RESEARCH OF THE IMPACT OF INNOVATION ON THE GDP OF UKRAINE

Introduction. In the current conditions of dynamic development of the global economy and increased competition, the issue of stimulating economic growth is of particular relevance. One of the key factors contributing to this growth is innovation. Ukraine, striving to integrate into the global economic space and improve the welfare of its citizens, should also pay considerable attention to the development of innovation. The article explores the importance of innovation for Ukraine's economic development and highlights the potential of innovation processes and their impact on GDP. Purpose. The purpose of this article is to determine the impact of innovation on nominal GDP in Ukraine by analysing empirical data and applying econometric methods, in particular regression analysis and theoretical model analysis. Materials and methods. The article uses economic data, empirical observations and works of authors who have studied the topic of innovation and its impact on GDP. Regression analysis and analysis of theoretical models were used to analyse and evaluate the models, which allowed to investigate the relationship between the level of innovation expenditures and nominal GDP of Ukraine. Results. The types of risks associated with innovations are considered. It is determined that the level of innovation efforts made by a country can be determined by the indicator of research and development expenditures. A comparative analysis of several models was carried out by means of regression analysis of the impact of research and development on Ukraine's GDP. Based on the results of the regression analysis, the best model was selected and graphs of the relationship between Ukraine's GDP and R&D expenditures were drawn. On the basis of the linear model, the author builds a forecast value of Ukraine's nominal GDP for 2022 and compares it with the actual value to assess the accuracy of the model. We can see a downward trend in the share of research and development expenditures in Ukraine's GDP in 2013–2022, which is too low compared to the OECD and EU countries, which may have negative consequences for Ukraine's economic growth. Discussion. The article discusses the new Strategy of Innovation Activity of Ukraine, which defines the main aspects of the policy of supporting innovation activity. The Strategy proposes to focus efforts on supporting and developing the overall innovation infrastructure and ecosystem in Ukraine, paying special attention to priority sectors and optimising instruments that support innovation.