia’s economy grew by 4.3% in 2024 but slowed to a projected 0.6% in 2025.
• In 2024, Russia saw a 6% increase in revenue from crude oil exports, but 2026 projections suggest a drop to $112 billion.
• The US economy contracted by 1.4% in the first quarter of 2022.
• 73% of Britons in 2024 were worried about the impact of the war on the UK economy.
• The Ukrainian economy growth moderated to 2.0% in 2025.

Effects on the Russian and Ukrainian Economies

First, let’s take a look at the economic impact of the conflict on the two countries in question. We’ll see which country has been affected more, and what’s expected to happen in the future. 

Russia’s economy is forecasted to grow by 0.8% in 2026.

(AA)

Russian economy has suffered in the last two years, and is expected to slow down even further this year.

The Ukrainian economy has seen a 2.0% GDP growth in 2025.

(Interfax Group

Early 2026 forecasts remain between 1.8% and 2.5% due to severe energy sector damage.

Russia ended 2025 with inflation decelerating to 5.59%.

(Trading Economics)

Inflation in Russia is expected to decrease even further in 2026, with early projections expecting it to hover around 5.2%.

Ukraine’s annual inflation rate in 2026 stands at 7.4%.

(Trading Economics)

Ukraine's inflation levels also dropped from 12% in 2024.

In 2025, Russia saw a 6% decrease in revenue from crude oil exports.

(CREA)

As of December 2025, revenues slightly rebounded to $11.4 billion monthly, but the KSE Institute predicts 2026 will see a sharp decline to $112 billion for the full year.

In 2025, Ukraine’s grain exports amounted to 21.2 million tons.

(United24)

The total agricultural exports plummeted last year, representing a 25% drop compared to the same period in the previous season.

Ukraine’s reconstruction cost is now estimated at $588 billion.

(World Bank)

As of early 2026, the price tag for rebuilding Ukraine's infrastructure has surged as long-range strikes continue to target power grids and industrial hubs.

Effects on the US Economy

The American economy has felt the ripples of this conflict as well.

The US economy contracted by 1.4% in the first quarter of 2022.

(BBC)

According to the BBC, the Commerce Department's reports showed that the US economy shrank by 1.4% in the first three months of 2022. This marked the first economic decline for the US after the fall caused by the global pandemic in 2020. 

In contrast, the US economy experienced a 3.4% contraction during the COVID-19 outbreak, which was its biggest fall since 1946.

The US has spent over $188 billion to aid Ukraine as of the end of 2025. 

(US Department of Defense)

This includes anti-aircraft systems, anti-armor systems, air defense systems, guns, ammunition, and more. otably, since the administration change in January 2025, no significant new aid legislation has been passed, with most current support coming from previously obligated funds.

The inflation rate in the US rose to 9.1% in June 2022.

(International Monetary Fund)

This was the highest rate since the 1980s, but the US economy is slowly stabilizing, with a current inflation rate of 2.7% in 2025.

Effects on the Global Economy

Now let’s take a look at how the war is affecting the rest of the world.  

From January 2022 to March 2022, crude oil prices saw an upsurge of 38% globally.

(World Economic Forum)

Russia is in third place when it comes to the production of crude oil, after the United States and Saudi Arabia. Due to a number of countries placing sanctions on Russia in response to its invasion of Ukraine, the price of crude oil skyrocketed. By the start of 2025, the price was down to around $75.

Shipping costs of dry bulk goods have gone up by almost 60% globally.

(UN Conference on Trade and Development)

In late June 2022, the UN Conference on Trade and Development reported that the price of the shipping of dry bulk goods, such as grains, had soared drastically. Trade in the Black Sea region had been disrupted by the war between Russia and Ukraine, which led to increased vessel demand around the world. This, in turn, led to a rise in shipping costs of nearly 60%, which subsequently caused an increase in the prices of dry goods.

The European Union’s Ukraine war-related costs amounted to $210 billion in 2026.

(Santander)

Russia’s war with Ukraine is costing the EU a substantial amount of money. These costs include security and defense, an energy independence plan to cut off supplies from Russia, welcoming refugees from Ukraine, price increases, and inflation consequences.  

73% of Britons in 2024 were worried about the impact of the war on the UK economy.

(Ipsos)

What's more, 46% of those surveyed expressed concerns about the impact of the war on themselves personally.

Remittances in Central Asia are on the path to reaching a 25% decline.

(Geopolitica.info)

In April 2022, Dilip Ratha and Eung Ju Kim predicted in their paper that the amount of money paid in remittances would fall by 25% in Central Asian countries. 

These countries, particularly Tajikistan, Kyrgyzstan, and Uzbekistan, rely heavily on remittances from Russia. The war comes as a huge blow to their economies. For instance, data from the World Bank shows that 31.1% of Kyrgyzstan’s GDP came from remittances in 2020.