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 3.9% in 2024.
• In 2024, Russia saw a 6% increase in revenue from crude oil exports
• 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 has seen a 3.7% GDP growth in 2024.

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 saw a 3.9% growth in 2024.

(AA)

The newest data shows that the Russian economy has so far exceeded the earlier predictions and projections, and has grown above the world average of 3.2% for two consecutive years.

The Ukrainian economy has seen a 3.7% GDP growth in 2024.

(Interfax Group

After a catastrophic fall of 22.8% after the start of the conflict, Ukraine has as well started to stabilize, but the rate for 2024 was still lower than that in 2023.

The annual inflation rate in Russia was at its peak in April 2022, as it totaled 17.8%.

(Trading Economics)

In April 2022, the Russian economy was hit by a huge spike in inflation. By next year, inflation dropped to 2.3%, but has since steadily grown, now reaching 8.9% by the end of 2024.

Ukraine’s annual inflation rate reached a record of 26.6% in October 2022.

(Trading Economics)

Ukraine's inflation level took longer to get down, and the country saw it's lowest recent inflation rate in March 2024, when it stood at 3.2%. As with Russia, the rate soon afterwards started to climb again, and the current inflation rate in Ukraine at the end of 2024 was at 12%.

In 2024, Russia saw a 6% increase in revenue from crude oil exports.

(CREA)

Over the last year, the revenue from fossil fuels dropped by 5%, and exports dropped by 6%.

In 2024, Ukraine’s grain exports amounted to 46.9 million tons.

(United24)

The total agricultural exports in 2024 reached $24.5 billion, going back up to pre-war levels.

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 $183 billion to aid Ukraine as of the end of 2024. 

(US Department of Defense)

This includes anti-aircraft systems, anti-armor systems, air defense systems, guns, ammunition, and more. Notably, the aid provided to Ukraine by the US totaled approximately $3.3 billion from 2014 up until the start of the war.

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 $140 billion in 2024.

(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.