Ukraine's real GDP growth accelerates to 3.6% in Nov due to later corn harvest – IER
The growth rate of real gross domestic product (GDP) in November accelerated to 3.6% compared to the same period last year, the Institute for Economic Research and Policy Consulting (IER) said in a statement.
It is noted that this is due to the later corn harvest compared to 2024. At the same time, industry reduced production as a result of the destruction of energy infrastructure.
"The economic situation deteriorated in November and early December due to continuous Russian shelling of energy and railway infrastructure. However, due to the positive contribution of agriculture, real GDP is estimated to have grown by 3.6% yoy. Specifically, we estimate that real gross value added (GVA) in agriculture increased by approximately 36% yoy. This is primarily the result of later corn harvesting than in 2024," the IER said.
The organization added that, as in the third quarter of 2025, economic growth in November was supported by defense purchases.
The IER estimates that real GDP growth in trade last month was 5.5% compared to the previous year, while the extractive industry declined by about 18% due to additional Russian attacks on gas and coal production.
Real GDP in the processing industry and energy sectors decreased by 0.9% and 0.2%, respectively, due to access issues with electricity. Unlike previous months, the IER emphasizes that Russian attacks in November worsened the power system's ability to transmit electricity between different regions of Ukraine. This limited the role of imports in balancing electricity demand and supply.
Meanwhile, the decline in real GDP in transportation slowed to 6% in November (down from approximately 10% in October). However, there is a risk of further decline in December, as Russia has increased attacks on railway infrastructure, destroying rolling stock and tracks.
According to the Ministry of Economy, Ukraine's real GDP growth accelerated to 5.3% in November, up from 2.3% in October.