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Monthly economic monitoring

  • Monthly Economic Monitoring of Ukraine No.229

    14.02.2024
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    •            According to the IER, the real GDP growth rate was 3.1% yoy in January 2024.
    •            The power system remains balanced despite russian shelling. Due to the cold weather, industry and the population increased electricity consumption.
    •            The Ukrainian Sea Corridor is working well, but trucks at the border are blocked again. Exports by sea in January amounted to 8.7 m tons, and another 2.7 m tons were transported by rail.
    •            The strike of Polish farmers hinders Ukraine's foreign trade. Since February 12, they have blocked five border crossing points on the Ukrainian-Polish border.
    •            The current account deficit in 2023 was 5.5% of GDP. The key factors are sharply increased goods trade deficit against reduced grants and expanded investment payments.
    •            In January 2024, a minimal amount of external financial assistance was received. Expenditures were significantly lower than planned.
    •            The EU almost approved aid to Ukraine, while a heated debate continues in the United States.
    •            At the beginning of 2024, consumer inflation decelerated to 4.7% yoy. It was below 5% for the first time since 2020.
    •            The hryvnia stabilized in 2024 due to a better balance between exports and imports.
    •            The NBU left the key policy rate at 15% per annum in January and confirmed that there are currently no plans to reduce the rate significantly in 2024.

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    Issue:  February 2024
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