Agriculture made the largest negative contribution to GDP growth in 2024.
This is stated in the NBU report, the Ukrainian News agency reports.
The gross value added (GVA) of this sector decreased by 7.3% at the end of the year due to a lower harvest.
Hot weather and drought in the summer and early autumn negatively affected yields, especially of late crops.
The decline in yields led to higher feed prices, which hindered the development of livestock farming.
The restoration of electricity shortages due to new destruction of Ukraine's energy infrastructure by russia also hindered economic growth.
Although the situation remained relatively stable thanks to repairs and electricity imports, the energy sector's GVA decreased by 2.7% at the end of the year.
Energy shortages, increased shelling, and lower volumes of agricultural raw materials for processing held back the development of the processing industry.
The growth of the GVA of this sector slowed to 6%.
Thanks to the increase in gas and metal ore production, growth in the extractive industry resumed - GVA increased by 3.6%.
In addition, the stable operation of the maritime corridor had a significant impact, which also positively affected the financial results of the metallurgy and transport industries.
Although the GVA of the trade sector decreased by 4.1% in 2024, consumer demand remained stable, as evidenced by high indicators of retail trade and the service sectors.
The contribution of a soft fiscal policy to GDP growth remained significant.
High budget financing supported industries related to the production of defense products, and also led to an increase in the GVA of budget sectors.
The GVA of the public administration and defense sector in 2024 increased by 2.4%, education - by 10.8%, healthcare - by 4.3%.
Capital expenditures of the budget for the construction of fortifications, repairs of critical infrastructure and other restoration projects, together with investment contributions from the private sector, ensured high growth rates of the GVA of construction (by 16.2%).
The steady work of the financial system, including banks, contributed to the improvement of the results of the financial sector.
In 2024, the growth of the GVA of this sector resumed after a two-year decline and was the highest among the types of activity (27.4%).
Despite the slowdown compared to 2023 due to difficulties in finding orders, the GVA of the IT industry also grew at a high rate (by 8.3%).
As the Ukrainian News agency earlier reported, in 2024, the real gross domestic product, according to operational data, increased by 2.9% compared to 2023 (in constant 2021 prices) to UAH 7,658.659 billion (in actual prices).
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