Economy Minister: Ukraine's GDP growing significantly despite the war

Viktoria Lytovchenko

The Ministry of Economy officially confirmed that in April 2024, Ukraine's economy grew by 4.3% compared to last year.

Ukraine's economy is growing despite the war with Russia

According to the department data, as a result, for January-April 2024, growth is estimated at the level of 4.4% compared to the corresponding period of 2023.

Yuliya Svyrydenko, chief of the Ministry of Economy, emphasises that the economic recovery trend is gaining momentum.

It was supported by record volumes of goods exports, increased demand for construction services in the context of budget financing for infrastructure restoration, continued improvement in business sentiment and revival of consumer activity.

Yulia Svyrydenko

The First Deputy PM, Minister of Economy

What can become an obstacle to Ukraine's economic growth?

According to Yulia Svyrydenko, amid regular Russian attacks on the energy system of Ukraine, significant damage, as well as destruction of TPPs and HPPs, part of the generating facilities was temporarily lost.

Problems with power generation can have a potentially negative impact on the work of industry, especially the largest consumers of electricity, which, due to the technological features of production processes, are almost impossible to reorient to alternative sources of electricity supply, the department warned.

Despite this, industrial enterprises restored economic activity last month through export-oriented production and demand for investment products, such as mechanical engineering (MPC) and construction materials.

Yulia Svyrydenko draws attention to the fact that all this has caused the demand for related activities and products.