14:02 12.07.2024

Ukraine's GDP growth slows to 1.1% in June, to 4.1% over six months – 1st Dpty PM

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Ukraine's GDP growth slows to 1.1% in June, to 4.1% over six months – 1st Dpty PM

The growth of Ukraine's gross domestic product (GDP) in June 2024 year-over-year was about 1.1%, which is lower than the May and April indicators of 3.7% and 4.3%, respectively, this preliminary estimate was made public by First Deputy Prime Minister - Minister of Economy Yulia Svyrydenko.

"The Ukrainian economy grew by 4.1% in the first half of 2024, despite the challenges we have faced, according to preliminary estimates of the Economy Ministry. In June, growth was at 1.1% compared to June 2023, a bit slower than at the beginning of the year," she said on X on Friday.

According to Svyrydenko, the main factor slowing economic growth was electricity shortage. However, thanks to high adaptability of business, the economy continued to grow.

According to her, contributing factors are high export of metallurgical products and iron ore, early harvest of winter crops, stable operation of the Ukrainian maritime corridor, direct electricity imports from the EU by some businesses. Positive dynamics are in domestic trade, construction, and agriculture, the First Deputy Prime Minister added.

"Negative factors for the economy include security and logistical issues, electricity shortages, and a complex issue of structural unemployment," Svyrydenko noted.

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