Ukraine’s GDP grew by 3.6%, and salaries reached a record – Ministry of Economy

In 2024, the GDP of Ukraine grew by 3.6%, which indicates the recovery of the economy after 2022. The average salary in Ukraine also reached a record level, growing by 13%, although this increased level is partly due to a labor shortage.

This was announced by the Deputy Minister of Economy Andriy Telyupa, reports UNN.

GDP growth for 2024 was 3.6%. That is, despite all difficult conditions, problems with energy, human capital, we are growing. This is, of course, more recovery growth after the 2022 dip. If we look at the level of GDP per capita, we have now reached a record level

According to him, it is also very important to understand: despite the full-scale war, Ukraine and the Ukrainian economy are holding on.

Separately, we calculated the impact of our business support programs, how they affected GDP growth. At least 0.64% of the total growth of 3.6% was caused by our programs. Our Ukraine Facility program provided 40% of the external financing of the state budget, namely slightly more than 16 billion euros (16.2 – ed.)

He added that the total export of Ukraine for the past year grew by about 15% and reached 41.6 billion dollars. Also, revenues from privatization increased three times more than expected. Telyupa reported that the tax office received about UAH 12 billion from privatization.

If we speak in terms of indicators, then, according to our estimate, this year’s GDP will amount to about 7.6 trillion UAH. For next year, according to our rather conservative forecast, we expect nominal GDP at the level of UAH 8.5 trillion, and real GDP growth by 2.7%. Inflation will hopefully drop from 12% this year to 9.5%. Average salary growth this year is 13% (2024 — ed.). We expect about 8% for next year. That is, if we analyze now, then the average salary in Ukraine in dollars is currently a record in the history of Ukraine

According to him, this may be caused by a not very positive factor, namely the labor shortage.

But strong demand now outstrips supply, causing real wages to rise

Let’s note

GDP is an indicator that measures the total value of goods and services produced in a country during a certain period, usually a year.

It gives an idea of ​​the size of the economy: the higher the GDP, the more goods and services were created, which means that the country has a stronger economy.

GDP includes everything from the production of goods, such as groceries and machinery, to services, such as transportation or education.

We will remind

According to the State Statistics Service, in the 3rd quarter of 2024, the average salary of a Ukrainian was 20,592 hryvnias. The average salary of civil servants in November 2024 reached 62 thousand hryvnias.