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Statistics service: Ukraine's GDP up 6.5% in first quarter

by Elsa Court and The Kyiv Independent news desk June 25, 2024 8:56 PM 1 min read
Port of Odesa on June 23, 2024 in Odesa, Ukraine. (Nikoletta Stoyanova/Getty Images)
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Preliminary estimates suggest that Ukraine's gross domestic product (GDP) increased by 6.5% in the first quarter of 2024 compared to the first quarter of 2023, Ukraine's State Statistics Service reported on June 25.

Russia's invasion caused a major hit to Ukraine's economy, which suffered a whopping 29.1% fall in GDP in 2022. The economy stabilized faster than expected in 2023 due to several successful government programs, as well as international support, and grew by 5.3% in 2023

"Real GDP in the first quarter of 2024 increased by 1.2% compared to the previous quarter (seasonally adjusted)," the State Statistics Service said.

According to the State Statistics Service, Ukraine's GDP decreased by 10.3% in the first quarter of 2023, compared to the first quarter of 2022, when Russia launched its full-scale invasion.

The International Monetary Fund (IMF) said in April that Ukraine's GDP will grow by 3.2% in 2024 and by up to 6.5% in 2025 even as the country continues to grapple with the full-scale invasion.

Ukraine needs $9.5 billion for rapid recovery in 2024
Ukraine needs $9.5 billion for rapid recovery this year, namely in the defense industry, energy, housing, agricultural, natural resources, and the IT sector, the Finance Ministry said on June 20.

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