Friday08 November 2024
g-novosti.in.ua

Ukraine's GDP growth accelerated to 3.8% in September, with a total increase of 4.5% over the first nine months, according to the Ministry of Economy.

In September 2024, Ukraine's Gross Domestic Product (GDP) grew by 3.8% (±1%) compared to September of the previous year. This marks an improvement over the growth rates of 0.3% in August and 1.1% in July, according to a preliminary assessment released by the Ministry of Economy on Friday.
В сентябре ВВП Украины увеличился до 3,8%, а за три квартала достиг 4,5%, сообщает Министерство экономики.
Photo: freepik.com

The growth of Ukraine's gross domestic product (GDP) in September 2024 reached 3.8% (±1%) compared to September of the previous year, which is an improvement over the figures for August and July, recorded at 0.3% and 1.1%, respectively. This preliminary assessment was published by the Ministry of Economy on Friday.

According to the Ministry of Economy, the GDP growth for January-September 2024 is estimated at 4.5% (±1%) compared to the same period last year, whereas the growth for the first eight months of 2024 was assessed at 3.9%, at 4% for seven months, and 4.1% for the first half of the year.

“In September, the agriculture sector showed the highest growth due to the early harvest of late crops. Growth was also observed in transportation and construction. For the second consecutive month, enterprises in trade, industry, and construction are improving their assessments of their activities for the near future, and one of the key reasons for this optimism is the normalization of the energy situation,” said the first Deputy Prime Minister – Minister of Economy Yulia Svyrydenko in the statement.

She noted that the economic growth for the first nine months of 2024 at 4.5% aligns with the updated government forecast.

The growth of real GDP for the year 2024 is expected to be at 3.5%.

It is noted that the revival of domestic demand and the stable operation of the Ukrainian maritime corridor have supported positive trends in the industry, with an increased demand for machinery products (particularly in the defense industry), construction materials, and household industrial goods.

The ministry emphasized that the industrial revival has positively impacted transportation, as there has been an increase in railway freight volumes and cargo processing in seaports. In construction, the volume of work has increased due to the restoration of critical infrastructure and road repairs. In domestic trade, turnover has grown due to increased consumer demand and the establishment of goods supply chains. Agriculture is also showing positive dynamics due to the early start of late crop harvesting, while livestock farming is growing thanks to stable demand and government support.

At the same time, the shortage of skilled specialists negatively affects business expectations and economic activity.