How the Ukrainian IT Industry Operates During Wartime 02 | 06 | 2022

How the IT Industry supports Ukraine’s economy during wartime

The development of the IT industry in Ukraine has always been crucial for the national economy. Previously, before the 24th of February, we have seen the growth of indicators.

According to the annual industry research carried out by IT Ukraine, the local IT sector grew by 36% compared to 2021 and its export share amounts to $6.8 billion. The number of specialists also increased to 285 thousand as opposed to 244 thousand in 2021. Fiscal revenue in Ukraine from the IT industry grew to UAH23.5 billion in 2021. This is a significant increase compared to 2017.

The war changes everything

It becomes even more important during wartime. Since the industry is export-oriented and mostly has clients from abroad, it supports the country by bringing more foreign currency to the state budget.

It is essential that on average along with a software engineer there are 3 workplaces created inside and outside the industry. Allowing the IT sector to continue its development during the war will contribute to the further growth of the Ukrainian economy. Like other businesses, IT companies donate money and purchase life-saving items for the Ukrainian Army and provide humanitarian aid to the people in need. The industry today is one of the key components of supporting the country and reviving it in the future.

READ ALSO: FINTECH INDUSTRY TRANSFORMATION: KEY TRENDS AND FORECASTS

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