"Due to the destruction of up to half of the power generation capacity, restrictions were imposed on the supply of electricity to businesses," IER reported.
"As a result, the growth rate of gross value added (GVA) in the manufacturing industry slowed from 11% to 5%."
Real GVA in the extractive industry grew by 2% due to fairly stable production of gas and iron ore.
Read also: Russian attacks on energy system slow Ukraine's economy
Real GVA in transportation grew by almost 15% compared to 11% in April, in part due to the unblocking of the western border, as well as due to the effect of the statistical base.
"Ukrainian sea corridor allows us to keep exports through seaports high," IER explained.
"At the same time, not only grain is transported, but also iron ore and steel products. Ukrainian railways continues to report an increase in the transportation of goods by more than 30%, sea corridor also supported trade growth by 6%."
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As reported, investment company Dragon Capital predicts that Ukraine's GDP will grow by 4% in 2024.
In contrast, the EBRD forecasts GDP growth of only 3%, which is significantly lower than +5.3% in 2023.
In turn, the NBU also predicts that the Ukrainian economy will grow by only 3% in 2024.
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Read the original article on The New Voice of Ukraine
Section: Business
Author: Владислав Литнарович
