Ukraine’s GDP grew by 9.3% y/y in Q3 – State Statistics Service

Compared to the previous quarter, the country's economy grew by 0.7%

Ukraine’s real gross domestic product (GDP) grew by 9.3% in the third quarter of 2023 compared to the same period in 2022. This is evidenced by the operational data of the State Statistics Service.

At the same time, in the second quarter of 2023, a sharp increase in GDP by 19.5% was recorded after a drop of 10.5% in the first quarter and 31.4% in the fourth quarter of 2022. Thus, the pace of economic recovery slowed in July-September.

Compared to the previous quarter, seasonally adjusted Ukraine’s GDP grew by 0.7% in July-September 2023. In the second quarter of 2023, the country’s economy grew by 0.8% q/q.

In 2022, Ukraine’s real GDP decreased by 29.1% year-on-year. The inflation rate reached 26.6% last year compared to 9.4% in 2021.

As GMK Center reported earlier, in October 2023, Ukraine’s GDP grew by 10.5% compared to the same month in 2022. In January-September 2023, the economy grew by 5.5% compared to the same period in 2022.

Industrial production in Ukraine in January-June 2023 decreased by 2.9% compared to the same period of 2022. In June, the indicator increased by 13.7% compared to the same month of the previous year and decreased by 3.1% m/m.

Ministry of Economy raised the forecast of GDP growth in the current year to 4%. This is a more optimistic forecast than that of the National Bank, which expects growth at the level of 2.9%. In the medium term, we can expect economic growth of 3.5% in 2024 and 6.8% in 2025.