Before Russia invaded Ukraine, oil, gas, food and metals were the backbone of the country’s economy. But with critical export routes via Ukraine’s Black Sea ports cut off, Ukraine’s gross domestic product contracted by almost 30% last year, with sectors such as agriculture seeing exports fall by 24%.
However, one sector that is thriving, despite the war, is Ukraine’s information technology (IT) and fintech sector. Last year, IT was one of the few areas of the economy that demonstrated positive dynamics. Although the export of services in general for the first eight months of last year declined by 6% compared to the same period a year earlier, IT exports grew by 16% year on year, according to Ukrainian state data.
