According to Ukrainian media, the country’s gross domestic product (GDP) grew up by 3.8% (± 1%) in September 2024 year-on-year versus 0.3% in August and 1.1% in July.
As the ministry reports, the country’s GDP grew up by 4.5% (±1%) in January-September 2024 year-on-year compared to 3.9% in January-August, 4% in January-July, and 4.1% in the first half of the year.
Ukrainian First Deputy Prime Minister and Economy Minister Yulia Sviridenko said that the early harvesting of late crops made agriculture increase in September. Transport and construction also grew up, as well as demand for engineering products, construction materials and household goods. Assessments of trade, industry and construction companies’ activities have been improving for the second month in a row due to the normalization of the situation in the energy sector.
They have projected this year’s GDP growth in real terms at 3.5%.
The report said that positive trends in industry were backed up by the revival in domestic demand and the functioning of the Ukrainian sea route that Kiev opened unilaterally. Transport, including an increase in transportation by rail and cargo handling at seaports, and the construction projects got a positive impact from the industrial recovery. Stronger and stable consumer demand and government support made domestic trade rise and supplies of goods improve.
Nevertheless, business expectations and economic activity suffer from skilled staff shortages.
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