Ukraine’s economy grew by 4.2% year-on-year in the first 10 months of 2024 thanks to the construction, transportation, and manufacturing sectors, the country’s Economy Ministry said on Nov. 18.
The 4.2% growth aligns with earlier government forecasts. Russia’s invasion caused a major hit to Ukraine’s economy, which suffered a whopping 29.1% fall in GDP in 2022.
Recovery programs aimed at rebuilding damaged and destroyed housing boosted the construction industry, fueling the growth.
The transportation and manufacturing sectors were also among the drivers, mainly thanks to the restored Black Sea trade corridor and increased defense production, respectively, First Deputy Economy Minister Oleksii Sobolev said in a statement.
Ukraine’s GDP grew by 1.3% between October 2023 and the same month this year. According to the ministry, this figure was negatively affected by a lower-than-usual output of agriculture this time of the year due to an early harvest.
“By October, farmers had already finished harvesting some crops,” the ministry said.
The economy stabilized faster than expected in 2023 due to several successful government programs, as well as international support, and grew by 5.3% in 2023. In July 2024, the Economy Ministry reported a 4.1% growth over the past six months compared to the first six months of 2023.
Kateryna Hodunova