Ukraine's real GDP growth slows by 8% in July, says IER report
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Ukraine's real GDP growth in July slowed from 15% to 8%, compared to the same period last year, the Institute for Economic Research and Policy Consulting (IER) stated in its monthly economic monitoring report on Aug 17.
“The slowed growth is primarily due to
the presence of a higher statistical base, as the decline of Ukraine’s GDP
slowed significantly in the third quarter of 2022. GDP is now 25% lower
compared to July 2021,” IER said.
However, real gross value added (GVA) in the
processing industry increased by over 20%, thanks to the recovery of all
sectors from a low base. However, the mining industry recorded negligible
growth. Most of Ukraine’s mining infrastructure and industry is located in the
east of the country – which has borne the brunt of the full-scale Russian
invasion.
Meanwhile, the agricultural sector grew by
almost 5%, primarily due to the lower statistical base of July 2022. The grain
harvest in Ukraine was high and amounted to almost the same as last year.
"The growth rate of real GVA in transport
slowed to 9% year-over-year, while the GVA in trade continued to grow rapidly
(about 27% year-over-year)," the report states.
According to the IER, GDP growth was 20-21% in the second quarter: up to 22% in April; 20.9% in May; and 15.3% in June.
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