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.
Amendments to Ukraine’s enforcement proceedings legislation, initiated by the Ministry of Justice of Ukraine, have entered into force. Among other measures, the reform provides for the automated lifting of attachments on bank accounts immediately after debts in enforcement proceedings have been fully settled. The main practical benefit for citizens is the complete elimination of the need to contact an enforcement officer in person and wait for paper decisions once the debt has been paid.
The 157th Separate Mechanized Brigade has received another batch of supplies as part of Rinat Akhmetov’s Steel Front military initiative. This time, the military received seven quad bikes and four mobile shower and bath units.
In my previous column, I wrote about social innovations in Ukraine. Those innovations are part of civic resilience and the democratization of security, which Europe is paying close attention to right now. The EU is trying to work out how to spread responsibility for its own security across society as a whole, rather than leaving it to institutions alone. It is looking for concrete ways to bring ordinary people into the work of defense and resistance.
Petro Poroshenko’s lawyers have appealed to the High Anti-Corruption Court demanding that NABU be obligated to register proceedings regarding the fact of exerting influence on the court and to recognize Petro Poroshenko as a victim in the case of the Deputy Head of the Office of the President, Iryna Mudra, due to her pressure on Supreme Court judges who were considering a lawsuit to overturn sanctions.
Internationally recognized brands and financial institutions should direct capital to Ukraine now, not waiting for the hostilities to end. This was emphasized by Rinat Akhmetov, president of FC Shakhtar, during a working visit to UEFA headquarters in Nyon, Switzerland, where he met with UEFA President Aleksander Čeferin.