The growth of Ukraine's real gross domestic product (GDP) is projected to be 3.6% in 2024, reported First Deputy Prime Minister and Minister of Economy Yulia Svyrydenko during a meeting of the parliamentary economic committee on Wednesday.
"A 3.6% GDP growth is expected by the end of 2024; an additional 0.6% is attributed to the 'Made in Ukraine' policy. Ukrainian exports increased by 15.2% in monetary terms, reaching $41.7 billion," she stated on Facebook following the meeting.
Among other significant outcomes, Svyrydenko highlighted that 67% of state revenues from all enterprises in the country were generated by critically important businesses that retained their employees, and privatization yielded three times more than planned – 12 billion UAH.
"This year, our focus is on maintaining economic recovery and strengthening economic self-sufficiency," emphasized the First Deputy Prime Minister.
As reported, in 2024, the State Statistics Service preliminarily estimated real GDP growth for the first quarter at 6.5%, the second quarter at 3.7%, and the third quarter at 2%. Inflation for the year was recorded at 12%.
The National Bank of Ukraine raised its economic growth forecast for 2024 from 3.7% to 4% at the end of October, and for 2025 from 4.1% to 4.3%. Concurrently, the NBU downgraded its inflation forecast for 2024 from 8.5% to 9.7% and for 2025 from 6.6% to 6.9%.
The Ministry of Economy anticipated a 3.9% GDP growth in Ukraine for 2024 with an inflation rate of 9.5%, while the state budget for 2025 was based on a GDP growth forecast of 2.7% with inflation also at 9.5%.
According to Svyrydenko, in 2025, the Ministry of Economy will continue implementing the "Made in Ukraine" policy aimed at developing Ukrainian production. The ministry estimates that with a state budget investment of 35 billion UAH in 2024, an additional GDP growth of 88 billion UAH can be achieved.
"This year, we will pay special attention to expanding localization policies in public and defense procurement. Countries participating in the GPA remain an exception," noted the Minister of Economy.
She indicated that in the compensation program for farmers, the goal for 2025 is to increase the number of producers by 20% for 25% reimbursement of agricultural machinery purchases, and in the compensation program for 15% reimbursement for energy, wheeled, and other equipment – to involve over 100 additional producers.
According to Svyrydenko, support for industrial parks will also continue in 2025, with 1 billion UAH earmarked for infrastructure development. "Regarding support for projects involving significant investments, we plan to sign four more special investment agreements," added the First Deputy Prime Minister.
She also announced that the reform of state property management and privatization will continue in 2025. "I hope we can restart the mechanism of public-private partnership," Svyrydenko noted.
Regarding foreign trade, she shared plans to develop trade relations in 2025 with key political partners, primarily with the Pan-Euro-Med countries, the states of the Middle East, North Africa, and the Balkans, as well as to establish a trade dialogue with the USA, where, despite new trading approaches, Ukraine still needs further support, at least in the form of tariff exemptions on steel.
"In terms of export financing, we plan to recapitalize the Ukrainian Export Credit Agency and expand trade financing products," also highlighted the Minister of Economy.