• 23/04/2024 23:54

The government forecasts GDP growth of 5% in 2024

At the end of 2023, GDP in Ukraine increased by 5.6%; in 2024, the government expects growth of 5%. Prime Minister Denis Shmyhal announced this during a press conference, Ukrinform reports.

The government forecasts GDP growth of 5% in 2024

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What the Cabinet of Ministers predicts

“We had 5.6% GDP growth last year. We expect up to 5% growth this year. Of course, compared to the 30% loss of territory, economy, and GDP, these are relatively small figures, but these are growth figures. This helps us, including to finance the army and all social payments,” he said.

The Prime Minister recalled that the state budget in 2024 provides for UAH 1.7 trillion for the army, which is half expenses that Ukraine must provide with internal resources. The remaining expenses are provided thanks to the help of our partners.

Read: What will happen to the exchange rate and GDP in 2024 – Dragon Capital forecast

“Therefore, our task is to optimize our economy in such a way that the state budget grows and GDP grows. Last year, we received more taxes than we expected, for which I thank our business,” the head of government noted.

Shmygal also noted that Ukraine continues to fully fulfill its social obligations and finance all social payments , in particular pensions, which have been indexed by 8% since March 1.

“Everything will be on time – indexation and payments. And all other social obligations, which are more than 30, are fulfilled by Ukraine in full. We are not delaying social payments, and the entire range of “social services” is being fulfilled, despite the war,” he said.

In 2024, the budget for social protection of the population includes UAH 469 billion, not counting the part of the collected unified social contribution, which goes to the Pension Fund of Ukraine.


As the Ministry of Finance wrote earlier, the Ministry of Economy predicted an increase in Ukraine’s GDP by 4.6% and investment by 29.6% in 2024 .


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