Ukraine’s IT sector is doing very well

Still coding when half your team has to dodge artillery and shoot Russians

Ukraine’s IT sector performed better than last year despite Russia’s invasion of the country.

Ukraine’s export-oriented IT industry generated a record turnover of two billion US dollars for the first quarter of 2022, according to the National Bank of Ukraine (NBU).

This figure is 28% higher than the same period of 2021 (1.44 billion US dollars), despite the Russian invasion of the country, martial law, mobilization and the forced relocation of companies and teams.

The sector’s growth was particularly strong in February, reaching its highest ever export level – 839 million US dollars, 43% more than in February 2021 (480 million US dollars).

March, while seeing a slight decline in IT services exports (US$522 million vs. US$546 million in 2021), was proof that Ukraine’s IT sector has shown incredible resilience, primarily due to his ability to adapt quickly to the realities of war.

Most companies have retained their customers and the volume of their contracts, which means that the industry remains financially stable, provides regular foreign exchange income to the Ukrainian economy and the state budget, and even pays taxes in advance.

Konstantin Vasyuk, executive director of the IT Ukraine Association, said that the IT industry is one of the few that provides economic support to the state and the future recovery of the national economy.

“The sector has won the admiration of customers and partners: resilience and effective crisis management, leadership and social responsibility, team cohesion and high efficiency.”
Vasyuk adds that according to data from the IT Ukraine Association, 77% of IT companies in the country have attracted new customers since the start of the war, and that 56% of them expect growth of 5 to 30 % This year.

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