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  • Monthly Economic Monitoring of Ukraine No. 225

    16.10.2023

    The IER has released the new issue of the Macroeconomic Monitoring of Ukraine (MEMU), which outlines key figures, trends, and events of September 2023.

     

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    •            According to the State Statistics Service, real GDP in the second quarter grew by 19.5% yoy (year over year) due to the recovery of economic sectors from the low base of 2022.
    •            Due to high harvesting compared to last year and further recovery of other sectors of the economy, real GDP grew by 12% yoy in September, according to the IER estimate.
    •            Ukraine resumed electricity exports in September, as electricity production increased due to the completion of repairs of several power units and good weather.
    •            The Armed Forces of Ukraine, together with international partners, have provided a humanitarian corridor for the transportation of goods from the seaports of Odesa: 20 ships have already used it.
    •            In September, the trade dispute with Poland, Hungary, and Slovakia over the export of Ukrainian agricultural products to these markets deepened.
    •            The priority of the State Budget in 2024 will remain the financing of defence and security. International aid is not yet guaranteed and is crucial to finance other expenditures.
    •            In September, consumer inflation decelerated further and amounted to 7.1% yoy. However, price growth may accelerate slightly in the coming months.
    •            The slowdown in inflation led to a further cut in the key policy rate to 20% per annum. At the beginning of October, the NBU took the first step from a fixed hryvnia exchange rate to controlled exchange rate fluctuations. Changes in the hryvnia exchange rate against the dollar have been insignificant.

     

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