Page 41 - UKRRptDec23

3.0 Macro Economy
3.1 Macroeconomic overview
Ukraine’s economy expanded by estimated 10.5% on annual basis in October in part owing to robust harvest, energy sector stability, and grain corridor established for ships in the Black Sea, Cabinet of Ministers says on website, citing preliminary estimates. Defence industry and public services made greatest contribution to October GDP growth
In September, this indicator was at 11.1%. The reason for the slowdown was the lower contribution from agriculture due to the higher statistical base in October last year, reported the Institute for Economic Research (IER). By comparison, real GDP in October 2023 was 28% lower than in October 2021. At the same time, real gross value added (GVA) in industry, by contrast, grew faster due to a lower base in October 2022, when Russia began to crack down on Ukraine’s energy infrastructure. IER estimated its growth at 16%, indicating an improvement in the areas of metallurgy and mechanical engineering. In addition, survey results suggest that the business community remains
41 UKRAINE Country Report December 2023 www.intellinews.com