The number of registration actions in the field of state registration of rights to real estate in the first quarter of 2024 by 38%, and in the field of business – by 23%, said the head of the Office of counteraction to raiding of the Ministry of Justice Viktor Dubovik.
“Starting from 2020, I am of the opinion that the number of registration actions is one of the important indicators of economic activity in the state. Because the majority of registration actions are revenues to the budget in the form of administrative fees, the emergence of new rights and obligations of citizens and businesses, as well as the presence of demand for the services of notaries and state registrars,” his words are quoted on the website of the Ministry of Justice.
Dubovik specified that for the first three months of 2024 was made 2 million 605.73 thousand registration actions on the real estate and 263.48 thousand – on business, while for the same period in 2023 – respectively 1 million 887.60 thousand and 214.26 thousand.
At the same time, according to his data, the number of complaints received by the Office in the field of real estate increased even more significantly – up to 699 from 290 in the first quarter of last year, while in the business sector the situation, on the contrary, improved: the number of complaints decreased to 115 from 119.
Ukrainian Foreign Minister Dmytro Kuleba and Armenian Foreign Minister Ararat Mirzoyan discussed the security situation in Europe and the South Caucasus on the margins of the Dubrovnik Forum in Croatia.
“I thanked Armenia for participating in the first Peace Summit in Switzerland and informed my counterpart about further work on the implementation of the Peace Formula on the way to a just and sustainable peace in Ukraine,” Kuleba wrote on social network X.
The ministers also focused on ways to deepen bilateral ties and international cooperation, especially in light of Ukraine’s future membership in the EU.
Speaking at the Dubrovnik Forum on Saturday, Croatian Prime Minister Andrej Plenković assured of continued support for Ukraine and recalled the assistance already provided to Kyiv in various areas.
In his speech, Plenković pointed to the negative consequences for Europe and the world of the Covid-19 pandemic, “prolonged by Russian aggression against Ukraine, which has devalued the importance of international law and fundamental principles.”
“On behalf of the Croatian government, I would like to once again express my support for Ukraine, the Ukrainian people, the President, the entire government and thank Minister Kuleba for coming to Dubrovnik today,” the Croatian prime minister said.
He emphasized that there is unity in support of Ukraine among a huge number of countries. Thus, Plenković recalled the recent Global Peace Summit in Switzerland, where, as he noted, about a hundred international organizations and countries were represented, supporting the project of finding a peaceful solution to the consequences of Russian aggression against Ukraine, rather than a solution that would reward the aggressor and thus send a negative signal to other potential aggressors.
“Croatia is helping Ukraine in the political, diplomatic, technical, humanitarian, economic and military spheres, and we will continue to provide all forms of support. Especially given our specific interests in the investigation of war crimes, in humanitarian demining, which we have been facing for 30 years and which we will complete only in March 2026,” Plenković emphasized.
Experts Club analyzed the main macroeconomic indicators of Ukraine. In connection with the entry into force of the Law of Ukraine “On Protection of the Interests of Business Entities during Martial Law or a State of War”, the State Statistics Service of Ukraine suspends the publication of statistical information for the period of martial law, as well as for three months after its termination. The exception is the publication of information on the consumer price index, separate information on statistical indicators for 2021 and for the period January-February 2022. The article analyzes open data from the State Statistics Service, the National Bank, and think tanks.
Maksim Urakin, PhD in Economics, founder of the Experts Club think tank, presented an analysis of macroeconomic trends in Ukraine and the world based on official data from the State Statistics Service of Ukraine, the NBU, the UN, the IMF, and the World Bank.
Macroeconomic indicators of Ukraine
According to the Center’s founder, Maksym Urakin, in the first quarter of 2024, Ukraine’s GDP grew by 4.1% to 5.3% compared to the same period last year.
“The main growth factors were an increase in agricultural exports and production activity in certain industries. However, the negative balance of foreign trade in goods in the first quarter amounted to almost $6 billion, which is 10% more than last year. This is due to an increase in energy imports after the strikes on the Ukrainian energy sector in March,” Urakin said.
According to the founder of Experts Club, Ukraine’s national debt has reached a new historical high of $151 billion, which is almost 6 trillion hryvnia in hryvnia equivalent. Inflation in Ukraine in the first quarter was 1% year-on-year, which is in line with the NBU’s target range.
