IT service exports have decreased to $1.68 B, reported the IT Ukraine Association. As analysts explained, the reason for the decline has two factors. The first is the industry’s growth at excessively high rates in previous years. The second is the annual decline in the first quarter of the year against the previous year’s first quarter.
Before the full-scale invasion, the IT industry showed rapid growth, with the volume of IT service exports in the fourth quarter of 2021 amounting to $2.1B. The share of IT in the export of Ukrainian services in that period was from 39% to 48%. In the first year of the war, for January-December 2022, the growth inertia was maintained – the volume of exports increased by $400M compared to 2021.
According to 2022’s results, the IT industry provided $7.35B in foreign currency income to the Ukrainian economy.