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Economy of Ukraine

January 07, 2023

The economy of Ukraine is an emerging, mixed economy located in Eastern Europe. It grew rapidly from 2000 until 2008 when the Great Recession began worldwide and reached Ukraine. The economy recovered in 2010 and continued improving until 2013. From 2014 to 2015, the Ukrainian economy suffered a severe downturn, with GDP in 2015 being slightly above half of its value in 2013. In 2016, the economy again started to grow. By 2018, the Ukrainian economy was growing rapidly, and reached almost 80% of its size in 2008.

Economy of Ukraine
Kyiv, the financial capital of Ukraine
CurrencyHryvnia (UAH)
Calendar year
Trade organizations
GUAM, WTO, CISFTA, DCFTA (EU), BSEC
Country group
Statistics
Population 41,383,182 (1 July 2021 est.)[3]
GDP
  • $200.00 billion (nominal, 2021.)[4]
  • $589 billion (PPP, 2021.)[4]
GDP rank
GDP growth
  • 3.2% (2019)
  • −4% (2020)
  • 3.4% (2021 est.)
  • -45.1% (2022 est.)[4]
GDP per capita
  • $4,828 (nominal, 2021)[4]
  • $14,325 (PPP, 2021)[4]
GDP per capita rank
GDP by sector
Population below poverty line
  • 1.3% (2018)[6]
  • 0.4% on less than $3.20/day (2020f)[7]
26.1 low (2018, World Bank)[8]
Labor force
  • 20,203,893 (2019)[11]
  • 57.1% employment rate (2018)[12]
Labor force by occupation
  • agriculture 5.8%
  • industry 26.5%
  • services 67.8%
  • (2014)[5]
Average gross salary
UAH 14,577 / €369 monthly (January 2022)[13]
UAH 11,953 / €303 monthly (January 2022)[14][15]
Main industries
coal, electric power, ferrous and nonferrous metals, machinery and transport equipment, chemicals, food processing
64th (easy, 2020)[16]
External
Exports $68.2 billion (2021)[17]
Export goods
ferrous and nonferrous metals, fuel and petroleum products, chemicals, machinery and transport equipment, food products
Main export partners
Imports $54.1 billion (2020 est.)[20]
Import goods
energy (mainly natural gas),[21] machinery and equipment, chemicals
Main import partners
FDI stock
  • $67.22 billion (31 December 2017 est.)[5]
  • Abroad: $7.59 billion (31 December 2017 est.)[5]
−$3.752 billion (2018 est.)[5][23][24]
$47.9 billion (Apr 2018)[25]
Public finances
60.93% of GDP (2018)[26]
RevenuesUAH 1.1 trillion / €37 bil. / $39 bil.(2017)[27]
ExpensesUAH 1.1 tril. / €38 bil. / $41 bil. (2017)[27]
Economic aidrecipient: $0.4 billion (2006); International Monetary Fund Extended Funds Facility: $2.2 billion (1998)
Foreign reserves
 $28.802 billion (1 Aug 2020 est.)[34]
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

The depression during the 1990s included hyperinflation and a fall in economic output to less than half of the GDP of the preceding Ukrainian SSR. GDP growth was recorded for the first time in 2000, and continued for eight years.[35] This growth was halted by the global financial crisis of 2008. The Ukrainian economy recovered and achieved positive GDP growth in the first quarter of 2010.[36] In the early 2010s, Ukraine was noted as possessing many of the components of a 'major European economy': rich farmlands,[37][38] a well-developed industrial base, highly trained labour, and a good education system.[39]

In October 2013, the Ukrainian economy lapsed into a recession.[40] The previous summer, Ukrainian exports to Russia substantially declined due to stricter border and customs control by Russia.[41] The early 2014 annexation of Crimea by Russia, and the War in Donbas that started in the spring of 2014 severely damaged Ukraine's economy[42] and severely damaged two of Ukraine's most industrial regions.[43] In 2013, Ukraine saw zero GDP growth.[43] Ukraine's economy shrank by 6.8% in 2014,[44] and this continued with a 12% decline in GDP in 2015.[45] In April 2017, the World Bank stated that Ukraine's economic growth rate was 2.3% in 2016, ending the recession.[46] Despite these improvements, Ukraine remains the poorest country in Europe,[47] which some journalists have attributed to high corruption.[48]

