Page 35 - UKRRptFeb24

3.0 Macro Economy
3.1 Macroeconomic overview
The Ministry of Economy has assessed 2023’s most important economic indicators. Preliminary operational estimates indicate that Ukraine's real GDP grew by 5% in 2023 after falling by 28.8% in 2022. According to the Ministry of Economy, the service sector's most positive contribution to GDP was made by administration and defence, the financing of which is a priority during the war. The manufacturing sector, which has suffered significant losses and destruction, also contributed positively to GDP, but less so than the service sector. During the year, the highest growth rates were observed in public administration and defence, construction, agriculture, internal trade, and the processing industry. In response to aid from international partners and the accumulation of a significant level of international reserves, the NBU switched to managed flexibility of the exchange rate in October (at the end of the year, the hryvnia had devalued by 3.9% to ₴38 per $1), and international reserves increased to $40.5B. The growth rate of consumer prices in annual terms
35 UKRAINE Country Report February 2024 www.intellinews.com