Ukrainian Economy Ministry estimates GDP rose 5.3% in 9M, expects 5% growth for year

MOSCOW. Oct 9 (Interfax) - The Ukrainian Economy Ministry estimates GDP rose 5.3% in January-September 2023 and could grow around 5% this year as a whole, Ukrainian media quoted the ministry as saying in a statement.

GDP grew around 9.1% year-on-year in September, according to the ministry's preliminary estimates.

"Almost all sectors are showing positive trends. In agriculture we are seeing a bigger harvest than last year; in industry, production rates are gradually recovering - more than 10% growth in machine building, the food industry and furniture production. Construction is growing due to ongoing restoration, there is renewed demand for the mortgage program, which, in turn, will bolster the primary real estate market," the statement quoted First Deputy Prime Minister - Minister of Economy Yulia Sviridenko as saying.

She said the main sources of economic growth were the Ukrainian budget, which is largely being topped up by international assistance, as well as business support programs.

The Economy Ministry earlier forecast Ukraine's GDP would grow 4% in 2023 and estimated it had risen 3% in the first eight months of this year. The World Bank expects the country's economy will grow 3.5% this year.