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  • Monthly Economic Monitoring of Ukraine No 231

    17.04.2024

    Summary

     

    •            Businesses faced problems with access to electricity due to the russian shelling of energy facilities. This restrained GDP growth.
    •            Transportation by railway and through the Ukrainian Sea Corridor is growing, contributing to the development of several sectors of the economy.
    •            The value of goods exports declined sharply in March on a year-on-year basis amid continued decline in grain and iron ore prices.
    •            In March, a record external financing of USD 9 bn was received. Half the funds came from the EU as bridge financing under the Facility for Ukraine.
    •            The Government approved the Ukraine Plan, which defines priority steps and measures, the implementation of which should become the basis for the EU budget support.
    •            State fiscal revenues continued to grow, partly due to the windfall taxation of banks' profits.
    •            Inflation slowed to 3.2% yoy in March. Inflation was last at this level in the COVID year of 2020 and before the start of the russian aggression in 2014.
    •            The NBU lowered the policy rate to 14.5% p.a. in response to the low inflation and the resumption of aid from donors to Ukraine. However, the NBU moved cautiously as the Ukrainian economy faces serious risks.
    •            The hryvnia weakened to UAH 39 per USD as the NBU paced its support.

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