Ukraine's Economy Ministry estimates April GDP growth at 4.3% YoY, 4.4% since start of year

MOSCOW. May 22 (Interfax) - The growth of Ukraine's GDP in April 2024 was about 4.3% YoY (March saw 4.6% YoY GDP growth), Ukrainian media reported, citing a report on the Ministry of Economy's Telegram channel, which refers to preliminary data.

The ministry estimates economic growth for the first four months of the year at 4.4% (4.5% in the first quarter).

"The Ukrainian economy continues to adapt, key sectors are showing growth, and positive trends are visible in the transport sector, industry, construction, agriculture and in domestic trade. Economic growth was facilitated, in particular, by the stable operation of the Ukrainian maritime corridor," the report says.

The continuing trend of recovery growth is supported, in particular, by record export volumes, an increase in demand for construction services in the context of budget funding for infrastructure restoration, and a revival of consumer activity, Ukraine's Energy Ministry said.

"Meanwhile, high security risks and further damage to energy facilities, as well as a significant shortage of qualified personnel continue to put negative pressure on GDP," First Deputy Prime Minister - Minister of Economy Yulia Sviridenko said in the report.

As reported, the National Bank of Ukraine downgraded the country's GDP growth forecast for this year from 3.6% to 3% on April 25. When approving the draft state budget in November 2023, the government forecasted economic growth of 4.6% for in 2024.