Ukraine’s real gross domestic product (GDP) growth for January-March 2024 amounted to 4.5% (+/- 1%) from 3.6% (+/- 1%) at the end of January-February.
Growth accelerated to 4.6% (+/- 1%) in March from 3.9% (+/- 1%) in February and 3.5% (+/- 1%) in January this year, according to an estimate released on the website of the Ministry of Economy of Ukraine.
“In March 2024, the trend of recovery growth continued, supported by the stable operation of the Ukrainian maritime corridor (stimulated activity in rail transport, metallurgy and metal ore mining), increased production capacity in the extractive industry, intensified production of mineral fertilizers, increased demand for construction materials, taking place against the backdrop of improved business sentiment … and revival of consumer activity …,” the Ministry of Economy pointed out.
The Ministry added that in March, almost all aggregated economic activities formed a positive contribution to the total GDP. Thus, exports of products of agricultural production and mining and metallurgical complex were provided by the Ukrainian Sea Corridor; and investment demand generated by the budget, as well as the increase in production capacity in the extractive industry formed a positive contribution of production types.
At the same time, it is pointed out that the dynamics of electricity production slowed down significantly in the context of significant rocket attacks in late March, which led to serious damage to energy infrastructure and will require a significant period of time and resources to restore it.
As reported, the National Bank of Ukraine on April 25 worsened its forecast for the country’s GDP growth this year from 3.6% to 3% after 5.3% last year.
When approving the draft state budget for the second reading in early November 2023, the government forecasted GDP growth of 4.6% this year.
Earlier Experts Club analytical center and Maxim Urakin released a video analysis of how the GDP of the world’s countries has changed in recent years, more detailed video analysis is available here – https://youtu.be/w5fF_GYyrIc?si=BsZmIUERHSBJrO_3 Subscribe to Experts Club youtube channel here – https://www.youtube.com/@ExpertsClub
EXPERTS CLUB, GDP, MACROECONOMICS, MINISTRY OF ECONOMY, UKRAINE, УРАКІНА
Ukraine and Latvia are working to increase drone production, Ukrainian Foreign Minister Dmytro Kuleba has said.
During a joint press conference in Kyiv with Latvian Foreign Minister Baiba Braže, Kuleba noted the great potential of Ukrainian and Latvian companies to increase production of attack UAVs.
“I am very grateful to Latvia for its leadership in the Drone Coalition. We are now working together to increase this production – we need more drones. I believe that Ukrainian and Latvian companies can really do a lot in this direction,” he said.
The minister also noted Latvia’s decision to join the Czech initiative to purchase artillery shells and noted that the production of shells was one of the central issues during the bilateral talks.
Kuleba also thanked Braža for making her first visit in her new position to Ukraine, which is a sign of special respect for Ukraine and its defenders.
Commissioning of housing in Ukraine, mln sq m
Source: Open4Business.com.ua and experts.news
Zaporizhstal Iron and Steel Works intends to implement a number of measures to improve the quality of rolled metal products in the near future.
According to the company, Zaporizhstal hosted Metinvest’s Customer Focus Conference, where representatives of the company’s relevant departments and enterprises discussed projects to improve the quality of steel products.
“Zaporizhstal was not chosen as a venue for the conference by chance, as today the plant is one of the key metal producers in Ukraine. In fact, by the end of 2023, every second ton of Ukrainian steel was produced at Zaporizhstal. This demonstrates the scale and role of the enterprise for the national mining and metals industry, but at the same time requires even greater responsibility from Zaporizhzhia steelmakers in terms of quality and customer focus,” the company said in a statement.
It is also specified that the conference resulted in a number of applied solutions to achieve and maintain consistently high quality of Zaporizhstal’s rolled steel products, which will be implemented in the near future.
As reported, Zaporizhstal has spent over UAH 1.2 billion since the start of the full-scale invasion to upgrade production equipment and wastewater treatment facilities at the complex. At the same time, in 2023, the plant invested UAH 750 million in projects to maintain the stability and reliability of the company’s main technological facilities, which is half as much as in 2022, with an investment volume of UAH 500 million.
During the full-scale invasion, the program focused on maintaining and updating equipment to ensure its reliable operation in unforeseen conditions.
In 2024, Zaporizhstal plans to implement a capital investment program totaling about one billion hryvnias. The program is aimed at maintaining and modernizing equipment, implementing functional programs for occupational health and safety, information technology, and social sphere.
“Zaporizhstal is one of the largest industrial enterprises in Ukraine, whose products are in great demand among consumers both in the domestic market and in many countries around the world.
“Zaporizhstal is in the process of integration into Metinvest Group, whose major shareholders are System Capital Management PrJSC (71.24%) and Smart Holding Group (23.76%).
Metinvest Holding LLC is the management company of Metinvest Group.
Passenger flow through western border of Ukraine in January 2023, thousand
Source: Open4Business.com.ua and experts.news
Shipment of agricultural products from the Chornomorsk seaport (Odesa region), whose infrastructure was severely damaged by a Russian missile attack last week, is gradually resuming, Spike Brokers brokerage company reported in a telegram channel.
The brokers noted that in 2023, the share of the Chornomorsk port in the structure of export shipments by water transport was 36%, while the Danube ports accounted for 32%, the Odesa port – 17%, and the Pivdenny port – 15%.
“Over the past week, freight rates for the transportation of corn by ‘coaster’ to the east coast of Italy decreased by $3, to Spain and Israel – by $2. The freight for the transportation of grain by panamaxes from the deep-water ports of Odesa to China and Vietnam decreased by $4,” the experts noted.
As of April 22, the rates for transportation from the port of Chornomorsk to Italy (east coast) amounted to $29-30 (30-35 thousand tons), Spain (Mediterranean) – $30-32 (30-35 thousand tons), Vietnam – $52-54 (60-65 thousand tons), China – $54-56 (60-65 thousand tons).
At the same time, the market rates for transportation by freight from the port of Izmail to the port of Constanta (Romania) as of the specified date are EUR18-22 (4.5-5 thousand tons), to the ports of the Mediterranean coast of Spain – $35-37 (30-35 thousand tons). The rates of transportation from the port of Reni to the ports of Israel range from $33-35 (30-35 thsd tonnes), Spike Brokers stated.
According to a grain market source, who wished to remain anonymous, such a restriction could lead to temporary disruptions in the delivery of products to the terminals of Kernel, Risoil and Viterra groups. In addition, the shutdown of grain terminals could lead to a reduction in April exports of Ukrainian grain via the Black Sea grain corridor to 5 million tons, compared to the expected 8 million tons.
As reported, on April 10, the Russian occupiers damaged railroad sidings to a number of grain terminals located in the port of Chornomorsk during the morning shelling of Odesa region. This resulted in temporary disruptions in the delivery of products to the terminals of Kernel, Risoil and Viterra.
“On the day of the shelling, Ukrzaliznytsia introduced a convention on freight transportation that was to be in effect until April 13, and then extended twice – first until April 17, then until April 22, after which it was lifted.