Ukraine’s GDP growth accelerated to 2.1% in Q3

Ukraine’s real gross domestic product (GDP) in the third quarter of 2025 showed accelerated growth of 2.1% compared to the same period in 2024. For comparison, in the second and first quarters of this year, the economy grew by only 0.8%. This is evidenced by data from the State Statistics Service.

Compared to the previous quarter, taking into account seasonal factors, real GDP grew by 0.8%, while a quarter ago this figure was only 0.2%.

At the same time, inflationary pressure in the country has decreased significantly. In November 2025, consumer prices rose by 0.4% month-on-month, which is less than in October (0.9% month-on-month) and slightly more than in September (0.3% month-on-month). In annual terms, inflation slowed to 9.3% compared to 10.9% in October and 11.9% in September. Core inflation for the year also fell to 9.3%, while in October it was 10.2%.

As a reminder, in Q2 2025, Ukraine’s real GDP grew by 0.7% year-on-year and by 0.2% compared to the previous quarter (seasonally adjusted figure). The growth rate was lower than forecast (+1.1% y/y) and slowed down compared to the first quarter (+0.9% y/y).

The World Bank expects Ukraine’s economic growth to slow to 2% in 2025 from 2.9% in 2024. In 2026, the country’s GDP growth will also be 2% year-on-year, and it is expected to accelerate to 5% only in 2027.

Inflation in Ukraine reached 12% in 2024, exceeding the 2023 figures (5.1%) and government forecasts. Core inflation in 2024 was 10.7%, significantly higher than the 4.9% in 2023.