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  • Monthly Economic Monitoring of Ukraine No.230

    13.03.2024

    Resume

     

    •            According to the IER, real GDP growth accelerated to 5.6% yoy (year-on-year) in February 2024 from 3.1% yoy in January, partly due to the calendar effect.
    •            The power system survived the winter: the use of coal from thermal power plants and nuclear reactors increased. During this heating season, Ukraine used only gas of its own production for the first time in its history.
    •            Sea and rail transport had record performance against the backdrop of the blockade of the Polish border for trucks: 8 million tons and 14.6 million tons, respectively.
    •            According to preliminary customs estimates, trade in goods in February remained at the level of January 2024.
    •            State Budget revenues increased in February due to advance payment of dividends by state-owned banks and enterprises.
    •            In February, international financial assistance remained low, but we expect EUR 4.5 bn of bridge financing from the EU under the Ukraine Facility in March.
    •            Consumer inflation decelerated further to 4.3% yoy in February due to moderate growth in consumer demand and lower global commodity prices.
    •            Hryvnia remained stable for most of the first quarter of 2024, likely due to lower demand for foreign currency, including cash.

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