Ukraine’s GDP grew by 3.6% and wages hit a record – Ministry of Economy

In 2024, Ukraine’s GDP grew by 3.6%, indicating that the economy will recover after 2022. The average salary in Ukraine also reached a record high, growing by 13%, although this increased level is partly due to a labor shortage.

This was reported by Deputy Minister of Economy Andriy Teliupa, UNN reports. 

GDP growth in 2024 amounted to 3.6%. That is, despite all the difficult conditions, problems with energy and human capital, we are growing. This is, of course, a more restorative growth after the fall of 2022. If we look at the level of GDP per capita, we have now reached a record high

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

We also calculated the impact of our business support programs on 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 external financing for the state budget, which is just over EUR 16 billion (16.2 – ed.)

He added that Ukraine’s total exports grew by about 15% last year to $41.6 billion. Also, privatization revenues grew three times more than expected. Teliupa said that the tax authorities received about UAH 12 billion from privatization.

In terms of indicators, we estimate that this year’s GDP will amount to about UAH 7.6 trillion. Next year, according to our rather conservative forecast, we expect nominal GDP to reach UAH 8.5 trillion and real GDP to grow by 2.7%. Inflation, we hope, will fall from 12% this year to 9.5%. The average salary growth this year is 13% (2024 – ed.). Next year, we expect about 8%. That is, if we analyze now, the average salary in Ukraine in dollars is a record in the history of Ukraine

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

But the high demand now exceeds the supply, which causes real wages to rise

Specify

GDP is an indicator that measures the total value of goods and services produced in a country over 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 have been created, which means that the country has a stronger economy.

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

Recall

According to the State Statistics Service , in Q3 2024, the average salary of a Ukrainian was 20,592 hryvnias. The average salary of civil servants reached 62 thousand hryvnias in November 2024.