Page 29 - UKRRptNov23

3.0 Macro Economy
3.1 Macroeconomic overview
In September, Ukraine's economy grew by more than 9%. Despite the war, the Ukrainian economy continues to recover. GDP growth in September 2023 compared to September last year was about 9.1%, the Ministry of Economy reported. At the same time, based on the results from nine months of the year, growth is estimated at 5.3% compared to the corresponding period last year. As Minister of Economy Yulia Svyridenko explained, in addition to the low statistical base of comparison, the positive results are the result of businesses quickly adapting to new challenges and continued assistance from international partners. According to the minister, the service sector, which quickly adapts to new market conditions and needs, made a significant positive contribution to GDP in September. Also, food industry enterprises increased production in September. Positive dynamics were also observed in mechanical engineering and building material production. The increase in the mining industry is due to the accumulation of coal and gas reserves for the winter. The biggest restraining factors for economic growth remain: the security situation,
29 UKRAINE Country Report November 2023 www.intellinews.com