Ukraine's economy showed impressive growth in October this year

In October of this year, Ukraine's economy showed impressive growth, increasing by 10.5% compared to the same period last year, which indicates positive dynamics. This information was provided by the Ministry of Economy, noting that in September this figure was 9.1%.

In the period January-October 2023, economic growth is estimated at 5.5% compared to the same period last year, the Ministry informs.

Among the factors that contributed to the positive growth, the Ministry of Economy points to high yields, favorable weather conditions, a stable energy situation and the operation of a temporary corridor in the ports of Greater Odesa.

Economy Minister Yulia Svyrydenko emphasized that the largest contribution to GDP was made by the service sector in October, in particular, public administration and defense, which are priorities in times of war. The manufacturing sector, despite significant losses, took second place.

The industrial sector is also gradually recovering, Svyrydenko said, pointing to deterrents to growth, such as the destruction of infrastructure, restrictions on export logistics, and a slow labor market recovery.

In the first nine months of 2023, GDP growth was 5.3%. The European Commission also expressed an optimistic forecast, improving it to 4.8% for 2023, defining the Ukrainian economy as "remarkably resilient" even in facing the great challenges of Russian aggression. The IMF forecasts 3% GDP growth for Ukraine in 2023.