In April 2020, the World Bank reported that economic growth was solid at 3.2 percent in 2019, led by a good agricultural harvest and sectors dependent on domestic consumption. Household consumption grew by 11.9 percent in 2019, supported by sizable remittance inflows and a resumption of consumer lending, while domestic trade and agriculture grew by 3.4 and 1.3 percent, respectively.[49] In 2020 GDP fell by 4.4 percent due to the COVID-19 pandemic.[50] Due to the 2022 Russian invasion of Ukraine, the country's economy could shrink up to 35%, according to the International Monetary Fund.[51]

History

Before 1917

Geography has long influenced the economy of the Ukrainian lands. Rich fertile soils (such as chernozem areas) made the area a "breadbasket": for ancient Greece[52] as well as for early modern Europe.[53] The maintenance of trade corridors – the route from the Varangians to the Greeks and access through the Straits to the Mediterranean world – became important. Mineral resources encouraged industrialisation – notably in the Donbas – from the 19th century onwards.[54]

The lack of secure borders meant repeated interruptions in economic development. Steppe nomads and other conquerors – Cumans, Mongols, Tatars for example, sometimes saw plundering as more important than fostering economic development. In the 16th to 18th centuries, the wastelands of the Wild Fields left much of Ukraine as an area of tentatively militarised outposts, prior to tsarist Russia's extension of its power into the region in the 17th and 18th centuries.

Soviet period: 1917 to 1991

For the history of Ukraine's economy in Soviet times, see Ukrainian Soviet Socialist Republic § Economy.

1991 to 2000

On 24 August 1991, Ukraine established its independence from the Soviet Union.[55] The new state's economy suffered huge output declines and soaring inflation in the following years.[56] Ukraine saw hyperinflation in the early 1990s because of a lack of access to financial markets and massive monetary expansion to finance government spending, while output declined sharply.[56] Huge output declines and soaring inflation was at the time common to most former Soviet republics, but Ukraine was among the hardest hit by these problems.[56]

In response to this hyperinflation the National Bank of Ukraine replaced the national currency, the karbovanets, with the hryvnia in September 1996 and pledged to keep it stable in relation to the US dollar.[56][57] The currency remained unstable through the late 1990s, particularly during the 1998 Russian financial crisis.[56]

Deep recession during the 1990s led to a relatively high poverty rate, but beginning in 2001, seven straight years of economic growth, raised the living standard for most citizens. A World Bank report in 2007 noted: "Ukraine recorded one of the sharpest declines in poverty of any transition economy in recent years. The poverty rate, measured against an absolute poverty line, fell from a high of 32% in 2001 to 8% in 2005."[58] The UN noted that Ukraine had overcome absolute poverty, and that there was only relative poverty in 2009.[59]

2000 to 2014

Main article: 2008–09 Ukrainian financial crisis

Ukraine stabilised by the early 2000s.[56] The year 2000 saw the first year of economic growth since Ukraine's independence.[39] The economy continued to grow thanks to a 50% growth in exports between 2000 and 2008[39] – mainly exports from the traditional industries of metals, metallurgy, engineering, chemicals, and food.[39] Between 2001 and 2008, metals and chemicals prices boomed because of fast international economic growth, while the price of natural gas imported from Russia remained low.[39]

Monetization also helped to drive the economic boom Ukraine experienced between 2000 and 2008.[39] Attracted in part by relatively high interest-rates, foreign cash was injected[by whom?] into Ukraine's economy and money supply grew rapidly: from 2001 to 2010 broad, money increased at an annual rate of 35%.[56] In 2006 and 2007, credit growth averaged 73%.[56]

An effect of this was that Ukrainian assets began to look like a large economic bubble and high inflation started to damage Ukraine's export competitiveness.[56] The ratio of credit to GDP grew extremely fast – from 7 to almost 80 percent over just several[quantify] years.[39] From 2000 to 2007, Ukraine's real growth averaged 7.4%.[39] This growth was driven by domestic demand: orientation toward consumption, other structural change, and financial development.[39]

Domestic demand grew in constant prices by almost 15% annually.[39] It was supported by expansionary—procyclical—fiscal policy.[39] Ukraine benefited from very low labor costs, slightly lower tariffs, and high prices of its main export goods, but at the same time faced notably higher non-tariff barriers.[39] Russia has not charged Ukraine below-world-market prices for natural gas since the end of 2008. This led to various Russia–Ukraine gas disputes.[39][60][61][62]

