Publication date:
Publication from:
According to the National Bank of Ukraine, the export-oriented IT industry provided a record $ 2 billion revenue for the first quarter of 2022, despite martial law, mobilization, forced relocation of businesses and teams. A similar figure in 2021 was $ 1.44 billion. In fact, the volume of IT exports increased by 28%.
The rapid growth of the industry continued until the war and in February 2022 reached the highest monthly indicator of export in the history of the Ukrainian IT market – $839 million, which is 43% more than in the same period of 2021 ($480 million).
Under military realities, the industry has succeeded to consolidate and quickly adapt to the new circumstances due to existing anti-crisis business plans. Most companies have retained customers and the volume of their contracts. As a result, the industry remains financially stable, provides regular foreign exchange earnings to the economy of Ukraine and the state budget, and pays taxes in advance.
The figures eloquently illustrate this. In March 2022, the Ukrainian IT industry kept 96% of computer services exports ($ 522 million) compared to the same period of the last year ($ 546 million).
The war-related reduce of foreign exchange earnings in March by only 38% compared to the record growth of February, as well as the decline in other export industries by 50-60%, shows, in fact, a margin of Ukrainian IT sector stability.
