Executive Summary
- According to IER estimates, real GDP growth accelerated to 8% yoy in August after a 0.5% yoy decline in July; this is primarily due to differences in agricultural sector dynamics.
- In August, Ukraine increased electricity exports by 60% mom to 450 thousand MWh.
- In August, 1.55 bn m³ of natural gas was injected into Ukrainian underground gas storage facilities, and 652.6 mn m³ was imported, which is 21% less compared to July. Reserves amount to 11.2 bn m³.
- The ban on seaborne imports of mineral fertilizers has been partially lifted.
- In August, Ukrzaliznytsia transported 2.8 mn t of grain cargo, representing a 2.3-fold increase compared to July and a 6% increase compared to August 2024.
- Exports and especially imports fell in August compared to July.
- The Government submitted the Draft State Budget Law for 2026: risks to revenue performance and financing.
- In August, inflation in annual terms slowed down for the third month in a row to 13.2% yoy,
- The NBU once again kept the key policy rate at 15.5% per annum in September, but does not rule out a rate cut this year.
