In July 2024, Ukraine’s economy saw a 2.7% increase in its GDP, according to Ukrainian Deputy Prime Minister Yuliia Svyrydenko. Despite challenges like power shortages and rolling blackouts, the economy showed resilience with growth at 4.0% for the first seven months of the year. This growth was supported by factors such as the early start of the harvesting campaign and stable operation of the maritime corridor.
The shortage of skilled workers remains a concern, impacting business expectations. However, domestic trade saw positive growth due to increasing consumer demand, and the construction sector showed signs of recovery with public funding for critical infrastructure restoration and road repairs. The industrial sector also maintained production with direct electricity imports, although rising costs remained a challenge.
Despite electricity deficits and smaller harvests, the National Bank of Ukraine raised the country’s economic growth forecast for 2024 to 3.7%. Overall, Ukraine’s economy continues to show resilience and adaptability in the face of challenges, reflecting positive growth prospects for the future.
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