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Ukraine’s GDP grew by 4% despite border blockade in November 2023

Ukraine’s GDP grew by 4% in November 2023, compared to November 2022. The Ministry of Economy estimates the growth of the Ukrainian economy to be 5.5% between January and November 2023, versus the same period last year. The Ministry reported the numbers on its website.

Quote"In November 2023, the almost month-long blockade of the Polish-Ukrainian border by Polish road carriers was the main negative factor for exporting manufacturers. At the same time, the operation of the Ukrainian Sea Corridor helped to partially compensate for the economic losses caused by the border blockade," said Yuliia Svyrydenko, First Deputy Prime Minister and Minister of Economy of Ukraine.

How inflation rates changed in November 2023:

  • Consumer price growth slowed to 0.5%, according to the State Statistics Service (versus 0.8% in October 2023).
  • The annual inflation rate decreased from 5.3% in October to 5.1% in November 2023 (which is lower than in some EU countries. According to Eurostat, consumer inflation was 8% in the Czech Republic, 7.7% in Hungary, 7.4% in Iceland, 6.9% in Slovakia/Romania, 6.3% in Poland, and 5.5% in Croatia/Bulgaria in November).
Quote"Currently, the moderate dynamics of consumer price growth are comparable to the inflation rate in European countries whose economies are not experiencing war shocks. The current inflationary trend and the factors influencing it indicate that expectations of low inflation are justified," Yuliia Svyrydenko commented.

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inflation