In August 2024, the Ukrainian economy showed growth of 3.5% compared to the same period in 2023, and the growth of gross domestic product (GDP) for the first eight months of the year is estimated at 3.9% [±1%]. This was reported by the Ministry of Economy of Ukraine.
According to the Ministry of Economy, the main drivers of economic growth were industry, transport, construction and internal trade. Yulia Svyrydenko, First Deputy Prime Minister and Minister of Economy of Ukraine, noted that in August, for the first time in several months, entrepreneurs improved their assessments of their activities for the near future. This is due to the decrease in "fan" power outages, which positively affected consumer sentiment.
The Ukrainian maritime corridor also contributed to economic growth. High investment demand for mechanical engineering products and construction materials, as well as positive dynamics in industry, contributed to an increase in domestic rail transportation volumes. In construction, activity increased due to the restoration of critical infrastructure and road surface repairs.
Despite 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 business. There are difficulties 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 figure was 1.6%). Growth for January-July 2024 is estimated at 4.0% [±1%].
Based on forecasts from 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.
