Ukraine’s economy growth slows to 0.9% – economy ministry
Source: Ukraine’s economy ministry
Ukraine’s GDP growth rate saw slight decrease of 0.9% in November compared to the same period last year, according to the country’s economy minister, although its economy showed some signs of recovery growing by 4% (±0.5%) in the first 11 months of 2024.
The uptick was driven by transportation, construction, manufacturing, and domestic trade. The country also made the most of the maritime corridor in the Black Sea, which helped prop up the transport sector, while construction maintained momentum thanks to state support programs.
Domestic trade benefited from stable supply and demand dynamics, while manufacturing did well too after it secured access to imported electricity, alternative energy sources, and business recovery initiatives. Ukraine’s mining sector was expanding, notably with the commissioning of new gas wells.
Government support programs played a key role in sustaining growth. The economy got a boost after the government introduced grants for processing industries, the affordable “5-7-9%” loan program, the “єOselya” housing initiative, and the broader “Made in Ukraine” policy framework boosted.
Meanwhile, the growth of machine-building was spurred by a great number of state contracts awarded to Ukraine’s defense-industrial complex.
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