2024-09-18T11:42:00+03:00 Economy 2024-09-24T04:00:01+03:00

Ukrainian news

GDP grows 3.5% in August - Economy Ministry

GDP grows 3.5% in August - Economy Ministry

In August 2024, the Ukrainian economy grew by 3.5% [±1%] compared to August last year.

This is stated in the message of the Ministry of Economy, Ukrainian News Agency reports.

For eight months of this year, GDP growth is estimated at 3.9% [±1%] compared to the same period last year.

The main contribution to the growth of the economy was made by industry and positive dynamics in transport, construction and domestic trade.

In addition, in August, for the first time in the past three months, businesses improved their near-term performance estimates.

Consumer sentiment also improved for the first time in the last two months.

This is due to minimal rolling power outages during the month.

The dynamics of economic growth for the first eight months of 2024 at the level of 3.9%, currently corresponds to the updated government forecast.

The growth of real GDP in 2024 is expected at the level of 3.5%.

At the same time, the shortage of qualified specialists negatively affects the expectations of businesses and restrains their economic activity.

In August, positive trends in industry were formed due to stable access of enterprises to electricity.

Many companies have established its direct import.

The revitalization of industry had a positive effect on the transport sector - the volume of domestic rail transportation and cargo processing in seaports increased.

In the construction industry, the volume of construction and installation works increased.

The main driver of the industry was the restoration of damaged critical infrastructure, capital reconstruction and repair of road surfaces in emergency areas.

In domestic trade, there was an increase in turnover thanks to an increase in consumer demand.

Falling production volumes in agriculture caused smaller volumes of spring crop harvest compared to last year.

This was influenced by the weather conditions during the vegetation period and the ripening of plants.

However, positive dynamics are maintained in animal husbandry thanks to stable demand in the domestic market and state support for producers.

As Ukrainian News Agency earlier reported, in July 2024, Ukraine's GDP grew by 2.7% [±1%] compared to July last year.