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Last year, one-third of the total growth of Ukraine’s gross domestic product was provided by the country’s defense industry.
This was announced by the Minister for Strategic Industries, Herman Smetanin, during the “Ukrainian Weapons 2024” briefing, according to a LIGA.net.
In 2024, weapons and military equipment were produced to the value of $9 billion—three times more than in 2023. According to Smetanin, Ukraine’s GDP grew by 3.9% last year, with the defense sector contributing one third of that growth—1.27%.
He also added that the defense sector had increased its capacity sevenfold.
“If from 2022 to 2023 the capacity of Ukraine’s defense industry tripled, then in 2024 it grew from $3 billion to $20 billion. This refers to the ability of Ukraine’s defense industry to produce weapons and military equipment domestically in that amount,” the minister said.
Smetanin announced that by the end of the year, Ukraine will be capable of producing $35 billion worth of weapons and military equipment domestically.
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