GDP grew by 4.2% in ten months of 2024: growth driven by transport, construction and industry

The Ukrainian economy grew by 4.2% in 10 months. The drivers of growth remain the transport and construction industries, as well as the manufacturing industry, said First Deputy Minister of Economy Oleksii Sobolev.

“The construction industry continues to show upward momentum due to the implementation of recovery programmes and increased demand for construction work. Transport is also among the drivers of the country’s economic growth, primarily due to the stable operation of the grain corridor. Finally, the demand for manufacturing products, in particular in the defence industry, is driving growth in this sector,” said Oleksii Sobolev.

GDP growth in October 2024 compared to October 2023 was recorded at 1.3%. Transport, processing and construction continued to show strong positive dynamics. At the same time, agriculture experienced a decline. The reason for this is the early harvest this year: by October, farmers had already completed harvesting some crops.

As a reminder, in September 2024, GDP growth was recorded at 3.8%, and in the first nine months of the year – 4.5%, which is generally in line with the updated government forecast.