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projected 100mn ton harvest of grains and oilseeds would account for almost one quarter of 2021 GDP growth of 3.5%, the current consensus forecast.
Exports of Ukrainian IT services increased by 35% in 2021. This figure complements the number of entrepreneurs working in the IT sector, which has increased by 40% in 2020-2021, as reported by Opendatabot. Overall the number of IT companies operating in Ukraine increased by 22% in computing services, and 10% in information technology. In addition to growth in the IT sector, it accounted for 38% of Ukraine’s total exports of services. An increase by 14% on the previous year.
5.2.2 Current account dynamics
Ukraine’s current account posted a $117mn deficit in October of 2021,
compared to a $530mn deficit in the corresponding month of the previous year, as the primary income account swung to a $1,190 deficit from a $604mn surplus in October of 2020, while the services account surplus narrowed to $306mn from $1,011mn. At the same time, the goods deficit shrank to $609mn from $2,091mn, and the secondary income account surplus went to $1,281mn from $371mn.
5.2.3 Gross international reserves
Ukraine’s gross international reserves increased by $0.95bn, or 3.3% m/m, to $29.7bn in October, the National Bank of Ukraine (NBU) reported on November 5. The increase was mostly related to the purchase of foreign currency by the NBU at Ukraine’s ForEx market. In October the net purchase of the foreign currency amounted to $703mn.
28 UKRAINE Country Report December 2021 www.intellinews.com