Page 31 - UKRRptNov23

Despite the war, the economy is growing in three regions of Ukraine. As reported by the Center for Economic Recovery (CER), the eastern regions suffered the most from the Russian invasion (gross product dropped by 30-40%), and the central and western regions suffered less (decline of 10-30%). However, the Ivano-Frankivsk, Kirovohrad, and Zakarpattia regions demonstrated economic growth contrary to the general trend. This is explained by significant population relocation to these regions. The CER estimate is based on changes in electricity consumption compared to 2021. It is reported that about 790 enterprises changed their registration after the start of the war, of which 623 have already resumed work at their new location. Regionally, the largest number of enterprises moved to the Lviv region - 24%, Zakarpattia region - 14.5%, Chernivtsi region - 9.8%, Ivano-Frankivsk region - 8.3%, Khmelnytskyi region - 7.3% and Ternopil region - 6.3%. It is noted that more than 650 enterprises that planned to relocate decided to stay due to the liberation of their territories.
3.2 Macro outlook
The Ministry of Economy expects Ukraine's GDP to grow by 4% in 2024,
although it previously predicted it at 5%, and such a forecast is included in the
draft state budget 2024, First Deputy Prime Minister, Minister of Economy Yulia
Svyrydenko has said.
Ukraine's economy will grow by 4.7% in 2023 - Finance Minister at
meeting with G7 financial bloc.Ukraine’s economy shows stability during the
current year, GDP growth is projected to 4.7% after a fall of 29.1% last year,
Finance Minister Serhiy Marchenko said at a meeting with the G7 financial bloc
on the sidelines of the meeting of the IMF and the World Bank in Marrakech on
October 13.
31 UKRAINE Country Report November 2023 www.intellinews.com