As of the end of 2024, the national debt of Ukraine reached approximately 7 trillion UAH, which is 92% of the country’s GDP. About this informs Forbes.
This amount includes both direct debt of Ukraine and debts guaranteed by the state. The bulk of the debt (96%) is direct debt, while the remaining 4% is government-guaranteed debt. For comparison, in 2023, the state debt amounted to UAH 5.5 trillion, which was equal to 84% of GDP.
During 2023, the national debt increased due to the large-scale foreign and domestic borrowing needed to finance the military budget. In addition, the weakening of the hryvnia exchange rate against the main world currencies had a significant impact on the growth of debt obligations in the equivalent of the national currency.
Before the start of a full-scale invasion, in 2021, the national debt was UAH 2.67 trillion, or 49% of GDP. According to official data, as of November 30, 2024, the total state and state-guaranteed debt of Ukraine was 6.64 trillion UAH ($159.74 billion), and as of October 31 of the same year – 6.41 trillion UAH ($155.37 billion).
