Ukrainian IT service export slowed down but still grew in three first months of war

Central bank statistics published last month have confirmed the relative resilience of the Ukrainian IT services sector in wartime. The contribution of the country’s IT companies to National Bank’s foreign currency incomes reached $3.18 billion for the first five months of this year — including March, April and May, when Ukraine was already struggling against de Russian invasion. 

While year-on-year growth was spectacular in February ($839 million in Feb. 2022 vs. $480 million in Feb. 2021), March was a more difficult period for Ukrainian IT exporters ($522 million vc. $546 million). In April and May, the situation seemed to stabilize, with a 6% y-o-y growth compared to last year in this three-month period. 

Ukrainian IT companies surveyed by IT Ukraine Association say that 96% of their contracts were maintained during the war. Seventy-seven percent of them managed to attract new clients, while 56% expect their sales revenues to grow by 5%-30% in 2022.

Source: IT Ukraine Association

Topics: Data & reports, International, IT services
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