Ukraine's economic recovery is occurring despite the war and massive missile attacks from Russia. According to preliminary estimates by the Ministry of Economy, GDP growth in April 2024 compared to April last year was approximately 4.3% [±1%]. As a result, for January-April 2024, growth is estimated at 4.4% [±1%] compared to the corresponding period last year.
"In April 2024, the trend of economic recovery continued, supported by record export volumes, increased demand for construction services due to budget financing for infrastructure restoration, continued improvement in business sentiment, and a revival in consumer activity. The stable operation of the maritime corridor stimulated the rail transport sector, metallurgical production, and metal ore extraction. Positive trends were observed in the transport industry, manufacturing, construction, agriculture, and domestic trade. Overall, the economy continues to adapt and acquire the characteristics of a wartime economy. However, high security risks, further damage to energy facilities, and a significant shortage of qualified personnel continued to negatively impact GDP," explained First Deputy Prime Minister of Ukraine and Minister of Economy of Ukraine Yulia Svyrydenko.
According to her, in April, industrial enterprises continued to restore economic activity, driven by export-oriented production and demand for investment products—machinery (military-industrial complex) and construction materials. All this created demand for products in related industries.
At the same time, after the latest attacks on Ukraine's energy system and significant damage and destruction to thermal and hydroelectric power plants, some generation facilities were temporarily lost. Problems with power generation could potentially negatively impact industrial operations, especially the largest electricity consumers, which, due to the technological specifics of their production processes, can hardly switch to alternative power supply sources.
