20 Jun 2024 14:31

Ukraine's GDP growth slowed to 3.7% in May, 4.3% in 5M - MinFin

MOSCOW. June 20 (Interfax) - Ukraine's GDP growth slowed to 3.7% in May from 4.3% in April and 4.6% in March, Ukrainian media reported, quoting a preliminary estimate by First Deputy Prime Minister - Minister of Economy Yulia Sviridenko.

"Ukraine's GDP grew 3.7% in May 2024, showing resilience in the face of challenges. Overall, the Ukrainian economy grew by 4.3% in the first five months of the year," she said on social media.

As reported, the Economy Ministry estimated GDP growth for the first four months of this year at 4.5%.

Sviridenko said the economic growth in January-May was driven by exports and demand in construction, and there was also an upturn in sectors like metals and machine building.

"The Ukrainian economy remains stable despite the security risks and logistical difficulties," she said.

Earlier it was reported that the National Bank of Ukraine on April 25 worsened the GDP growth forecast for this year from 3.6% to 3% following 5.3% growth last year. The Ukrainian government forecast 4.6% GDP growth for 2023 when approving the draft state budget at the end of last year, however, the Finance Ministry recently said this had been lowered to 3.5%. In addition, the Finance Ministry said the macroeconomic outlook would worsen following the fourth review of the program with the IMF, to be completed by the end of June.