In January 2024, the GDP indicator (gross domestic product) of Ukraine increased by 3.5% (±1%) compared to January 2023.
Ukraine's GDP growth
The Ministry of Economics reported that the key growth factors are the investment demand generated by the budget and the availability of foreign markets for domestic manufacturers thanks to the expansion of logistics capabilities.
In particular, the work of the Ukrainian Maritime Corridor made it possible to achieve record export volumes since the beginning of the large-scale invasion of the Russian Federation and to continue to increase economic activity, primarily by producers of agricultural and metallurgical products, metal ore mining enterprises and railway transport activities.
Julia Svyrydenko
Minister of Economy of Ukraine
The lifting of the blocking of the Polish-Ukrainian border by Polish road carriers since mid-January also contributed to the growth of GDP.
This had a positive effect on both the activities of exporters and the activities of producers who are significantly dependent on imported raw materials.
Which sectors of the economy showed growth
The Ministry of Economy estimates that in January the main sectors of the economy demonstrated positive dynamics.
The transport industry was supported by increased domestic rail transport and seaport cargo processing.
Continuation of recovery of economic activity at the expense of export-oriented industries, namely metallurgy, extraction of metal ores and agro-processing, as well as energy.
The construction industry grew due to investment demand against the background of maintaining budgetary funding for the restoration of damaged critical infrastructure.
Also in January, positive recovery trends were observed in the fields of agriculture and domestic trade.
