In August 2024, the economy of Ukraine showed growth of 3.5% compared to the same period of 2023, and the growth of the gross domestic product (GDP) for the eight months of the year is estimated at the level of 3.9% [±1%]. This is reported by the Ministry of Economy of Ukraine.
According to the Ministry of Economy, the main driver of economic growth was industry, transport, construction and domestic trade. Yuliya Svyridenko, First Deputy Prime Minister and Minister of Economy of Ukraine, noted that in August, for the first time in several months, entrepreneurs improved their estimates of their activities for the near future. This is due to a decrease in "fan" power outages, which had a positive effect on consumer sentiment.
The Ukrainian maritime corridor also contributed to economic growth. High investment demand for engineering products and construction materials, as well as positive dynamics in industry contributed to the increase in the volume of domestic rail transportation. Construction activity increased due to the restoration of critical infrastructure and road surface repairs.
Despite the positive trends, the economy faces certain negative factors. The main problems are related to the shortage of qualified personnel, which restrains the economic activity of businesses. Difficulties are observed in agriculture, which led to a decrease in the yield of spring crops compared to last year. This is due to adverse weather conditions.
In July 2024, GDP growth accelerated to 2.7% (in June, this indicator was 1.6%). Growth for January-July 2024 is estimated at 4.0% [±1%].
Based on the forecasts of the National Bank of Ukraine (NBU), real GDP growth of 4-5% can be expected in 2025-2026. However, economic recovery will be limited by problems in the operation of the power system.
