Ukraine’s economy grows 3.9% year-to-date

Ukraine’s GDP grew by 3.9 per cent year-on-year in the first eight months of 2024, with 3.5 per cent growth recorded in August, according to the economy ministry.

First Deputy Prime Minister Yulia Svyrydenko credited improved access to electricity for boosting business and consumer confidence, with the transport, construction, and retail sectors driving the expansion.

Ukraine’s economy, which contracted by 29 per cent in 2022 due to Russia’s invasion, rebounded with 5.3 per cent growth in 2023.

However, ongoing energy shortages, exacerbated by Russian attacks on the power sector, are expected to slow GDP growth to 3.5 per cent for the year.

Businesses have increasingly relied on costly imported electricity and are investing in new energy sources to maintain operations.