NBU improves its economic growth forecast for 2023

NBU improves its economic growth forecast for 2023

The National Bank of Ukraine (NBU) has improved its forecast for real GDP growth from 2.9% to 4.9% in 2023.

NBU Governor Andriy Pyshnyy announced this, an Ukrinform correspondent reports.

"The NBU has improved its forecast for real GDP growth from 2.9% to 4.9% in 2023," Pyshnyy said.

He explained that the faster economic recovery was caused by a number of factors. These include higher adaptability of businesses and households to military conditions, better harvest estimates than in the previous forecast, the expansion of alternative export routes, and more significant budget spending.

"In 2024, the economy will grow by 3.6%, despite the persistence of high security risks. Economic growth will be facilitated by the further development of alternative supply chains and the maintenance of a loose fiscal policy that will support consumer demand. However, the still complicated logistics and war-limited investments will slow down the economy," Pyshnyy stated.

Read also: NBU improves inflation forecast for year end

He added that the NBU expects real GDP growth to accelerate to 6% in 2025.

As reported, the growth rate of Ukrainian GDP over the previous nine months, as well as a number of favorable factors, create very realistic expectations that by the end of the year this figure will approach 4-5%.

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