KYIV, Sept 19 – Real gross domestic product (GDP) of Ukraine in August 2024 year-over-year decreased for the first time since March 2023, a decrease of 2.1%, while in July an increase of 4.4% was recorded, according to the assessment of the Institute for Economic Research and Policy Consulting (IER).

"Value added in agriculture fell, according to IEI estimates, by 23% year-over-year due to the fact that wheat and other crops were harvested earlier than in 2023. Accordingly, most early crops were harvested in July, when real gross value added (GVA) in the sector is estimated to have grown by 27%, leaving less harvest for August this year," IEI explains the negative assessment in the Monthly Economic Monitoring.