The article presents key macroeconomic indicators of Ukraine and the world economy for January-December 2024. The analysis is based on official data from the State Statistics Service of Ukraine, the National Bank of Ukraine, the IMF, the World Bank, and the United Nations, on the basis of which Maksim Urakin, PhD in Economics, founder of the Experts Club information and analytical center, presented an analysis of macroeconomic trends in Ukraine and the world. Such key aspects as the dynamics of gross domestic product (GDP), inflation, unemployment, foreign trade and public debt of Ukraine, as well as global macroeconomic trends were considered.
Ukraine’s macroeconomic performance
Ukraine’s economy showed moderate growth in 2024 despite ongoing challenges related to war and external economic factors. According to the State Statistics Service of Ukraine, the country’s real GDP grew by 2.9% year-on-year . Nominal GDP amounted to UAH 7.66 trillion, with a deflator at 12.3%.
“Despite the challenges associated with the war and unstable geopolitical situation, Ukraine has managed to hold macroeconomic stability. GDP growth of 2.9% is a signal of economic recovery and investor confidence,” Maksim Urakin noted.
Inflation remains a significant problem for the economy. According to the State Statistics Service of Ukraine, annual inflation reached 12% in December 2024, accelerating from 11.2% in November . Consumer prices rose by 1.4% in December compared to November.
“The rise in inflation is a worrying signal. It is the result not only of internal factors, but also of external pressures: rising import prices, energy risks, as well as exchange rate fluctuations. The policy of the National Bank will play a crucial role in stabilizing the situation,” the expert explained.
The negative balance of foreign trade in goods in January-November 2024 increased by 3.6% compared to the same period of 2023, reaching $25.239 billion . Exports rose 16.5% to $38.423 billion and imports rose 11% to $63.662 billion.
“The increase in the negative trade balance suggests that imports are outpacing exports. Ukraine should focus on expanding its export potential and supporting strategic industries: agro-industrial complex, IT and machine building,” Urakin emphasized.
Ukraine’s international reserves reached $43.788 billion as of January 1, 2025, having increased by 9.7% in December.
“This is a positive signal. Reserves are growing due to receipts from international partners. This ensures macro-financial stability and stability of the hryvnia,” the expert said.
Global economy
According to IMF forecasts, global economic growth in 2024 amounted to 3.2% . However, geopolitical instability, trade wars and slowing growth in key economies continue to put pressure on the outlook.
“The global economy is recovering but remains vulnerable. Geopolitical risks, high interest rates and lower consumer demand in developed countries are the main factors of instability,” said Urakin.
The U.S. economy showed stable growth. According to the US Bureau of Economic Analysis, the country’s GDP grew by 2.4% year-on-year in the fourth quarter of 2024, helped by a rise in consumer spending
“Strong domestic demand is a driver of the U.S. economy. However, rising debt burdens and expensive credit could slow the momentum in 2025,” the economist said.
The Eurozone economy showed weak growth rates. In the fourth quarter of 2024, Eurozone GDP grew by 0.1% quarter-on-quarter .
India continues to show stable growth. According to the Indian government, the country’s GDP grew by 8.2% in 2024.
China’s economy grew 4.6% in the third quarter of 2024, but the forecast for the year was lowered to 4.8% due to weak domestic demand and difficulties in the real estate sector.
“China needs to restart domestic consumption. Without demand stimulus, growth may slow down even more,” the expert emphasized.
Conclusion
Economic indicators of Ukraine and the world for 2024 show a mixed picture. GDP growth and positive signals in global markets are combined with inflation risks and foreign trade imbalances. The global economy is also under pressure from multiple uncertainties.
“For Ukraine, the key challenges remain structural reforms, increasing exports, modernizing infrastructure and actively attracting investment. This is the key to sustainable economic growth in 2025 and beyond,” summarized Maksim Urakin.
