Ukraine's GDP grows 4% in Jan-Nov 2024 - economy minister

MOSCOW. Dec 12 (Interfax) - The Ukrainian Economy Ministry has estimated the country's gross domestic product growth in January-November 2024 at 4% compared to the same period last year and at 0.9% in November 2024 compared to November 2023, Ukrainian media outlets cited First Deputy Prime Minister and Economy Minister Yulia Sviridenko as saying.

The ministry's earlier estimates show that Ukraine's GDP grew 4.2% in January-October 2024 year-on-year. It projects this year's GDP growth at 3.9% and inflation at 9.5%.

"The transport and construction sectors, processing and domestic trade remain the economic growth drivers in 2024. Government support programs, such as grant programs for the processing sector, for starting and developing a business, the 5-7-9% affordable loans program, eOselia and others under the Made in Ukraine policy, have played their role," Ukrainian media quoted Sviridenko as saying in a statement published on the ministry's website.

Another positive factor was the increase in procurement of Ukrainian defense industry products, thus prompting growth in the engineering industry, she said.

Other positive factors influencing the GDP growth rate include an increase in the engineering sector's production, the expansion of the processing industry due to access to electricity imports and alternative power supply options, as well as the better performance of the mining industry due to the operation of new gas wells, she said.