How the war affected the economy

Russian aggression has rattled European and global markets, destabilising many economies. Western-imposed sanctions have affected Russian raw material exports.

War has fuelled inflation in Europe (hover your cursor over a country)

Annual average inflation before and after the invasion - in 2021 and 2022 (per cent)
Belarus
9.5%
2021
16.5%*
2022
*estimated by IMF experts
2021
Moldova
5.1%
2021
28.5%*
2022
*estimated by IMF experts
2021
Russia
6.7%
2021
13.8%*
2022
*estimated by IMF experts
2021
Ukraine
9.4%
2021
20.5%*
2022
*estimated by IMF experts
2021
EU
2.9%
2021
9.2
2022
*estimated by IMF experts
2022
Austria
2.8%
2021
7.7%*
2022
*estimated by IMF experts
2021
Belgium
3.2%
2021
9.5%*
2022
*estimated by IMF experts
2021
Cyprus
2.3%
2021
8%*
2022
*estimated by IMF experts
2021
Czech Republic
3.8%
2021
16.3%*
2022
*estimated by IMF experts
2021
Denmark
1.9%
2021
7.2%*
2022
*estimated by IMF experts
2021
Estonia
4.5%
2021
21%*
2022
*estimated by IMF experts
2021
Finland
2.1%
2021
6.5%*
2022
*estimated by IMF experts
2021
France
2.1%
2021
5.8%*
2022
*estimated by IMF experts
2021
Germany
3.2%
2021
8.4%*
2022
*estimated by IMF experts
2021
Greece
0.6%
2021
9.2%*
2022
*estimated by IMF experts
2021
Ireland
2.4%
2021
8.4%*
2022
*estimated by IMF experts
2021
Italy
1.9%
2021
8.7%*
2022
*estimated by IMF experts
2021
Latvia
3.2%
2021
16.4%*
2022
*estimated by IMF experts
2021
Lithuania
4.6%
2021
17.6%*
2022
*estimated by IMF experts
2021
Luxembourg
3.5%%*
2021
8.4%*
2022
*estimated by IMF experts
2020
Malta
0.7%
2021
5.9%*
2022
*estimated by IMF experts
2021
Netherlands
2.8%
2021
12%*
2022
*estimated by IMF experts
2021
Norway
3.5%
2021
4.7%*
2022
*estimated by IMF experts
2021
Poland
5.1%
2021
13.8%*
2022
*estimated by IMF experts
 
Portugal
0.9%
2021
7.9%*
2022
*estimated by IMF experts
2021
Slovakia
2.8%
2021
11.9%*
2022
*estimated by IMF experts
2021
Slovenia
1.9%
2021
8.9%*
2022
*estimated by IMF experts
2021
Spain
3.1%
2021
8.8%*
2022
*estimated by IMF experts
2021
Sweden
2.6%
2021
7.2%*
2022
*estimated by IMF experts
2021
Switzerland
0.6%
2021
3%*
2022
*estimated by IMF experts
2021
United Kingdom
2.6%
2021
9.1%*
2022
*estimated by IMF experts
2021
Source: International Monetary Fund




Russian aggression has pushed up energy prices in Europe

Electricity prices (EUR/MWh)
01 02 03 04 05 06 07 08 09 10 11 2021 12 01 02 03 04 05 06 07 08 09 10 11 2022 12 0 500 400 300 200 100 Poland Germany France 12 February 24 Russia's invasion on Ukraine
Source: European Power Tracker




Temporary blockade of Ukrainian ports has pushed up global food prices

Price of sunflower oil (USD/ton)
left axis Wheat (USD/bushel*)
right axis
01 02 03 04 05 06 07 08 09 10 11 2021 12 01 01 02 03 04 05 06 07 08 09 10 11 2022 2023 12 0 2000 1000 500 1500 10 9 8 7 6 11 9.5 8.5 7.5 6.5 10.5 February 24 Russia's invasion on Ukraine
*approx. 35 l (about 27 kg of wheat)
Source: Macrotrends, Trading economies




After the invasion, global oil prices peaked temporarily, but the prices of the main Russian blend fell

Brent and Urals oil price (USD/barrel)
Brent Urals
0 100 50 01 02 03 04 05 06 07 08 09 10 11 2021 12 01 01 02 02 03 04 05 06 07 08 09 10 11 2022 2023 12 February 24 Russia's invasion on Ukraine
Source: NESTE




Western sanctions have forced Russia to intensify trade with Asian countries

Change in Russia's exports between 2021 and 2022 (January-September, in per cent)
0 400 300 200 100 50 -50 350 250 150 EU whole Cyprus Germany France Ireland Netherlands Poland Kazakhstan India China Turkey USA
Change in Russia's imports between 2021 and 2022 (January-September, in per cent)
0 -70 -60 50 -50 40 -40 30 -30 20 -20 10 -10 Turkey Ireland Kazakchstan China India EU whole Germany Netherlands Poland Cyprus France USA
Source: Eurostat, Kazakhstan Bureau of National Statistics, General Administration of Customs of China, Ministry of Commerce and Industry of India, Turkish Statistical Institute

Photo sources: Armed Forces of Ukraine, East News, Shutterstock, Wikimedia Commons, Depositphotos