Ukraine's economy grows by 4% since beginning of 2024, but pace slows in November

Ukraine's GDP grew by 4% (±0.5%) from January to November 2024, although the pace slowed to 0.9% in November, the Ministry of Economy reported.

The main drivers of economic growth in 2024 were the transport and construction sectors, manufacturing, domestic trade, and the extractive industry, particularly gas production. This growth was supported by state programs aimed at business support and the stable operation of the maritime corridor.

First Vice Prime Minister and Minister of Economy Yulia Svyrydenko highlighted the crucial role of state support programs, such as grants for the manufacturing industry, the affordable lending program 5-7-9%, the eOselia program, and the Made in Ukraine policy. The ministry also noted the positive impact of increased purchases of defense industry products on the development of machinery manufacturing.

In October, the year-on-year GDP growth was 1.3%, compared to 3.8% in September, thanks to the early harvest of late crops.

At the end of October, the National Bank forecasted that GDP growth for the year would be 4%, accelerating to 4.3-4.6% in 2025-2026.