Economic growth slows down: Ukraine’s GDP stagnates in November
12 December 2024 11:13
In 11 months of 2024, the Ukrainian economy grew by 4%. In November, gross domestic product (GDP) growth slowed slightly to 0.9% compared to November 2023. This is reported by "Komersant Ukrainian" with reference to the Ministry of Economy of Ukraine.
The main drivers of economic growth in 2024 were the transport and construction industries, manufacturing, domestic trade, and the mining industry, especially gas production. Government business support programs and the stable operation of the maritime corridor contributed to this.
Yulia Svyrydenko, First Vice Prime Minister and Minister of Economy, also noted the important role of government support programs.
“The drivers of economic growth in 2024 will remain the transport and construction industries, processing and domestic trade. Government support programs have played their role – grant programs for processing, business creation and development, affordable lending of 5-7-9%, eHouse and others under the Made in Ukraine policy. Also, the increase in purchases of Ukrainian defense industry products stimulates the growth of machine building,” said Yulia Svyrydenko, First Vice Prime Minister of Ukraine and Minister of Economy of Ukraine.
Industries that showed positive dynamics in November
- transportation (due to the stable operation of the Ukrainian Sea Corridor);
- construction (due to state support programs);
- domestic trade (due to stable domestic demand and supply of goods);
- processing industry (programs for business recovery and development, access to imported electricity and availability of alternative energy supply capacities)
- extractive industry (new gas production wells).
It should be noted that in October, GDP growth in annual terms was 1.3%, while in September it was 3.8% due to the early harvest of late crops.
