Export of IT services from Ukraine fell by 16% to $1.68 billion
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The export of IT services from Ukraine in the first quarter of 2023 amounted to $1.68 billion — this is 16% lower than in the first quarter of 2022. This is reported by the IT Ukraine Association, citing information from the National Bank of Ukraine.
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Falling exports
According to the profile Association, a similar situation occurred in 2014. Then the sector also showed a 26% drop and held positions of $350-400 million quarterly. At the same time, in 2016, the IT sector resumed growth, and by 2022 its growth rate had already reached 20% annually.
IT Ukeaine noted two main reasons for this decline. The first is the growth of the industry at extremely high rates in previous years. Second, every first quarter of the new year traditionally has a fall compared to the first quarter of the previous year.
Read: In January-February 2023, the export revenue of IT services fell by 27.3%
It is noted that such indicators indicate that the industry will not return to established growth indicators, but rather a decline.
Let’s remind
By the end of 2022, the Ukrainian export of IT services grew to the highest level since the existence of the industry in the country.
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Source: Ministry of Finance
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