News / Forex / Ukraine's Economy Grows by 3.9% in 2023 Despite Energy Challenges

Ukraine's Economy Grows by 3.9% in 2023 Despite Energy Challenges

Published: 18.09.2024 08:31 GMT+01

Ukraine's GDP grew by 3.9% year-on-year during the first eight months of 2023, with 3.5% growth recorded in August. Improved electricity access boosted business and consumer confidence, driving growth in the transport, building, and retail sectors. Despite being devastated by Russia's invasion, which led to a 29% GDP decline in 2022, Ukraine's economy rebounded by 5.3% in 2023, supported by foreign aid and resilient businesses. However, severe energy shortages and Russian attacks on the power sector could slow GDP growth to 3.5% in 2024. Businesses face higher costs from imported electricity and are investing in new energy infrastructure.

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