Main economic indicators of Ukraine and the world in January–December 2024 – an analysis
The article presents key macroeconomic indicators of Ukraine and the global 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 Maksym Urakin, Candidate of Economic Sciences, Director of Development and Marketing at Interfax-Ukraine and founder of the information and analytical center “Experts Club,” presented an analysis of macroeconomic
The article presents key macroeconomic indicators of Ukraine and the global 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 Maksym Urakin, Candidate of Economic Sciences, Director of Development and Marketing at Interfax-Ukraine and founder of the information and analytical center “Experts Club,” presented an analysis of macroeconomic trends in Ukraine and the world. Such key aspects are examined as the dynamics of gross domestic product (GDP), inflation, unemployment, foreign trade and Ukraine’s public debt, as well as global macroeconomic trends.
Macroeconomic indicators of Ukraine
In 2024, Ukraine’s economy showed moderate growth despite ongoing challenges linked to the war and external economic factors. According to the State Statistics Service of Ukraine, the country’s real GDP grew by 2.9% compared with the previous year. Nominal GDP amounted to UAH 7.66 trillion, with a deflator of 12.3%.
“Despite the challenges linked to the war and the unstable geopolitical situation, Ukraine has managed to maintain macroeconomic stability. GDP growth of 2.9% is a signal of economic recovery and of investor confidence,” Maksym 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 with November.
“The rise in inflation is an alarming signal. It is the result not only of internal factors but also of external pressure: more expensive imports, energy risks, and exchange-rate fluctuations. The National Bank’s policy will play a decisive role in stabilizing the situation,” the expert explained.
The negative balance of foreign trade in goods for January–November 2024 widened by 3.6% compared with the same period of 2023, reaching $25.239 billion. Exports grew by 16.5% to $38.423 billion, and imports by 11% to $63.662 billion.
“The widening of the negative trade balance shows that imports are outpacing exports. Ukraine must focus on expanding its export potential and supporting strategic sectors: the agro-industrial complex, IT, and mechanical engineering,” Urakin stressed.
As of January 1, 2025, Ukraine’s international reserves reached $43.788 billion, having grown by 9.7% over December.
“This is a positive signal. Reserves are growing thanks to inflows from international partners. This ensures macro-financial stability and the resilience of the hryvnia,” the expert noted.
Global economy
According to IMF forecasts, global economic growth in 2024 was 3.2%. However, geopolitical instability, trade wars, and slowing growth in key economies continue to weigh on the outlook.
“The global economy is recovering but remains vulnerable. Geopolitical risks, high interest rates, and weaker consumer demand in developed countries are the main factors of instability,” Urakin noted.
The US economy showed steady growth. According to the US Bureau of Economic Analysis, the country’s GDP grew by 2.4% on an annualized basis in the fourth quarter of 2024, helped by growth in consumer spending
“Strong domestic demand is the driver of the American economy. However, a growing debt burden and expensive credit may slow the momentum in 2025,” the economist noted.
The eurozone economy showed weak growth. In the fourth quarter of 2024, eurozone GDP rose by 0.1% compared with the previous quarter.
India continues to show steady growth. According to the Indian government, the country’s GDP grew by 8.2% in 2024.
China’s economy grew by 4.6% in the third quarter of 2024, but the full-year forecast was cut to 4.8% because of weak domestic demand and difficulties in the real estate sector.
“China needs to restart domestic consumption. Without stimulating demand, growth may slow even further,” the expert stressed.
Conclusion
The economic indicators of Ukraine and the world for 2024 present 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 numerous uncertainties.
“The key tasks for Ukraine remain structural reforms, boosting exports, modernizing infrastructure, and actively attracting investment. This is the guarantee of sustainable economic growth in 2025 and beyond,” Maksym Urakin summed up.
Head of the “Economic Monitoring” project, Candidate of Economic Sciences Maksym Urakin
A more detailed analysis of Ukraine's economic indicators is available in the monthly information and analytical products of the Interfax-Ukraine agency, “Economic Monitoring”.