Global economy
Maksim Urakin noted that analysts forecast that the global economy will grow by 2% in 2024, which is lower than expected at the end of last year. The main reasons for the slowdown are high interest rates in developed countries and global geopolitical uncertainty.
“The US economy grew by 1.6% in the first quarter of 2024, which is lower than the growth rates observed in previous quarters, but still at an acceptable level for the development of the country’s economy. China’s economy grew by 5% due to a partial recovery from the crisis and government injections into the technology cluster,” the expert summarized.
He also reminded that the European Commission expects the eurozone economy to grow modestly in 2024 by only 0.8%, i.e. even less than 1%.
“High inflation and weak domestic demand remain the main problems of the EU countries. However, the British economy showed a modest growth of 0.6%, which indicates a weak recovery from the pandemic and Brexit,” Urakin said.
The economic situation in the world remains tense and depends on many factors, including geopolitical risks and changes in the global economic and political landscape. The Experts Club will continue to monitor the situation and provide up-to-date and balanced news.
Head of the Economic Monitoring project, PhD in Economics Maksim Urakin
The capital’s labor market is showing signs of recovery despite the ongoing hostilities. The Kyiv City Employment Service has released data on the most sought-after vacancies in the capital.
As of mid-June, the database of the Kyiv City Employment Center contained 3,000 offers from employers.
The labor market analysis revealed that workers in a wide range of industries, including industry, utilities, transportation and logistics, economics, medicine and education, are in the highest demand. This reflects the urgent need for personnel in key sectors of the Kyiv economy.
So who are the capital’s employers looking for:
1. Installers of electronic equipment (267 vacancies)
2. Accountants (261 vacancies)
3. Cooks (200 vacancies)
4. Drivers of motor vehicles (196 vacancies)
5. Sellers of food products (189 vacancies)
6. Nurses (143 vacancies)
7. Administrators (125 vacancies)
8. Teachers (113 vacancies)
9. Teaching assistants (110 vacancies)
10. Security guards (94 vacancies)
“Our data shows a gradual recovery of the labor market in Kyiv. We see an increase in demand for specialists in various fields, from IT to medicine. Our service is ready to support both job seekers and employers by offering a number of active programs and an individual approach to each client,” said Dmytro Novytskyi, Director of the Kyiv City Employment Center.
About the Kyiv Employment Service:
The Kyiv Employment Service provides comprehensive employment services, including vocational training, counseling and job search support. The service also offers compensation programs for employers.
This week, the National Bank of Ukraine (NBU) reduced its net sales of dollars on the interbank market to $670.41 million from $722.57 million the previous week, according to the regulator. According to the data, the central bank bought $0.49 million, while selling $670.90 million.
The official hryvnia exchange rate rose by 0.2%, or 10 kopecks, over the week, in particular, on Friday it strengthened by 8 kopecks to 40.4542 UAH/$1. On the cash market, the dollar also fell by 5 kopecks to 40.82 UAH/$1.
Since the beginning of 2024, the official hryvnia exchange rate has fallen by 6.5%, or UAH 2.45, and since the National Bank switched to a managed flexibility regime on October 3, 2023, it has fallen by 10.6%, or UAH 3.89.
According to the data published by the NBU during this period, from Monday to Wednesday, the negative balance between the volume of foreign currency purchases and sales by the population widened from $42.78 million to $45.66 million.
Overall, in June, the NBU’s net interventions amounted to $2.99 billion, compared to $3.07 billion in May and $2.28 billion in April. According to preliminary estimates of the National Bank, Ukraine’s international reserves decreased by 7.9%, or $3.4 billion, to $39 billion 033.8 million last month.
At the same time, the official hryvnia exchange rate weakened by 90 kopecks in May, from 39.6370 UAH/$1 to 40.5373 UAH/$1, gradually updating its historical lows every day in the last ten days of the month and approaching the average annual exchange rate of 40.7 UAH/$1 set in the state budget for 2024. In the cash market, the hryvnia also weakened by UAH 1.24 over the month to UAH 41.05/$1. The National Bank explained this weakening by the government’s increased spending after receiving external financing in March-April, as well as the impact of the largest package of currency restrictions for businesses since the start of the full-scale war announced on May 3.
