Page 43 - UKRRptFeb24

Pensions in 2024 will be indexed, according to preliminary calculations, by 13%, First Deputy Minister of Social Policy Daria Marchak has said to cover inflation which was 15% at the time.
4.5.3 Retail sector dynamics
Retail Sales in Ukraine increased 23.30% in June of 2023 over the same month in the previous year. Retail Sales y/y in Ukraine averaged 4.00% from 2007 until 2023, reaching an all time high of 35.50% in March of 2023 and a record low of -36.30% in March of 2022.
Traders predict a 10% increase in retail trade turnover in Ukraine. According to the director of the UTG, Yevgenia Loktionova, the main reason for the rise in consumption, entertainment, and restaurant visits is to combat stress and negative news. "In the new year of 2024, the turnover of retail trade in Ukraine will continue to grow by an average of 10% in hryvnia," she predicts. Analysts also noted that despite serious challenges, commercial real estate maintained retail turnover and even demonstrated positive dynamics. Retail trade turnover for the three quarters of 2023 amounted to ₴1.29T, which is 25.32% more than in the same period of 2022 and close to the results of 2021 (₴1.44T). The company emphasizes that the increase in retail trade turnover is observed despite the NBU maintaining its average annual rate against the hryvnia. The positive dynamics of retail trade turnover were maintained mainly thanks to the growth of the Ukrainian consumer sentiment index from 83.9 in 2022 to 84.9 at the end of 2023.
43 UKRAINE Country Report February 2024 www.intellinews.com