Ukraine’s economy expanded by 4% [±0.5%] in the first 11 months of 2024, according to the Ministry of Economy. Despite a slight slowdown in November, with growth at 0.9% compared to the same month in 2023, several key industries contributed to this positive trend.
First Vice Prime Minister and Minister of Economy Yuliya Svyrydenko highlighted the following sectors as the main contributors to economic growth:
- Transport: Benefiting from the stable operation of the Ukrainian Sea Corridor.
- Construction: Boosted by government support programmes.
- Domestic trade: Supported by stable domestic demand and an ample supply of goods.
- Processing industry: Aided by business recovery initiatives, improved access to imported electricity, and the availability of alternative energy sources.
- Extractive industry: Bolstered by the introduction of new gas production wells.
Svyrydenko attributed part of the growth to various government initiatives under the Made in Ukraine policy, including:
- Grant programmes for processing and business development.
- Affordable lending through the 5-7-9% programme.
- Housing support via the eOselya programme.
- Increased procurement of Ukrainian defence products, stimulating machine-building industries.
Prime Minister Denys Shmyhal recently reported a 36% increase in Ukrainian exports during the first nine months of 2024. By that time, the total volume of exports had already matched the figure for the entire previous year.
These developments indicate a steady recovery and growth trajectory for Ukraine’s economy, even amidst ongoing challenges.