This year, for the first time in recent years, Ukrainian exports of IT services did not show growth. The results of a study published in a research report by IT Research Ukraine show that the volume of exports even recorded a slight decline. Learn more about the reasons and why the technology industry continues to be one of the key sectors in the Ukrainian economy

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Exports of IT services from Ukraine are on the decline. According to IT Research Ukraine, by the end of 2023, its volume will amount to $6.7 to $7.1 billion. This was reported by Lviv IT Cluster with reference to the study.

Here is the reason for the decline in Ukrainian exports of IT services in 2023.

Exports of IT services from Ukraine may decline by almost 8%: a new study

The study shows that the volume of IT services exports will be 2.3-7.7% lower than in 2022, amounting to $6.7 to $7.1 billion. This is the first decline in technology exports since Ukraine's independence compared to the previous year.

The IT sector accounts for 4.9% of Ukraine's GDP, and each company that hires an IT specialist creates and retains 2.7 jobs. However, in 2023, the total turnover of the IT industry is expected to increase to $8 billion, compared to $7.97 billion last year and $7.89 billion in 2021.

The number of Ukrainian IT specialists increased by 8% to 307,000 in 2023. The average salary in the IT sector is $2,630, which is $270 more than in 2022.

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Stepan Veselovsky, CEO of Lviv IT Cluster, noted that the technology industry remains key to the Ukrainian economy, with computer services accounting for 41.5% of total exports. Although this is less than in the previous year (45.5%), it is still the largest share among other exported services.

According to the National Bank of Ukraine, in the third quarter of 2023, the total export revenue of IT services amounted to $1.6 billion, which is 5.5% less than in the same period of 2022, i.e. $95 million in dollar terms. 

The volume of computer services decreased by 8.4% to $5 billion compared to 2022, with a decline of $460 million in the first nine months of 2023.

We remind you! Recently, there has been a significant increase in the number of Ukrainians seeking temporary protection in the European Union. Find out more about which countries are the most popular among Ukrainians.


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