National cashback program will affect the country's GDP by 0.25% - Ministry of Economy

Deputy Minister of Economy of Ukraine Nadiia Bihun said that the Ministry of Economy forecasts that the impact of the cashback program on Ukrainian goods on GDP in 2024 will be about 0.25% of a point, stimulating the consumer economy in the medium and long term.

She said this during a telethon, UNN reports .

The cashback program will operate throughout Ukraine and for all citizens. In order to join the program, you need to accept the terms of the program on your payment card and join the program at the bank where you are serviced

She says that entrepreneurs and manufacturers are also joining the cashback program.

They (entrepreneurs - ed.) will be able to join through Diia. The program is completely voluntary. A Ukrainian manufacturer and a seller who wants the program to work in their outlet needs to send an application through Diia, read the terms of the program, and the manufacturer must provide information about the barcodes of their goods. This is necessary so that the program can analyze the barcodes of the purchased goods and calculate cashback accordingly

According to her, such a program will encourage Ukrainians to buy and notice domestic producers.

We understand that this is an element of the consumer economy, meaning that consumers will change their behavior. This is not a short-term effect, but a medium- and long-term one. For this year, we estimate that our program will have an impact on GDP of about 0.25% of a point. In fact, it will be an impact that will be equal, plus or minus, to the effect that we will invest in this program

The Deputy Minister of Economy says that the program includes all Ukrainian goods, except for excisable goods. To recap In Ukraine , the government launches national cashback on September 2 - Ukrainians will receive 10% compensation for purchases of “Made in Ukraine” goods.