Ukraine's GDP grows by 4.5% in first three quarters of 2024: what caused biggest increase
In the first nine months of 2024, Ukraine's GDP grew by 4.5% (±1%) compared to the same period in 2023.
Source: Ministry of Economy.
Details: In September 2024, the Ukrainian economy grew by 3.8% (±1%) compared to August 2023.
Quote: "Despite the challenges of war, Ukraine's economy continues to recover. In September, agriculture showed the largest increase due to the early harvest of late crops," said Yuliia Svyrydenko, First Deputy Prime Minister and Minister of Economy.
She added that for the second month in a row, trade, industry and construction companies have been improving their assessments of their near-term performance, and one key reason for this optimism is the stabilisation of the energy situation.
She said that economic growth of 4.5% in the first nine months of 2024 is in line with the government's updated forecast.
The revival of domestic demand and the stable operation of the Ukrainian sea corridor have supported positive trends in the industry. Demand for machine-building products and construction materials, as well as industrial household goods, is also growing.
At the same time, the industrial recovery had a positive impact on transport, with an increase in rail freight and cargo handling at seaports. In construction, the volume of work increased due to the restoration of critical infrastructure and road repairs.
Domestic trade saw an increase in turnover, driven by rising consumer demand and improved supply of goods.
Agriculture is showing positive dynamics as the harvest of late crops has begun, and livestock production is growing due to stable demand and government support.
At the same time, the shortage of skilled workers has a negative impact on business expectations and economic activity.
Background:
- Ukraine's real gross domestic product (GDP) increased by 3.7% in the second quarter of 2024 compared to the second quarter of 2023.
- In August 2024, the Ukrainian economy grew by 3.5% (±1%) compared to August 2023. This is better than the June and July figures of 1.1% and 2.7% respectively, but worse than the May and April figures of 3.7% and 4.3%.
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