Ukraine's GDP growth accelerates to 4.6% in March according to Economy Ministry estimates
Photo: Ferrexpo

The Ministry of Economy of Ukraine estimated the growth of the gross domestic product in March at the level of 4.6% +/- 1%, announced the Department of Strategic Planning and Macroeconomic Forecasting in the monthly overview of the main events in the Ukrainian economy.

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This is more than in January (3.5%) or February (3.9%).

In general, for January-March 2024, growth is estimated at the level of 4.5% +/- 1%. The official estimate for the first quarter should be provided later by the State Statistics Service.

The Ministry of Economy explained that the trend of GDP growth is supported by the stable operation of sea ports, which stimulated the activity of railway transport, metallurgy and mining of metal ores, as well as a number of other factors:

→ increasing production capacities in the extractive industry;
→ activation of production of mineral fertilizers;
→ increasing demand for construction services in favorable weather conditions;
→ improvement of business attitudes;
→ revitalization of consumer activity.

Mass missile attacks at the end of March and beginning of April led to significant destruction of the energy infrastructure in some regions, which will require time and resources to restore it and slow down the recovery of production activity in certain types of activities.

Earlier, the Ministry of Economy published two scenarios for the first time in its traditional consensus forecast: one based on the assumption that the war will end in 2024, and the other based on the assumption that it will last longer. The ministry believes that the economy of Ukraine will not recover to the pre-war level even in 2027.