Ukraine’s GDP up – economy ministry

In January-November 2024, Ukraine’s gross domestic product (GDP) increased by 4% compared to the same period last year. Last month Ukraine’s economy grew by 0.9% in annual terms.

The relevant statement was made by the Ukrainian Economy Ministry, CE Report quotes Ukrinform.

“Over 11 months of 2024, Ukraine’s economy has shown a growth rate of 4% [±0.5%]. In November, the growth rate slowed slightly to 0.9% compared to November 2023,” the report states.

As noted by Ukrainian Deputy Prime Minister, Economy Minister Yuliia Svyrydenko, the key drivers of Ukraine’s economic growth were the development of transport and construction sectors, as well as processing industry and domestic trade.

According to Svyrydenko, government support programmes made a difference in that regard, namely grant programmes for the processing industry, business creation and development, Affordable Loans at 5-7-9%, eOselia [eHousing], and other initiatives implemented as part of the Made in Ukraine economic policy.

An additional stimulus for the development of mechanical engineering was the increased procurement of Ukrainian-made defense industry products.

In November 2024, Ukraine’s transport sector showed positive dynamics thanks to the stable operation of the Ukrainian maritime corridor. The construction sector expanded through the government support programmes. Domestic trade was promoted by a stable demand. The country’s processing and mining industries were also on the rise.