Ukraine's GDP dropped by 30% in 9 months
However, the Ministry of Economy observes the improvement of transportation and export of agricultural products
What happened? The GDP indicator of Ukraine dropped by 30% in 9 months of the current year.
Source. The Ministry of Economy.
Details. The drop of GDP in September is estimated to be within 35%, as in August. Instead, the ministry observes the improvement of the dynamics of transportation. Consequently, the export of agricultural products by sea and railway is increasing.
Thus, 5.5 million tons of agricultural products were exported from the Black Sea ports of Ukraine in August and September. The volume of exported products in September was twice as large as in August, and the number of ships leaving the ports was almost three times larger.
As to railway exports, JSC Ukrzaliznytsia transported 11.7 million tons of cargo in September, which is 8.4% more than the volume of transportation in August 2022 and 41% more than in March, respectively.
In total, in September the volume of Ukrainian exports in monetary terms increased by more than 23%, as compared to August. The ministry emphasises that this has become a record since the beginning of the full-scale invasion of russian federation.
It is also noted that due to repairs and construction of infrastructure damaged by hostilities, capital expenditures of the state budget increased by 33.2% last month.
Instead, the stabilisation of fuel prices in September was noted. This happened due to the establishment of logistics for the supply of petroleum products. According to the World Bank, in September 2022, oil prices decreased by 8.6%, gas prices (average price of European countries) – by 15.6% compared to August 2022. Prices for iron ore declined by 8.3%, for base metals – by 5.3%.
“Among the negative factors that affected the economy are the weather and the actions of the occupiers. Due to prolonged rainy weather in some regions in September, the pace of grain crop harvesting slowed down, which negatively affected the volume of harvested products. As of September 29, 2022, 26.1 million tons of grain and leguminous crops were harvested,” the Ministry of Economy explains.
The temporary occupation of the Zaporizhzhia NPP, its disconnection from the energy system of Ukraine, also affected the current indicators. Unstable operation of the energy source forced to redistribute the load among other participants of the system, which caused significant pressure on the entire Ukrainian energy system.
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