Page 21 - UKRRptSept23

3.0 Macro Economy
3.1 Macroeconomic overview
Ukraine's real GDP growth in July slowed from 15% to 8%, compared to the same period last year, the Institute for Economic Research and Policy Consulting (IER) stated in its monthly economic monitoring report on Aug 17.
Ukraine's government expects the GDP to grow by 3.2% this year. The Ministry of Economy reported that they are currently observing the recovery of economic growth after significant losses. The economy continues to adapt to the current challenges of the war successfully. "We expect this trend to continue," the ministry noted. Despite Russia's withdrawal from the grain agreement and the attack on the port infrastructure of Odesa and the Danube, GDP growth this year will be approximately 3.2%, as was forecast at the beginning of the year. "However, the war continues, so the risks remain high," the economic department noted. Accelerated GDP growth is expected in 2024 - growth is currently being forecast at about 5%. This will happen if the war ends by the middle of the year, migrants gradually return home, the ports are
21 UKRAINE Country Report September 2023 www.intellinews.com