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The Ukrainian economy is showing steady growth despite the challenges. According to the Ministry of Economy of Ukraine, in the period from January to October 2024, the country’s gross domestic product (GDP) increased by 4.2% year-on-year.
This was announced by First Deputy Minister of Economy Oleksiy Sobolev, who noted that the main growth factors were the transport sector, construction and manufacturing industries.
Transport and construction are the main growth drivers
In particular, the stable operation of the grain corridor made a significant contribution to economic growth, which had a positive impact on the transport sector. At the same time, recovery programmes, increased demand for construction work, and infrastructure investments contributed to growth in the construction sector.
“Construction continues to show upward momentum thanks to the active implementation of recovery programmes,” said Sobolev, stressing the importance of stable operations in these sectors this year.
The processing industry is also on the rise
The growth of the manufacturing industry, in particular the defence industry sector, has been another important factor contributing to the economy’s growth. Demand for the products of these industries, as well as the expansion of production capacity, have been the main drivers for this sector.
Challenges in the agricultural sector
However, not all industries showed positive results. Agriculture recorded a drop due to early harvesting. Farmers finished harvesting some crops before October, which affected the overall dynamics of the sector.
Growth in October
In October 2024, Ukraine’s economy grew by 1.3% year-on-year, maintaining a positive trend driven by activity in the transport, construction and manufacturing industries.
These results demonstrate the gradual recovery of Ukraine’s economy, which continues despite the difficulties and challenges the country faces.
