Ukrainian GDP grew by 4.1% in the first half of 2024 — Ministry of Economy

Despite negative factors, Ukraine’s GDP grew by 4.1% [±1%] in the first half of the year compared to the same period last year.

This was reported by the Ministry of Economy.

«In June, the economy operated under difficult conditions of power outages, which weakened the economic activity of both enterprises and consumers. However, due to the high level of adaptability to challenging conditions and experience in responding to such challenges, the Ukrainian economy continued to grow. Among the factors that contributed to this were the high rate of exports of mining and metal products and the early start of the winter crop harvest.

Positive factors that influenced economic growth include the stable operation of the Ukrainian sea corridor and the ability of individual enterprises to ensure stable access to electricity through direct imports», – said Yulia Svyrydenko, First Vice Prime Minister, Minister of Economy of Ukraine.

According to her, the economic growth rate of 4.1% in the first half of 2024 is currently in line with the updated government forecast, which predicts real GDP growth of 3.5% for the year.

Among the areas where the Ministry of Economy notes growth are domestic trade, construction, and agriculture.

As a reminder, economist Oleh Uspenko, the President’s economic advisor from 2019 to 2024, emphasized on Hromadske Radio that the growth of the Ukrainian economy is primarily related to the development of strategic industries. Additionally, it showcases the adaptability of Ukrainian entrepreneurs.