Ukraine's Economic Overview for 2024

The State Statistics Service of Ukraine has released results for three out of four main sectors of the real economy for 2024.

This was reported by the head of the tax committee of the Verkhovna Rada, Danilo Getmantsev.

According to him, this announcement came with nearly a two-month delay (it was expected by the end of January).

Regarding transportation, freight shipments increased by 7.8%, passengers by 6.8%, cargo turnover by 13.0%, and passenger turnover by 10.1% (in 2023, these figures were +3.4%, +27.3%, -2.0%, +26.5% respectively).

“Thus, the freight segment has improved, while the passenger segment has slowed down,” commented Getmantsev.

• Construction: volumes increased by 15.5% (in 2023, it was 25.0%).
• Industry: production rose by 3.6% (in 2024, it rose by 6.8%).

“The slowdown in recovery rates (especially in the last two sectors) raises concerns. If the construction sector can maintain last year's achievements, it may reach pre-war volumes by 2029, while industry will only achieve this a decade later, in 2035,” noted the deputy.

He believes that the Ministry of Economy needs to make serious adjustments to its image program “Made in Ukraine,” as the state critically needs acceleration rather than a slowdown in the recovery of its key sectors.