Ministry of Economy estimates Ukraine's GDP growth in Nov at 5.3% vs 2.3% in Oct
Growth in Ukraine’s real gross domestic product (GDP) accelerated to 5.3% in November versus 2.3% in October, the Ministry of Economy, Environment and Agriculture of Ukraine said in a statement.
"The main drivers of the acceleration were agriculture, domestic trade, construction, and the processing industry," the Ministry stressed.
According to Oleksiy Sobolev, the Minister of Economy, the Ukrainian economy is growing despite significant obstacles.
"Despite power supply disruptions caused by massive attacks on critical infrastructure, the Ukrainian economy continues to grow, and businesses continue to adapt to difficult conditions. At the same time, Ukraine is demonstrating more dynamic growth than the Russian Federation. In October, the aggressor country had an indicator of 1.6% real GDP, while Ukraine had 2.3% and 5.3% in November," the report quotes him as saying.
The ministry believes that the economy is supported by the implementation of programs for business recovery and development, financed by international financial assistance, which contributes to the activation of domestic production.
Rapid recovery and growth are also facilitated by significant budget financing for the reconstruction and repair of critical infrastructure and housing (through the eRecovery and eOselia programs), as well as the procurement of domestic products in the defense industry.
The Ministry of Economy emphasized that structural changes in production demonstrate an increase in activities with high added value, positively impacting the economy. Notably, the share of mechanical engineering in industrial sales increased from 5.7% in 2021 to 9%.
The ministry summarized, "In general, industrial enterprises demonstrate an increase in the utilization of production capacities in such industries as pharmaceuticals, furniture production, wood processing, and the food and textile industries."
