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3.1 Macroeconomic overview
Since the beginning of the year, Ukraine's GDP has grown by 4.3%.
According to the Ministry of Economy, in May 2024, Ukraine's GDP increased by 3.7%, and in January-May 2024, by 4.3%. GDP growth continued thanks to high export rates supported by the stable operation of the Ukrainian maritime corridor and the high demand for construction services driven by infrastructure restoration. Positive trends were observed in the transport industry, construction, agriculture, and internal trade. Industrial enterprises continued to restore their economic activity in May. This results from both export-oriented production and an increase in demand for investment products in mechanical engineering and construction materials. The metallurgical industry has reached its highest production rate since the beginning of the war, though it still lags behind pre-war indicators. The production of sunflower oil also increased. At the same time, high-security risks and the partial destruction of Ukraine's energy infrastructure remain key unsolved problems. Logistical problems and the difficult situation in the labor market due to migration also remain negative economic factors.
The Ukrainian economy grew by 6.5% in the first quarter, reaching almost 82% of its pre-war level. According to the results from the first quarter of 2024,
52 UKRAINE Country Report July 2024 www.intellinews.com