Key economic indicators for Ukraine and the world in January-December 2024 – analysis
This article presents key macroeconomic indicators for 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 Maxim Urakin, PhD in Economics, Director of Development and Marketing at Interfax-Ukraine, founder of the Experts Club information and analytical center, presented an analysis of macroeconomic trends in Ukraine and the world. Key aspects such as gross domestic product (GDP) dynamics, inflation, unemployment, foreign trade, and Ukraine's public debt, as well as global macroeconomic trends, are considered.
Macroeconomic indicators of Ukraine
In 2024, Ukraine's economy showed moderate growth despite ongoing challenges related 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 to the previous year. Nominal GDP amounted to UAH 7.66 trillion, with a deflator of 12.3%.
“Despite the challenges posed by the war and the unstable geopolitical situation, Ukraine has managed to maintain macroeconomic stability. GDP growth of 2.9% is a sign of economic recovery and investor confidence,” said Maxim Urakin.
Inflation remains a significant problem for the economy. According to data from 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.
“Rising inflation is an alarming sign. It is the result not only of internal factors, but also of external pressures: rising import prices, energy risks, and currency 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 increased by 3.6% compared to the same period in 2023, reaching $25.239 billion. Exports grew by 16.5% to $38.423 billion, while imports increased by 11% to $63.662 billion.
“The increase in the trade deficit indicates that imports are outpacing exports. Ukraine should focus on expanding its export potential and supporting strategic industries: agriculture, IT, and machine building,” Urakin emphasized.
Ukraine's international reserves reached $43.788 billion as of January 1, 2025, increasing by 9.7% in December.
“This is a positive sign. Reserves are growing thanks to inflows from international partners. This ensures macrofinancial stability and the stability 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 declining consumer demand in developed countries are the main sources of instability,” Urakin noted.
The US economy has shown steady 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, driven by growth in consumer spending.
“Strong domestic demand is driving the US economy. However, rising debt and expensive loans could slow growth in 2025,” the economist said.
The Eurozone economy showed weak growth. In the fourth quarter of 2024, Eurozone GDP increased by 0.1% compared to the previous quarter.
India continues to show steady growth. According to Indian government data, 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 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 stimulating demand, growth could slow even further,” the expert stressed.
Conclusion
The economic indicators for Ukraine and the world for 2024 show a mixed picture. GDP growth and positive signals on global markets are combined with inflationary risks and external trade imbalances. The global economy is also under pressure from a number of uncertainties.
“Structural reforms, export growth, infrastructure modernization, and active investment attraction remain key tasks for Ukraine. This is the key to sustainable economic growth in 2025 and beyond,” Maxim Urakin concluded.
Head of the Economic Monitoring project, Candidate of Economic Sciences Maxim 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.
