Economy ministry: Ukraine’s GDP up by 4.3% in Apr 2024
The relevant statement was made by the ministry’s press service, an Ukrinform correspondent reports.
“Ukraine’s economic recovery takes place despite the war and Russian massive missile attacks. According to preliminary estimates of the Economy Ministry, the GDP growth rate was about 4.3% [±1%] in April 2024 compared to April 2023. Overall, in January-April 2024, the growth rate was estimated at around 4.4% [±1%] compared to the same period last year,” the report states.
Ukrainian Deputy Prime Minister, Economy Minister Yuliia Svyrydenko mentioned that last month there was a continuous upward trend in Ukraine’s economic recovery, which had been supported by the record export volumes, increased demand for construction services in the context of budget financing for infrastructure restoration efforts, continued improvement in business sentiment, and revived consumer activity.
“The stable operation of the maritime corridor stimulated such sectors as railway transportation, metallurgical production, and metal ore mining. Positive trends were recorded in such sectors as transport, manufacturing industry, construction, agriculture, and domestic trade. Generally, the economy continues to adapt and acquire the features of war economy,” Svyrydenko noted.
In April 2024, industrial enterprises continued to restore economic activity, through both export-oriented production and the demand for investment products, such as mechanical engineering and construction materials. The above created the demand for the products of related activities.
At the same time, according to Svyrydenko, high security risks, regular damage caused to energy objects, and a significant shortage of competent personnel continued to put negative pressure on the country’s GDP.
Following recent attacks on Ukraine’s energy system and the significant damage and destruction caused to thermal and hydro power plants, some generating capacities were temporarily lost. The problems related to power generation may have a potential adverse effect on the manufacturing industry, especially the major electricity consumers whose technological processes make it nearly impossible for them to re-orient to alternative energy sources.
A reminder that, according to the International Monetary Fund (IMF), Ukraine’s economy is likely to show a rise of 3.2% in 2024 and 6.5% in 2025.
Photo: inforesist.org
