The war has stopped the rapid growth of Ukrainian IT service exports.

According to YouControl analysts, IT activity peaked on the eve of the Russian invasion in the fourth quarter of 2021, when $2.1B was brought into the country. Since then, the average IT export volume has dropped to $1.7B, i.e., the reduction in quarterly export volume was about 20%.

Two-thirds of the total net income declared by Ukrainian IT companies in 2022 was concentrated in Kyiv. The capital of Ukraine has 3,013 (52.4%) IT companies registered with positive turnover in 2022. The Lviv (10.4% of revenues), Kharkiv (8.1%), Dnipropetrovsk (4.2%), Vinnytsia (3.4%) and Odesa (1.7%) regions trail by a significant margin.

Regarding revenue, the main subsidiary of the EPAM Systems holding in Ukraine was in first place with a declared net profit of UAH 20B, which is 37.5% higher than in 2021. In second place is GlobalLogic Ukraine with UAH 11.5B (+49%). Luxoft Solutions rounds off the top three with UAH 5.9B (+63%).