Ukraine’s economy continues to grow despite the impact of war – NBU
8 November 13:28
The Ukrainian economy is showing gradual growth despite the serious challenges posed by the war. This is stated in the October inflation report of the National Bank of Ukraine, according to Komersant ukrainskyi
Thus, during the second and third quarters of 2024, real gross domestic product (GDP) continued to grow due to a relatively stable situation in the energy sector and a significant harvest of early grain crops. As a result, the National Bank of Ukraine raised its forecast for real GDP growth in 2024 to 4%, although previous data indicated a slightly lower level.
The economic recovery, according to the NBU, is positively influenced by large-scale international financial support, rising household incomes, and budgetary incentives aimed at supporting economic activity. A significant contribution was also made by the sustained external demand for Ukrainian goods and the expansion of production in the agricultural sector.
Follow us on Telegram: the main news in a nutshell
At the same time, the pace of recovery remains limited due to ongoing attacks on critical infrastructure affecting energy supply, as well as a deteriorating demographic situation caused by migration and labor shortages. These factors are slowing economic growth, although real GDP continues to recover gradually.
For 2025-2026, the NBU forecasts GDP growth at 4.3-4.6%. Favorable external demand, growing agricultural production, and increased international support should contribute to this recovery. The NBU also hopes that loose fiscal policy will continue to stimulate economic activity despite situational fluctuations in spending
However, the growth rate will remain dependent on developments at the front and the situation with infrastructure damage.
The NBU also reported that inflation in Ukraine is growing, but the NBU expects it to stabilize in 2025.
