Ukraine's GDP grows 6.5% in Q1 - State Statistics Service

MOSCOW. June 26 (Interfax) - Ukraine's real GDP grew by 6.5% year-on-year in the first quarter of 2024, Ukrainian media reported citing preliminary data of the State Statistics Service report.

Compared to the previous quarter, GDP grew by a seasonally adjusted 1.2% in the first quarter.

Ukraine's GDP grew by 5.3% in 2023 after contracting by 28.8% in 2022, the service reported. The country's real GDP grew by 10.3% year-on-year in the first quarter of 2023, 19.2% in the second quarter, 9.6% in the third quarter and 4.7% in the fourth quarter.

The National Bank of Ukraine (NBU) estimated in an inflation report at the beginning of May that the country's real GDP grew by 3.1% in the first quarter of 2024, while in January it had forecast growth of 7.1%. The Economy Ministry's growth estimate was higher at 4.5%.

The NBU lowered its GDP growth forecast for 2024 to 3% from 3.6% in April. The government forecast economic growth of 4.6% for this year when it approved the 2024 state budget at the end of 2023, but the Finance Ministry recently said that the forecast has been lowered to 3.5%.