In terms of gross domestic product, it fell to 14.3 percent of GDP in July-September last year from 20.9 percent in the second quarter and 16.9 percent in the third trimester of 2024, it said.
This is due to improvements in the sector of foreign trade in goods and services, as well as in the income that the state receives from non-residents.
Compared to April-June last year, exports of goods increased by $250 million and imports by $180 million in Q3. As a result, the deficit narrowed by $70 million.
There were also positive developments in the trade in services sector. Compared to Q2, the surplus, i.e., the excess of exports over imports, increased by $30 million. Exports of services increased by $114 million and imports by $84 million.
The revenues that the state receives from non-residents increased by $25 mln.
All this led to a decrease in the excess of imports over exports to 2.9 times (in Q2 this indicator was 3.7 times, in Q3 2024 – 3.3 times).
Thus, the improvement of the current account situation in Q3 2025 is associated with positive changes in trade in goods (by 57%), trade in services (by 24%) and income (by 19%).
However, the current account deficit of the Balance of Payments increased to $2.872 billion in January-September 2025, compared to $2.035 billion in 9M 2024 and $1.298 billion in 2021.
At the end of the three quarters of the past year, it amounted to 19.4% of GDP, a year earlier it was 15.2% and in 2021 it was 13.1%.
That is, the deficit has grown both in absolute terms and relative to GDP.
So, positive changes in the current account in Q3 2025 have not radically changed the situation that emerged last year, and it remains extremely serious.
“A country with a current account deficit above 5-7% of GDP is potentially fiscally unsustainable, and the risks of macroeconomic instability are extremely high. This means high inflation and significant depreciation of the national currency. We now have 19.4% of GDP,” economist Volodymyr Golovatyuk commented on the situation.
