Ukraine’s GDP to grow by 3.6% in 2024 – Ministry of Economy

The Ministry of Economy estimates Ukraine’s GDP growth at 3.6% in 2024. This was announced by First Vice Prime Minister and Minister of Economy Yulia Svyrydenko.

According to Svyrydenko, the “Made in Ukraine” policy contributed +0.6% to GDP growth. In 2024, Ukrainian exports in monetary terms increased by 15.2% y/y – to $41.7 billion.

The First Deputy Prime Minister also noted that 67% of the state’s revenues from all enterprises in the country last year were provided by critical enterprises that booked their employees.

Privatization brought in three times more than planned – after all deals are closed in 2024, revenues from privatization could reach UAH 12 billion.

“The focus for this year is to maintain the economic recovery and strengthen economic self-sufficiency,” the First Deputy Prime Minister emphasized.

The areas in which the Ministry of Economy will work in 2025 include attracting investment, expanding exports, maximizing human capital, booking, improving the business climate, continuing to raise funds under the Ukraine Facility, European integration processes, etc.

The Ministry of Economy expected Ukraine’s GDP to grow by 3.9% in 2024, with inflation at 9.5%. The state budget for 2025 is based on the forecast of GDP growth by 2.7% with inflation of 9.5%.

Independent analysts expect Ukraine’s GDP to increase by an average of 3.7% y/y in 2025, to $199.5 billion. The war and damage to the energy infrastructure remain the key constraints to economic growth.