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Ukraine's GDP increases by 9.1% in September

Wednesday, 25 October 2023, 13:56

Ukraine’s economy recovered by 9.1% in September 2023 compared to September 2022.

Source: press service of the Ministry of Economy

Details: In addition, the GDP growth rate in January-September this year is estimated at 5.3% compared to the same period last year.


Quote from Economy Minister Yuliia Svyrydenko: "Most key economic activities showed positive results in September. In addition to the low statistical comparison base, this is also due to the high ability of businesses to adapt to new challenges, as well as assistance from the government and international partners."

Details: In particular, economic activity in many sectors of the manufacturing industry is recovering. In general, the manufacturing sector, which suffered significant losses and destruction during the full-scale war, is gradually recovering.

The service sector also made a significant positive contribution to the GDP in September.

Quote from Svyrydenko: "First, it is the commercial service sector, which is now more digitised and agile in its operations, and therefore quickly adapts to new market conditions and needs. 

Secondly, the service sector also includes public administration and defence, which are prioritised in times of war."

More details: In addition, due to an increase in the raw material base from agricultural production and the establishment of new supply routes, food processing companies increased their production in September. 

Positive dynamics were also observed in the machine building and construction materials industries. The Ministry of Economy pointed out that this was facilitated by reconstruction projects and the e-Oselia mortgage lending program. 

The Ministry attributed the increase in the mining industry to the accumulation of coal and gas reserves for the winter.

Quote from the Ministry of Economy: "At the same time, the repair campaign of generation facilities and grids, permanent damage to grids due to hostilities in certain oblasts, and unusually warm weather conditions restrained electricity production and consumption (compared to September 2022).

The security situation, the destruction of production facilities of some companies (mainly in the east of the country), and logistical constraints for exporters remained the biggest constraints on economic growth in September."

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