Ukraine’s GDP grew by 2.9% in 2024: which industries provided growth
1 April 09:42
In 2024, Ukraine’s gross domestic product (GDP) grew by 2.9% year-on-year. This is evidenced by official data from the State Statistics Service, which reflects changes in the quarterly dynamics of the economy, "Komersant Ukrainian" reports.
Dynamics by economic sectors
Different sectors of Ukraine’s economy experienced significant fluctuations throughout the year:
- Construction showed the highest growth among all industries – 16.2% at year-end. The highest rates were in the first quarter (42.8%), after which a slowdown was observed.
- Financial and insurance activities grew by 27.4%. In the second quarter, there was a sharp increase (43.4%), which continued until the end of the year.
- Transport and warehousing also showed positive dynamics – 11.4% for the year, with the best performance in the first quarter (18.9%).
- Manufacturing grew by 6% for the year, although the pace slowed in the second half of the year.
- Agriculture recorded a decline of 7.3%, due to the negative performance of the fourth quarter (-30.3%).
- Trade showed a decline of 4.1% for the year due to a drop in the second (-4.8%) and fourth (-6.8%) quarters.
- The energy sector declined by 2.7%, driven by instability in the sector.
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GDP dynamics by quarters
In the first quarter of 2024, Ukraine’s economy grew by 6.8% compared to the same period in 2023. This was the largest quarterly growth during the year, indicating an active recovery of economic activity after the crisis of previous years.
In the second quarter, the growth rate slowed to 4.0%, indicating a certain slowdown in economic dynamics. However, the positive trend continued.
In the third quarter, Ukraine’s GDP grew by only 2.2%, the lowest growth rate of the year, before declining to negative growth in the fourth quarter.
In the fourth quarter, a slight decline of 0.1% was recorded, indicating an economic slowdown at the end of the year. This may be due to seasonal factors, external economic challenges, or internal structural factors.
Summary
Despite some fluctuations throughout the year, the cumulative GDP growth of 2.9% demonstrates a gradual economic recovery. The growth was driven by construction, the financial sector, and transportation. At the same time, agriculture and trade contracted.
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