The positive dynamics were supported by growing investment demand, as well as greater accessibility to external markets
In January 2024, Ukraine's GDP, according to preliminary data, increased by 3.5% [±1%] compared to January 2023. This is stated in the report of the Ministry of Economy.
According to the ministry, the positive economic dynamics at the beginning of the year were hampered by the growing demand for investment, as well as the expansion of logistical opportunities for national producers in foreign markets.
According to First Deputy Prime Minister and Minister of Economy Yulia Svyrydenko , the work of the Ukrainian maritime corridor has made it possible to achieve record export volumes since the start of the large-scale invasion of Russia and continue to increase economic activity. This mainly concerns producers of agricultural and metallurgical products, metal ore mining companies and railway transport.
Furthermore, the lifting of the border blockade by Polish road hauliers in mid-January had a positive impact on both exporters and manufacturers who rely heavily on imported raw materials.
According to preliminary estimates, the main sectors of the economy showed positive dynamics in January. The transport sector was supported by an increase in domestic rail transport and cargo movement at seaports. Positive trends in industry were driven by a recovery in economic activity in export-oriented industries as well as the energy sector. Furthermore, this created demand for products from related industries.
“Positive trends in the main sectors of the economy constitute a reliable additional economic basis for continued economic growth in the first quarter of 2024. The Ukrainian economy continues to adapt and acquire characteristics of the wartime economy,” noted the Minister of the Economy.
She added that the main unresolved problems remain the ongoing destruction of production capacity, the difficult situation in the labor market and the lack of affordable credit.
As Compraço previously reported, euro area GDP in October-December 2023 remained unchanged compared to July-September last year. Compared to the fourth quarter of 2022, the euro area economy grew by 0.1%.