Ukraine suffered severely in the economic crisis of 2008. Because of it Ukraine experienced a drought in capital flows.[56] The hryvnia, which had been pegged at a rate of 5:1 to the U.S. dollar, was devalued to 8:1, and was stabilized at that ratio until the beginning of 2014.[63] In 2008, Ukraine's economy ranked 45th in the world according to 2008 GDP (nominal), with a total nominal GDP of US$188 billion, and nominal per-capita GDP of US$3,900. There was 3% unemployment at the end of 2008. Over the first 9 months of 2009, unemployment averaged 9.4%.[64] The final official unemployment rates for 2009 and 2010 were 8.8% and 8.4%,[65] although the CIA World Factbook notes a "large number of unregistered or underemployed workers".[65] Ukraine's GDP fell by 15% in 2009.[56]

The Ukrainian economy recovered in the first quarter of 2010[36] due to the recovery of the world economy and increasing prices for metals.[61] Ukraine's real GDP growth in 2010 was 4.3%, leading to a per-capita PPP GDP of US$6,700.[65] In 2011, Ukrainian politicians estimated that 40% of Ukraine's economy is a shadow economy.[66][67]

In the summer of 2013, Ukrainian exports to Russia fell substantially due to Russia's stricter customs controls.[41]

By October 2013, the Ukrainian economy had become stuck in recession.[40] Moody's downgraded Ukraine's credit rating to Caa1 (poor quality and very high credit risk) in September 2013.[40][68][69] At the time, swap markets rated Ukraine's default probability over the next five years at 50 percent.[40] In 2013, Ukraine saw no growth in GDP.[43]

After Euromaidan: 2014 to present

Due to the loss of Ukraine's largest trading partner, Russia, over the annexation of Crimea in March 2014, and exacerbated by the War in Donbas which started in April 2014[nb 1] Ukraine's economy shrank by 6.8% in 2014.[42] It had been expected to decline by 8%.[44] A Ukrainian government report stated early in February 2016 that Ukraine's economy had shrunk by 10.4% in 2015.[71] For 2015, the National Bank of Ukraine had expected a further decline of 11.6%, and the World Bank anticipated a 12% shrinkage.[45] The World Bank forecast growth of 1% in 2016.[72]

Early in February 2014, the National Bank of Ukraine changed the hryvnia into a fluctuating/floating currency in an attempt to meet IMF requirements and to try to enforce a stable price for the currency in the Forex market.[73] In 2014 and 2015, the hryvnia lost about 70% of its value against the U.S. dollar.[63][74]

The IMF agreed to a four-year loan program worth about $17.5 billion in eight tranches over 2015 and 2016, subject to conditions which involved economic reforms.[75] However, due to lack of progress on reforms, only two tranches worth $6.7 billion were paid in 2015. A third tranche of $1.7 billion was provisionally scheduled in June 2016 subject to the bringing into law of 19 further reform measures.[76][77] Some[quantify] western analysts believe that large foreign loans are not encouraging reform, but enabling the corrupt extraction of funds out of the country.[78]

Since December 2015, Ukraine has refused to pay and hence de facto defaults on a $3 billion debt payment to Russia that formed part of a December 2013 Ukrainian–Russian action plan.[79]

The turnover of retail trade in Ukraine in 2014 shrank by 8.6% (from 2013) and shrank by 20.7% in 2015 (from 2014).[80] Ukraine saw a 30.9% decline in exports in 2015,[81] mainly because of a sharp decline in production output in Donetsk Oblast and in Luhansk Oblast (the two regions of Donbas).[81] These two regions were responsible for 40.6% of the total export-decline rate.[81] Before the war they had been two of the more industrial oblasts of Ukraine.[43]

According to the Ministry of Economic Development and Trade, Ukraine had a surplus in its balance of payments in January–November 2015 of $566 million and has had a trade deficit of $11.046 billion during the same period in 2014.[81] On 31 December 2015, Ukraine's public debt stood at 79% of its GDP.[82] It had shrank $4.324 billion in 2015 to end up at $65.488 billion.[82] But calculated in hryvnia, the debt had grown by 42.78%.[82] In 2015, the Ministry of Social Policy of Ukraine rated 20–25% of Ukrainian households as poor.[83]

