Ministry of Economy of Ukraine
In April, GDP grew by 4.3%: Despite war, key sectors of economy show growth
24.05.2024 | 14:15 | Section for Public and Mass Media RelationsThe Ukrainian economy is recovering despite the war and massive rocket attacks by the russian federation. According to preliminary estimates by the Ministry of Economy, GDP growth in April 2024 compared to April last year was about 4.3% [±1%]. As a result, in January-April 2024, growth is estimated at 4.4% [±1%] compared to the same period last year.
“In April 2024, the trend of economic recovery continued, supported by record exports of goods, increased demand for construction services in the context of budget financing for infrastructure restoration, continued improvement in business sentiment and revival of consumer activity. The stable operation of the sea corridor stimulated the rail transportation, steel production, and metal ore mining industries.
Positive trends were observed in the transportation sector, industry, construction, agriculture, and domestic trade. Overall, the economy continues to adapt and acquire the characteristics of a wartime economy. At the same time, high security risks, another damage to energy facilities, and a significant shortage of skilled workers continued to put negative pressure on GDP,” explained Yulia Svyrydenko, First Vice Prime Minister of Ukraine – Minister of Economy of Ukraine.
According to her, in April, industrial enterprises continued to restore economic activity, both due to export-oriented production and demand for investment products such as machine building and construction materials. All this created demand for products of related activities.
At the same time, after the latest attacks on Ukraine’s power grid and significant damage and destruction of thermal power plants and hydroelectric power plants, some generation facilities were temporarily lost. Problems with power generation could have a potentially negative impact on the operation of industry, especially the largest electricity consumers, which, due to the technological characteristics of their production processes, find it almost impossible to switch to alternative sources of electricity supply.
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