Economy Ministry predicts GDP growth of up to 5% by year-end

Economy Ministry predicts GDP growth of up to 5% by year-end

Ukraine’s GDP is expected to grow up to 5% by the end of the year, according to the Ministry of Economy.

“After last year's decline of almost 30%, this year we are seeing recovery growth. By the end of 2023 and next year, we forecast GDP growth of about 5%. Almost all sectors are showing positive trends,” said First Deputy Prime Minister - Minister of Economy of Ukraine Yulia Svyrydenko.

According to her, agriculture is recording an increase in harvest compared to last year, while industry is gradually recovering production rates – Ukraine has more than 10% growth in machine building, food industry, and furniture production. Construction is also growing due to the continuation of reconstruction works, and there is a revival in demand for the eOselia mortgage program, which, in turn, will give impetus to the revitalization of the primary real estate market.

According to preliminary operational estimates by the Ministry of Economy, GDP growth in September was 9.1% compared to September last year. As a result, in January-September 2023, growth is estimated at 5.3%.

Svyrydenko noted that the main sources of economic growth are the Ukrainian budget, which in war conditions is largely filled by international aid, as well as business support programs.

As reported by Ukrinform, the World Bank said that despite the Russian invasion, Ukraine’s economy is showing signs of moderate recovery due to more reliable electricity supply and steady receipt of aid from Western countries. This year, GDP is expected to grow by 3.5%.

First photo: State Tax Service

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