Ukraine’s GDP growth accelerates for two months

At the end of August, the Ukrainian economy grew by 3.5% (±1%) compared to August last year. This is better than the numbers of June and July – 1.1% and 2.7%, respectively, but worse than the numbers of May and April – 3.7% and 4.3%. The Ministry of Economy announced this on Wednesday, September 18.

Overall, for the eight months of this year, GDP growth is estimated at 3.9% (±1%) compared to the same period last year.

“The main contribution to economic growth was made by industry and positive dynamics in transport, construction and domestic trade In addition, in August, for the first time in the last three months, business improved its activity estimates in the near future, ” the report said.

Consumer sentiment also improved for the first time in two months. This is due to a slight power outage throughout the month.

At the same time, the lack of qualified specialists negatively affects business prospects and inhibits their economic activity.

At the same time, the fall in agricultural production resulted in a smaller yield of spring crops compared to last year. It is influenced by weather conditions during the growing season and plant maturation.

Earlier in September, the IMF again downgraded its forecast for Ukraine’s GDP. Experts believe that economic growth will be slow due to the impact of Russian attacks on energy infrastructure, the impact of the war on the labor market and the level of expectations of business activity.

In turn, the Ukrainian government significantly worsened the forecast for economic growth in 2025 – 2.7%. At the same time, growth of 6.8% was previously expected.