Ukraine's GDP growth reached 3.3 pct for bumper harvest of 2019

Record-high grain harvest in Ukraine is one of the key factors that shaped the country's economic activity in 2019.

As informed by the Ministry for Development of Economy, Trade and Agriculture of Ukraine, in the year 2019, economic activity remained at a rather high level — GDP growth rates were estimated at 3.3%, close to the 2018 rates.

However, despite another record harvest of cereals in Ukraine, agricultural growth slowed down.

The list of key factors that influenced economic activity in the reporting period includes:

  • consistently high investment activity;
  • global demand weakening amid intensifying trade wars;
  • growing purchasing power of the population;
  • appreciation of hryvnia exchange rate.

As a reminder, one of the main factors contributing to the Ukrainian hryvnia's appreciation during November-December 2019 was a record harvest of grains and oilseeds in Ukraine.

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