The growth of Ukraine's gross domestic product (GDP) in July 2024 compared to July last year amounted to about 2.7%, which is better than the June figure of 1.1%, but worse than May and April - 3.7% and 4.3%, respectively, such a preliminary assessment of the Ministry of Economy was published by First Deputy Prime Minister - Minister of Economy Yulia Svyrydenko.

"Ukraine's economy continues to demonstrate resilience. In total, for January-July of this year, we have growth at the level of 4%," she wrote on the X social network on Thursday.

Svyrydenko noted that the acceleration of growth in July was facilitated by the early start of the agricultural harvest and the stable operation of the sea corridor.

According to the Ministry of Economy, in the first half of 2024, the Ukrainian economy grew by 4.1%, which is lower than 4.3% for the four months and 4.5% for the five months. She named electricity shortage as the main factor in the slowdown in economic growth in June.

As reported, the National Bank of Ukraine at the end of July improved its GDP growth forecast for this year from 3% to 3.7%, while the NBU expects it to slow down in the third quarter to 3.1% and in the fourth to 2.3%. For next year, the NBU worsened its forecast from 5.3% to 4.1%.

When approving the draft state budget for the second reading in early November 2023, the government forecast economic growth this year at 4.6%, but in May, the Ministry of Finance reported deterioration to 3.5%, and Svyrydenko said in mid-June in Berlin that the forecast had been worsened to less than 4%.

According to estimates by the Institute for Economic Research and Policy Consulting (IER), Ukraine's real GDP growth in July 2024 accelerated to 4.4% from 3.1% in June and 3.5% in May due to a faster harvest than last year.

Following the fourth review of the Extended Fund Facility in late June, the International Monetary Fund worsened its forecast for Ukraine's GDP growth this year from 3-4% to 2.5-3.5%.