Despite border blockade, GDP grows by 4% - economy ministry
According to preliminary estimates of the Ministry of Economy, GDP growth in November 2023, compared to November last year, is about 4%.
The Ministry of Economy reports, Ukrinform saw.
The ministry notes that in November 2023, the almost month-long blockade of the Polish-Ukrainian border by Polish road carriers was a major negative factor for exporting manufacturers and producers dependent on the delivery of imported raw materials by road.
At the same time, the work of the Ukrainian maritime corridor allowed partial compensation for economic losses caused by the blockade of the Polish-Ukrainian border.
"First of all, this was used by producers of agricultural and metallurgical products, metal ore mining companies and railway carriers. According to our estimates, the positive factors in November slightly outweighed the balance of impact on GDP, and as a result, according to preliminary operational estimates of the Ministry of Economy, GDP growth was 4%," Yulia Svyrydenko, First Deputy Prime Minister of Ukraine - Minister of Economy, said.
As a result, in January-November 2023, economic growth is estimated at 5.5% compared to the same period last year.
Also, consumer price growth slowed in November to 0.5%, according to the State Statistics Service (after 0.8% in the previous month). Overall, the annual inflation rate continued to slow down, from 5.3% in the previous month to 5.1% in November. This is even less than in some EU countries.
The ministry cites Eurostat data, according to which consumer inflation in November was 8% year-on-year in the Czech Republic, 7.7% in Hungary, 7.4% in Iceland, 6.9% in Slovakia and Romania, 6.3% in Poland, and 5.5% in Croatia and Bulgaria.
"Currently, the moderate dynamics of consumer price growth is comparable to the inflation rate in European countries whose economies are not subject to war shocks. This is an additional confirmation of the integrity and stability of the domestic economy. The current inflationary trend and the factors that shape it indicate that expectations of low inflation are justified," Svyrydenko summarized.
As Ukrinform reported, the National Bank of Ukraine has improved its forecast for real GDP growth from 2.9% to 4.9% in 2023.