Economy growth will accelerate to almost 5% in 2023, - Marchenko

During the year, the economy of Ukraine demonstrated stability. GDP is forecast to grow to 4.7% after last year’s drop of 29.1%.

Minister of Finance Serhiy Marchenko stated this at a meeting with the G7 financial bloc, Censor.NET reports with reference to the Ministry of Finance.

"Ukraine's economy is showing stability during the current year. GDP growth is forecast to be 4.7%," he said.

According to the minister, inflation is decreasing faster than expected - from 26.6% in 2022 to 7.1% in September 2023.

Domestic borrowing has exceeded the plan and already reached more than 11 billion US dollars since the beginning of the year. Thanks to our partners, international financial support is rhythmic and predictable, the total volume of which is 33.8 billion US dollars in 2023," Marchenko noted.

At the same time, he emphasized that the uncertainty provoked by the war remains. And Ukraine still vitally needs powerful external support.

The budget for 2024, according to the minister, provides for the accumulation of maximum resources for the security and defense sector, with expenditures at the level of the current year, as well as the creation of conditions for the development of the domestic defense industry.

Read more: Fall in Ukraine’s GDP slowed down thanks to improvement of energy sector, - Svyrydenko

The state budget deficit is forecast at the level of $42.9 billion.

The head of the department noted that Ukraine's fulfillment of the conditions determined in cooperation with the IMF will allow it to receive $5.4 billion within the framework of the EFF program next year.