Ukraine’s GDP grew by 4.5% in the first quarter of 2024, up from 3.9% in February and 3.5% in January, according to the Ministry of Economy. This growth was driven by several factors including stable operations at the Ukrainian sea corridor, which increased rail transport and steel production, as well as increased production capacity in mining, fertilizer production and construction services. Additionally, improved business sentiment and consumer activity contributed to this positive trend.
Despite recent attacks on Ukraine’s energy system by Russia, almost all economic activities made a positive contribution to GDP growth in March. Exports of agricultural products and iron and steel were facilitated by the Ukrainian sea corridor while investment demand and increased production capacity in the mining industry boosted manufacturing activities and related services. However, these positive trends may have been slowed down due to damage caused by Russian attacks on Ukraine’s energy system.
Preliminary data from the State Statistics Service shows that Ukraine’s real GDP grew by 5.3% in 2023 compared to the previous year when there was a significant decline of 28.8% year-on-year. Despite challenges such as the recent attacks on the energy system, Ukraine’s economy has shown resilience and positive growth trends in recent months.
