(Bloomberg) -- Ukraine’s economy notched up a second straight quarter of expansion, though growth slowed in comparison with the three months through June.

Gross domestic product rose 9.3% in July-September on the previous year, compared with 19.5% in the second quarter, according to data published by the State Statistics Office on Monday. Seasonally adjusted GDP grew by 0.7% from the second quarter.

Ukraine’s economy was battered last year after Russia’s invasion in February 2022, but the central bank in October raised its estimate for growth this year to 4.9%, up from a previous forecast of 2.9%. Policymakers have started reducing interest rates and wartime controls amid the resumption of growth. 

“Should all the previous statistics office’s estimates be correct, the economy appears to have grown 5.7% in January-September or even more,” said Oleksandr Parashchiy, research director at Kyiv-based Concorde Capital. “That’s not bad, given that we forecast more than 6% for the year.” 


©2023 Bloomberg L.P.