Export Of IT Services Down 16% To USD 1.7 Billion In Q1 - IT Ukraine

The IT Ukraine Association states that in the first quarter, the export of IT services decreased by 16% to USD 1.68 billion compared to the first quarter of 2022.

This is stated in the message of the Association, Ukrainian News Agency reports.

"If we look at the changes in the export of IT services from Ukraine relative to the fourth quarter of 2022 and relative to the first quarter of 2022, there is a drop and it amounts to 16%. This decrease is due to two factors: firstly, in previous years the industry grew at extremely high rates, the second - each first quarter of the new year traditionally has a decline compared to the first quarter of the previous year. But the results of quarterly exports of IT services from Ukraine in 2022-2023 show that the industry has reached a "flat" level, that is, growth has stopped, and significant fall has not started," commented the executive director of the IT Ukraine Association Kostiantyn Vasiuk.

It is noted that before the full-scale invasion, the IT industry showed rapid growth, the volume of exports of IT services in the fourth quarter of 2021 amounted to USD 2.1 billion.

In 2022, the export of IT services increased by USD 400 million to USD 7.34 billion compared to 2021.

As Ukrainian News Agency earlier reported, in 2022, compared to 2021, the volume of Ukrainian exports in monetary terms decreased by 35% to USD 44.1 billion.