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Ukraine’s GDP rose 3.5% in January 2024

Ukraine’s GDP rose 3.5% [±1%] in January 2024 as compared to January 2023. The reasons were improved logistics and growing investment demand. The Ministry of Economy published the report online.

Quote"The operation of the Ukrainian Sea Corridor has allowed us to achieve record export volumes since February 24, 2022. Agricultural and metallurgical producers, metal ore mining companies, and railway transport have increased their economic activity. Also, the lifting of the blockade of the Ukrainian-Polish border by Polish road carriers in the middle of the month had a positive impact on the exports," explained Yuliia Svyrydenko, First Deputy Prime Minister and Minister of Economy of Ukraine.

January 2024 trends in the main Ukrainian industries:

  • The transport sector increased domestic rail traffic and cargo handling at seaports.
  • A recovery in economic activity was seen in export-oriented industries, namely metallurgy, metal ore mining and agro-processing, and energy. This generated demand for products from related businesses.
  • The construction industry was also growing due to investment demand amid continued budget funding for the restoration of damaged critical infrastructure.
  • Positive recovery trends were also observed in agriculture and domestic trade.
Quote"The Ukrainian economy continues to adapt and acquire the characteristics of a wartime economy. The key unresolved issues remain the ongoing destruction of production facilities, the difficult situation in the labor market due to high migration, and the lack of available credit resources," concluded Yuliia Svyrydenko.

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