Economy Ministry estimates Ukraine’s GDP growth in 2024 at 3.6%

The growth of real gross domestic product (GDP) of Ukraine in 2024 is estimated at 3.6%, First Deputy Prime Minister – Minister of Economy Yulia Svyrydenko said at a meeting of the parliamentary economic committee on Wednesday.

"A 3.6% GDP growth is expected by the end of 2024, while the Made in Ukraine policy added 0.6% to this growth. Ukrainian exports in monetary terms increased by 15.2%, reaching $ 41.7 billion," she wrote on Facebook following the meeting.

Among other important results, Svyrydenko highlighted the fact that 67% of the state's revenues from all enterprises in the country were provided by critical enterprises that reserved their workers, and privatization brought in three times more than planned – UAH 12 billion.

"The focus for this year is to maintain economic recovery and strengthen economic self-sufficiency," the first deputy prime minister emphasized.

As reported, in 2024, the State Statistics Service preliminarily estimated real GDP growth in the first quarter at 6.5%, in the second – at 3.7%, and in the third – at 2%. Inflation at the end of the year was 12%.

In late October, the National Bank of Ukraine raised its forecast for economic growth in 2024 from 3.7% to 4%, and for 2025 – from 4.1% to 4.3%. At the same time, the NBU worsened the inflation forecast for 2024 from 8.5% to 9.7%, for 2025 from 6.6% to 6.9%.

The Ministry of Economy expected Ukraine's GDP growth in 2024 by 3.9% with inflation of 9.5%, and the state budget for 2025 is based on the forecast for GDP growth of 2.7% with inflation of 9.5%.