The Ministry of Economy estimates GDP growth for the first half of the year at 4.1% and expects it to grow by 3.5% in 2024.
This is stated in the message of the Ministry of Economy, the Ukrainian News agency reports.
"In June 2024, Ukraine's GDP grew by 1.1% [±1%] compared to June last year. As a result, for the first half of the year, GDP growth is estimated at the level of 4.1% [±1%] compared to the same period last year year," the message says.
The Ministry notes that the main factor slowing down the growth rate of the economy was power outages due to its shortage, but despite the negative factors, economic recovery continues.
"During June, the economy functioned in difficult conditions of power outages, which weakened the economic activity of both enterprises and consumers. However, thanks to a high level of adaptability to difficult conditions and experience in responding to such challenges, the Ukrainian economy continued to grow. Among the factors that contributed to this, as well as the high rates of export of products of the mining and metallurgical complex and the early start of harvesting of winter crops," said First Deputy Prime Minister - Minister of Economy Yuliya Svyrydenko.
According to her, the stable operation of the Ukrainian maritime corridor and the ability of individual enterprises to ensure stable access to electricity thanks to direct import can be attributed to the positive factors that influenced economic growth.
Svyrydenko noted that the dynamics of economic growth in the first half of the year at the level of 4.1% currently corresponds to the updated government forecast, according to which real GDP growth is expected at the level of 3.5% by the end of 2024.
At the same time, according to her, the analysis shows that the shortage of qualified personnel has a negative impact on business expectations.
The Ministry notes that high security risks, as well as the consequences of the destruction of the energy infrastructure, remain the key unsolved problems at the moment. The restoration of the energy industry will require time and resources, which, according to forecasts, may restrain the pace of recovery of industrial activity. Also, logistical problems and a difficult situation on the labor market remain negative factors for the economy.
As the Ukrainian News agency earlier reported, according to the State Statistics Service, in the 1st quarter of 2024, GDP increased by 6.5%.
The state budget for 2024 was developed based on the macroeconomic forecast, which predicts real GDP growth in 2024 by 4.6%.
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