GDP growth accelerated to 10.5%

The Ukrainian economy continues to show positive momentum despite unfavourable external factors. According to preliminary estimates by the Ministry of Economy of Ukraine, GDP growth in October was around 10.5% [±2%] yoy. 

The most positive contribution to GDP in October was made by the services sector (especially public administration and defence) and the manufacturing sector (which, despite significant losses and destruction during the war, is showing a steady recovery).

Positive factors contributing to economic growth include  
– high agricultural yields 
– the stable situation in the energy sector 
– the operation of a temporary corridor for the movement of civilian vessels to the ports of Greater Odesa

Significant destruction of infrastructure and fixed assets, persistent significant security risks, export logistics constraints, slow recovery of the labour market, lack of sufficient equity capital and affordable credit facilities remain the constraints to economic growth. 

As a result, the economy is estimated to grow by 5.5% yoy in January-October 2023.

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