Economic growth was facilitated by a stable situation in the energy sector and the work of a corridor for the movement of ships in the ports of Great Odessa.
Ukraine’s economy grew by 10.5% in October compared to the same period last year. The Ministry of Economy announced this on Friday, November 24.
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“In October, GDP growth accelerated to 10.5%. Positive factors that contributed to economic growth include high agricultural yields and good weather, which ensured a high harvest rate. The stable situation in the energy sector and the work of a temporary corridor for the movement of civilians also added to the positive ships in the ports of Greater Odessa, “said the message.
In October, the most positive contribution to GDP was made by the service sector, in particular, the sphere of public administration and defense, whose funding was a wartime priority. In second place in terms of the impact of economic growth is the manufacturing sector, which, although it suffered great losses and destruction during the war, is showing a steady recovery.
In industry, there is a gradual restoration of production rates in the context of an increase in the raw material base from agricultural production, the need to replace coal and gas reserves to reach the winter season, a stable situation in the energy sector and investment demand from the public sector.
The Ministry of Economy noted that budget funding aimed at emergency restoration of infrastructure damaged as a result of hostilities and major restoration in previously liberated territories had a positive impact on the construction sector. The primary housing market has also started to feel better.
Overall, the current growth of the Ukrainian economy is estimated at 5.5% compared to the corresponding period in 2022.
At the same time, the significant deterioration of infrastructure and fixed assets, the persistence of significant security risks, the restrictions on export logistics, the slow recovery of the labor market, and the lack of sufficient equity capital and available funds of credit remains limiting factors.
“But in general, positive factors in October exceeded the balance of influence on GDP,” the department summarized.
We remind you that the National Bank expects GDP growth of 4.9%. At the end of October, the regulator upgraded its macro forecast for the current year for the third time.
Source: korrespondent
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