As of the end of 2024, Ukraine’s public debt reached about UAH 7 trillion. Thus, the ratio of public debt to GDP reached 92%, as reported by Forbes Ukraine analysts.
This is the total public debt, which includes debts guaranteed by the state in addition to Ukraine’s direct debt.
It is noted that in the structure of public debt, the lion’s share (96%) falls on the state’s direct debt, and the remaining 4% on debts guaranteed by the state. For comparison, in 2023, the public debt amounted to UAH 5.5 trillion, or 84% of GDP.
The increase in public debt in 2023 was due to significant external and internal borrowing to finance the wartime budget.
Another significant factor in the growth of public debt is the weakening of the hryvnia against the world’s leading currencies, which increases the hryvnia scale of foreign currency debt.
Before the full-scale invasion in 2021, the public debt amounted to UAH 2.67 trillion, or 49% of GDP.
