Ukraine witnesses 3.6% GDP growth in Jan-Feb ’24 – minister

Ukraine’s economy is showing signs of recovery, with a 3.6 per cent rise in GDP in the first two months of this year, Reuters reported, citing Ukrainian Minister of Economic Development and Trade Yulia Svyrydenko as saying on Sunday.

This growth, driven by factors such as investment demand, favourable weather conditions for construction, agricultural exports, and the operation of the Ukrainian sea corridor, is expected to continue throughout the first quarter.

“Thanks to the positive performance of key sectors of the economy, we expect sustainable growth for the entire first quarter,” she added.

Svyrydenko also highlighted the expansion of the mining industry and stability in the energy sector as contributing factors.

After a 28.8 per cent fall in GDP in the previous year due to the devastating effects of Russia’s war in February 2022, Ukraine’s economy grew by 5 per cent in 2023 and 3.5 per cent in January this year.

Despite the challenges posed by the war, including bombing cities, infrastructure, and logistics, as well as the disruption of supply chains, and exports, the country is on a path of sustainable growth.