The cancellation of holidays after the outbreak of a full-scale war slightly slowed down the decline of the Ukrainian economy in 2022, but so far this factor is not important for the economy. This was stated by Deputy Head of the NBU Sergei Nikolaychuk in an interview with Interfax-Ukraine.
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What do the NBU say about the impact of the abolition of all holidays during the war on the economy
“If you calculate mechanically, then holidays, which we do not yet celebrate account for approximately 4.5% of the number of working days. But it cannot be said that GDP increases by this amount, by this level, because, firstly, a certain part of the business works even more on holidays, for example, the service sector,” Nikolaychuk said.
Nikolaychuk stressed that work on holidays concerns primarily the public sector. Businesses can determine their own operating hours, and not all companies actually comply with the rules set by the state.
“In addition, this was the factor that led to the reduction in the negative effect on 2022 GDP. Therefore, it is not somehow decisive or important,” Nikolaychuk summed up.