Ukraine's GDP growth slows to 2.9% in 2024 – statistics

Growth in real gross domestic product (GDP) of Ukraine in 2024 slowed to 2.9% from 5.5% in 2023, following a decline of 28.8% in 2022, the State Statistics Service said on Monday.

According to its data, a decrease in GDP of 0.1% was recorded in the fourth quarter of 2024, following growth of 2.2% in the third quarter, 4.0% in the second and 6.8% in the first.

As per calculations of the State Statistics Service, the nominal GDP of Ukraine in 2024 amounted to UAH 7.66 trillion, the change in the deflator was 12.3%, in particular, in the fourth quarter, the nominal GDP amounted to UAH 2.19 trillion, the change in the deflator was 12.8%.

As reported, the Ministry of Economy previously estimated the growth of Ukraine's GDP in 2024 at 3.6%, while the National Bank at 3.4%.

For this year, the IMF predicts economic growth closer to the lower range of 2-3%, the NBU some 3.6%, while the budget includes 2.9%.