Ukrainian IT exports may decline by 6% this year.

The decline in exports of Ukrainian IT services continues. Even under an optimistic scenario, by the end of 2024 the decrease in volume will be at least 4% compared to last year, and this figure could reach 6%, according to a study by the Lviv IT Cluster. In the end, the industry should expect $6.3-6.45B in export revenue. This means that in 2024, the technology industry will not demonstrate growth over the previous year for the second consecutive year.

However, despite the war’s challenges , the IT sector remains Ukraine’s largest exporter of services; computer services account for 38% of total volume in the segment. In addition, the industry ranks second in the overall structure of Ukrainian exports after food. The share of IT in GDP has decreased against the backdrop of 4.4% GDP growth.

Currently, there are 2,118 active, verified IT companies in Ukraine. Of the 51% of top managers planning to expand their representative offices, more than 33% want to do so abroad. The most popular destination is Poland.