Ukraine’s real GDP grew by 2.9% in 2024 – State Statistics Service

Last year, nominal GDP amounted to UAH 7.66 trillion

Ukraine’s GDP growth slowed to 2.9% in 2024 from 5.5% in 2023. This is according to the State Statistics Service.

According to the State Statistics Service, in the fourth quarter of 2024, GDP declined by 0.1% year-on-year. At the same time, in the previous quarters, economic growth was uneven, amounting to 2.2% in the third quarter, 4% in the second quarter, and 6.8% in the first quarter.

According to the statistics agency’s calculations, Ukraine’s nominal GDP amounted to UAH 7.66 trillion last year, with a change in the deflator of 12.3%.

In January-February this year, Ukraine’s GDP grew by 1.1% compared to the same period in 2024. In February, the country’s economy grew by 0.7%, driven by a recovery in domestic (retail) trade. Consumer sentiment also continued to improve.

As GMK Center reported earlier, the International Monetary Fund downgraded its forecast for Ukraine’s economic growth in 2025 by 0.5 percentage points from its previous expectations to 2-3%. This estimate reflects unfavorable factors related to labor market constraints, damage to energy infrastructure and the continuation of the Russian war in Ukraine.

Independent analysts expected the Ukrainian economy to grow by an average of 3.7% y/y this year, while the National Bank expected it to grow by 4.3% y/y amid a 3.9% GDP increase in 2024, as forecasted by the Ministry of Economy. The state budget for 2025 forecasts economic growth at only 2.7% y/y.