Ukraine's IT industry generated record $2 billion in export earnings in the first quarter, despite the war

Ukraine's IT industry generated record $2 billion in export earnings in the first quarter, despite the war

Despite the state of war, mobilization, forced relocation of businesses and teams, the IT industry of Ukraine provided a record $2 billion in export earnings for the first quarter of 2022 – 28% more than last year ($1.44 billion). This was reported by the IT Ukraine Association with reference to the data of the National Bank.

Message from the editor: Our defenders from the 3rd separate battalion of the UDA, who are in the Zaporozhye region, need things to resist the enemy: quadrocopters and smartphones to control them, night vision sights. Details for transferring funds to a monobank card – Katerina Kolonovich, card number 5375411505235312. Please join the fundraising. Glory to Ukraine!

The rapid growth of the industry continued until the war itself, and in February 2022 it reached the highest monthly export rate in the history of the Ukrainian IT market — $839 million, which is 43% more than in the same period in 2021 ($480 million).

In the new military realities, the industry managed to consolidate and quickly reformat thanks to anti-crisis business plans. Most of the companies kept their clients and volumes of their contracts. Thanks to this, the industry remains financially stable, provides regular foreign exchange earnings to the Ukrainian economy and the state budget, and pays taxes in advance, the Association notes.

The numbers speak for themselves. In March 2022, the Ukrainian IT industry retained 96% of the volume of exports of computer services ($522 million) compared to the same period last year ($546 million).

“The war-induced decline in foreign exchange earnings in March by only 38% compared to the record growth rate in February, as well as the level of decline in other export industries by 50-60%, demonstrates the margin of stability of the IT industry,”

IT Ukraine Association

According to the Association, already during the war, 77% of IT companies attracted new customers, and 56% of them expect growth of 5-30% this year.

How the Ukrainian IT industry works in a war: most IT companies are trying to stay on last year’s financial indicators

Related Posts

Emma Watson “quotes” Hitler and Biden “declares” war on Russia – free AI speech synthesizer makes celebrities “say” offensive things

The startup ElevenLabs published its AI voice simulation technology in the public domain, which immediately attracted the attention of Internet trolls. Social media has been flooded with…

Samsung Galaxy S23 smartphones on “live” photos the day before the presentation

Thanks to numerous leaks, we know almost all the specifications of Samsung’s Galaxy S23 series smartphones, which will be officially announced tomorrow. And now live photos of…

Chinese nuclear weapons developer uses Intel and Nvidia hardware – despite being on US ‘export blacklist’ since 1997

The US continues to tighten restrictions on chip exports to China, but some companies have been on the US blacklist for decades. For example, China’s nuclear weapons…

Spotify surpasses 205 million paid subscribers and 489 million monthly active users – fourth quarter report

Spotify’s financial report for the fourth quarter of 2022 comes a week after the company announced that it was laying off 6% of its staff (just under…

DC Studios and James Gunn presented 10 new films and series of the superhero film universe

DC Studios and James Gunn, who is responsible, together with Peter Safran, for the development of the DC film universe, revealed the full list of tapes that…

The most interesting new films of February 2023

February cannot boast of a large number of interesting movie news. But let’s not forget that this is the shortest month of the year. In addition, the…

Leave a Reply

Your email address will not be published. Required fields are marked *