In September, the Ukrainian economy grew by 3.8% compared to August. In the first nine months of this year, GDP growth was estimated at 4.5% compared to the same period last year. These data were released by the Ministry of Economy.
“Despite the challenges of war, Ukraine’s economy continues to recover. In September, agriculture showed the largest increase due to early harvesting of late crops. Growth was also observed in transport and construction. For the second month in a row, trade, industry and construction companies have been improving their assessments of their activities in the near future, and one of the key reasons for this optimism is the normalisation of the situation in the energy sector,” said First Deputy Prime Minister and Minister of Economy Yuliia Svyrydenko.
According to her, economic growth in the first nine months of 2024 at 4.5% was in line with the updated Government forecast. Real GDP growth is expected to reach 3.5% in 2024.
The revival in domestic demand and the stable operation of the Ukrainian Sea Corridor sustained positive trends in the industry. Demand for machine building products (particularly in the defence industry) and construction materials, as well as industrial goods for households, is growing.
The industrial recovery had a positive impact on transport, with an increase in rail freight and cargo handling in sea ports. 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 stronger 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 is having a negative impact on business expectations and economic activity. (Government portal)