Despite the war, the Ukrainian economy continues to recover. According to preliminary estimates of the Ministry of Economy, GDP growth in September 2023 compared to September last year was about 9.1% [±2%]. As a result, for January-September 2023, growth is estimated at the level of 5.3% compared to the corresponding period last year.

“In September, most of the key economic activities showed positive results. In addition to the low statistical basis of comparison, this is also explained by the high ability of business to adapt to new challenges, as well as assistance from the state and international partners. Separately, I would like to note that thanks to Government programs stimulation of business development, the economic activity of enterprises in many sectors of the processing industry is being restored. In general, the industrial sector, which suffered significant losses and destruction during the war, is gradually recovering.

The services sector also had a significant positive contribution to GDP in September. It combines several components. First, we are talking about the commercial sphere of services, which today is more digitalized and agile in its activities, therefore it quickly adapts to new conditions and needs in the markets. Secondly , the services sector also includes the public administration and defense sector, the financing of which is a priority during the war,” Yuliia Svyrydenko, First Deputy Prime Minister - Minister of Economy of Ukraine, said.

According to her, the production of food industry enterprises increased in September. This happened in the context of an increase in the raw material base on the part of agricultural production and the establishment of new ways of supplying products. Positive dynamics were also observed in the fields of mechanical engineering and the production of construction materials - here the growth was due to the implementation of restoration projects, and in particular the implementation of the Government eOselia (eHousing) program. In turn, the increase in the mining industry is explained by the accumulation of coal and gas reserves for the winter.

At the same time, the repair campaign of generation facilities and networks, permanent damage to networks as a result of hostilities in certain regions and extremely warm weather conditions restrained the production and consumption of electricity (compared to September 2022).

The security situation, the destruction of the production capacities of individual enterprises (mainly in the east of the country) and logistical restrictions for exporters remained the biggest restraining factors for the growth of the economy in September.