The article collects and analyzes 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 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 and Director of Development and Commerce at Interfax-Ukraine, 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, Maksim Urakin, gross domestic product growth in May 2024 compared to May last year was approximately 3.7%.
“This figure is lower than the April and March levels, which amounted to 4.3% and 4.6%, respectively, due primarily to a drop in electricity generation. At the same time, the positive value of GDP change is related to exports and demand in the construction industry, as well as the recovery in metallurgy and machine building,” Urakin said.
Also, according to Urakin, the total public debt of Ukraine, after reaching a new historical high in April, decreased by $0.53 billion (0.3%) in May and amounted to $150.99 billion. Inflation in Ukraine increased to 0.6% in May compared to 0.2% in April in annualized terms, which is generally in line with the NBU’s target range.
Global economy
Maksim Urakin cited the World Bank’s (WB) forecast, according to which the global economy is expected to grow by 2.6% in 2024 (the earlier forecast assumed growth of 2.4%), and up to 2.7% in 2025-2026.
“In emerging economies, the average annual GDP growth rate in 2024-2025 is expected to reach 4%, which is slightly lower than last year. Growth in low-income countries will accelerate to 5% in 2024 compared to 3.8% in 2023. At the same time, developed countries are expected to grow by 1.5% in 2024 and by 1.7% in 2025,” the expert emphasized.
He also added that the growth prospects of the world’s poorest countries remain ambiguous.
“They face a heavy debt burden, reduced trade opportunities and other factors that negatively affect their economies. These countries need to find ways to stimulate private investment, reduce public debt, and improve education, healthcare, and basic infrastructure,” Urakin said.
According to the founder of the Experts Club, although food and energy prices have declined in all regions of the world, core inflation will remain high in the medium and long term.
Representatives of the leadership of left-wing parties from the New National Front, which won the French parliamentary elections, have agreed to nominate Lucie Castets for the post of prime minister, La Voix Du Nord reported on Tuesday.
“We propose Lucie Castetz as prime minister to lead a government capable of responding to the social and environmental urgencies that our fellow citizens have expressed during the last election,” wrote Fabien Roussel, leader of the French Communist Party, which is part of the New Popular Front.
French media note that Castetz currently holds the position of head of the financial department of the Paris City Hall. It is noted that she actively opposed the recent pension reform in the country, which raised the retirement age.
On June 9, President Emmanuel Macron announced the dissolution of the National Assembly and called early legislative elections due to the defeat of the President’s social-liberal party, the Renaissance, in the European Parliament elections, which lost to the National Rally. In the early parliamentary elections on July 7, the pro-presidential coalition “Razom” lost to the left-wing bloc of parties “New People’s Front”. No political force gained an absolute parliamentary majority.
Earlier, the Experts Club think tank and Maksym Urakin presented a video analysis of the most important elections in the world in 2024, more details are available here – https://youtu.be/73DB0GbJy4M?si=eGb95W02MgF6KzXU
The negative balance of Ukraine’s foreign trade in goods in January-May 2024 increased 1.2 times compared to the same period of 2023 – to $10.716 billion from $8.882 billion, the State Statistics Service (Gosstat) said on Monday.
According to its data, exports of goods from Ukraine for the period increased by 1.7% to $16.832 billion compared to January-May 2023, while imports increased by 8.3% to $27.548 billion.
State Statistics Committee specified that in May compared to April this year, seasonally adjusted exports decreased by 1.3% to $3.442bn, while imports decreased by 3.9% to $6.089bn.
The seasonally adjusted foreign trade balance in May-2024 was negative at $2.647bn, while in the previous month it was also negative at $2.850bn.
The export-import coverage ratio for the first five months of 2024 amounted to 0.61 (0.65 in January-May 2023).
State Statistics specified that foreign trade operations were conducted with partners from 220 countries.
Earlier, the analytical center Experts Club 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.
On Bunker Club hosted a charity wine evening organized by Experts Club. The guests of the event were given the opportunity to taste 12 varieties of Ukrainian wine, each of which has its own unique characteristics and history. In particular, the following Ukrainian wines were presented:
Sparkling white wine My wine by Eduard Gorodetsky, which is distinguished by its fresh and light taste, perfect for a summer evening.
Sauvignon blanc 2023 by Demidi wine with bright fruity notes and delicate acidity that gives the wine a special freshness.
Telti-Kuruk 2023 from Big Wines, which has a rich flavor with hints of ripe fruit, making it an ideal choice for red wine connoisseurs.
Dnipro Hills Riesling 2023 from Stoic Ukrainian winery has a pleasant aroma with notes of flowers and honey, complemented by a light fruity aftertaste.
The 2020 Furmint from Chateau Chizay has a rich flavor and a complex bouquet that combines fruity and smoky notes.
Beycush red 2023 from Beycush winery, which has a deep color and rich flavor with hints of ripe berries and spices.
Odesa black 2023 from Big Wines is noted for its rich taste and aroma of dark fruits, which gives it a special charm.
El Capitan Pinot noir 2021 from 46 ParaleI has an elegant taste with notes of cherry, raspberry and light spicy hints.
Freedom Blend from the legendary Purcari winery (Moldova) combines the best traditions of Moldovan winemaking, offering a rich taste with hints of black berries and spices.
Ice wine Riesling from Chateau Chizay is characterized by its sweet taste and rich aroma of ripe fruit and honey.
Shabo Reserve Sherry Dry White by Shabo has an expressive flavor with light notes of nuts and spices, making it an excellent choice for special moments.
Shabo Luxe de Charente by Shabo is distinguished by its mild and refined taste with notes of vanilla and caramel that give it a special charm.
The charity event was not only an opportunity to enjoy fine wines, but also to support important initiatives. All the funds raised will go to charity, which adds even more value to the event.
The tasting was held to promote Ukrainian wine producers. The partners were Experts Club and the Ukrainian Wine Industry Association. UkrSadvynProm unites about 200 enterprises from different regions of Ukraine, established in 2016 to unite market participants and provide practical assistance in solving problematic issues in viticulture and winemaking, as well as horticulture, including berry and nut growing.
Experts Club is a Ukrainian information and analytical center founded in 2020 to create an analytical framework to increase the competitiveness of Ukraine and Ukrainian business in the world.
Former Iranian parliament member Masoud Pezeshkian has won Iran’s presidential election, Tasnim news agency reported.
“The second stage of the presidential election was held on Friday, July 5, and according to the results of vote counting, Masoud Pezeshkian was elected president of the Islamic Republic of Iran,” the report said.
The agency noted that such a conclusion was made, “according to the announcement of the election headquarters spokesman, based on the counting of 30 million 530 thousand 157 votes received from all offices inside and outside the country.”
Earlier, the Experts Club think tank presented an analysis of the most important elections in the countries of the world in 2024, more video analysis is available here – https://youtu.be/73DB0GbJy4M?si=eGb95W02MgF6KzXU.
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