Ukraine's real GDP grew by 5.3% last year

Early estimates by Ukraine's State Statistics Service (Derzhstat) suggest that Ukraine’s real GDP increased by 5.3% in 2023 compared to 2022.

Source: Derzhstat

Details: Nominal GDP amounted to over UAH 6.5 trillion (roughly US$165.6 billion), Derzhstat reported.

Earlier, the National Bank of Ukraine (NBU) projected that Ukraine's GDP growth in 2023 could exceed 5% due to higher-than-expected international financial assistance, a good harvest, no interruptions in the operation of the energy system, the new maritime corridor, and entrepreneurs’ adaptability. The NBU forecast a 4.9% increase in October 2023.

Ukraine’s GDP growth in January and February 2024 is estimated at 3.6%.

Background:

• Based on the results of 2023, Ukraine's GDP growth is highly likely to cross the 5% threshold, exceeding the NBU's October forecast of 4.9% growth.

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