Ukraine’s GDP up by 4.5% over nine months – economy ministry

The relevant statement was made by the Ukrainian Economy Ministry, an Ukrinform correspondent reports.

“In September 2024, Ukraine’s economy grew by 3.8% [±1%] compared to September 2023. Over nine months of 2024, the GDP growth rate has been estimated at 4.5% [±1%] compared to the same period last year,” the report states.

According to Ukrainian Deputy Prime Minister, Economy Minister Yuliia Svyrydenko, the key factors of economic growth were the development of agricultural, transport and construction sectors.

“Despite the wartime challenges, Ukraine’s economy continues to recover. In September 2024, the highest rise was recorded in agriculture thanks to the early harvesting of late crops,” Svyrydenko noted.

In her words, the economic growth of around 4.5% is in line with the Government’s updated forecast. At the end of 2024, the real GDP growth rate is expected to be around 3.5%.

The ministry noted positive trends in Ukraine’s manufacturing industry, which resulted from the stabilization of the situation in the energy sector, revival of the domestic demand, and the stable operation of the Ukrainian maritime corridor.

In the construction sector, the volume of works increased thanks to the restoration of critical infrastructure and road repairs.

The domestic trade turnover showed a rise thanks to the growing consumer demand and the improved supply of goods.

At the same time, the shortage of competent professionals adversely affects business expectations and economic activities.

A reminder that, in August 2024, Ukraine’s gross domestic product (GDP) increased by 3.5% compared to the same period last year.