$2.526 billion entered the Ukrainian economy via remittances in 2015, 34.9% less than in 2014.[84] $431 million was sent from Ukraine to elsewhere using remittances.[84] In January 2016, Bloomberg rated Ukraine's economy as the 41st most innovative in the world,[85] down from 33rd in January 2015.[86]

In May 2016, the IMF mission chief for Ukraine, Ron van Rood, stated that the reduction of corruption was a key test for continued international support.[77] In 2015 Transparency International ranked Ukraine 130th out of 168 countries in its Corruption Perceptions Index.[87] In February 2016, historian Andrew Wilson assessed progress in reducing corruption as poor as of 2016.[88] Aivaras Abromavičius, Ukraine's then-Minister of Economy and Trade, resigned in February 2016, citing ingrained corruption.[89] In October, at a conference for foreign investors, corruption and lack of trust in the judiciary were identified[by whom?] as the largest obstacles to investment.[90]

Late in July 2016, the State Statistics Service of Ukraine reported that, compared with June 2015, real wages had increased by 17.3%.[91] Simultaneously the National Bank of Ukraine reported a $406 million surplus in Ukraine's January–June 2016 balance of payments against a deficit of $1.3 billion in the same period in 2015.[92] According to Ukraine's State Statistics Service, inflation in 2016 came down to 13.9%; while it had stood at 43.3% in 2015 and at 24.9% in 2014.[93]

The Economist has compared the severity of Ukraine's recession to that of the Greek recession in 2011–2012 – pointing to Ukraine experiencing an 8–9% decline in GDP from 2014 to 2015 and Greece experiencing an 8.1% decline of GDP in 2011–2012, and noted that not all areas of Ukraine were equally effected by the economic downturn. Donetsk and Luhansk (the conflict zone) saw industrial production falling by 32% and 42% respectively. On the other hand, Lviv, located over 1000 km from the conflict, posted the largest jump in employment in the nation.[94]

The economy of Ukraine has overcome[when?] the severe crisis caused by armed conflict in the eastern part of country. A 200% devaluation of the hryvnia in 2014–2015 made Ukrainian goods and services cheaper and more competitive.[95] In 2016, for the first time since 2010, the economy grew by more than 2%.[46] A 2017 World Bank statement projected growth of 2% in 2017, of 3.5% in 2018 and of 4% in 2019 and 2020.[96] Inflation in Ukraine in 2017 was 13.7% (12.4% in 2016).[97]

Since about 2015, there has been a growing number of Ukrainians working in the European Union, particularly Poland. Eurostat reported that 662,000 Ukrainians received EU residence permits in 2017, with 585,439 issued by Poland. The head of the National Security and Defense Council of Ukraine has estimated that up to 9 million Ukrainians work abroad for some part of the year, and 3.2 million have regular full-time work abroad with most not planning to return. World Bank statistics show that money remittances back to Ukraine have roughly doubled from 2015 to 2018, worth about 4% of GDP.[98][99]

In Q3 2019 real GDP grew by 4.2%. The main driving factors include: increased purchasing power of the population in conditions of increase of the level of wages (during nine months of 2019 real wages increased by 9.5%); high level of business activity and preservation of investment activity, which stimulated mainly the development of construction, in particular, of industrial and transport infrastructure facilities; active consumer lending; maintaining the high dynamics of agricultural development; favorable price situation on selected world commodity markets for domestic exports and others.[100] Ukraine made its largest payment on debt in 2019 at $1.1 billion.[101]

In 2019, Fitch Ratings, a global leader in credit ratings and research, upgraded Ukraine's Long-Term foreign and National Currency Issuer Default Ratings (IDR) from "B−" to "B" and improved the outlook on the credit rating from stable to positive. Ukraine has demonstrated timely access to fiscal and external financing, improving macroeconomic stability and declining public indebtedness.[102]

Ukraine moved up seven positions in the annual World Bank Doing Business 2020 report.[103] Prudent macroeconomic management helped reduce inflation and interest rates in 2019. Inflation eased to 4.1 percent at the end of 2019 and 2.4 percent in February 2020.[104]

On 27 October 2020, the Constitutional Court of Ukraine ruled that anti-corruption legislation, including the mandatory electronic declaration of income, was unconstitutional.[105] President Zelensky warned that if parliament did not restore these anti-corruption laws, foreign aid, loans and visa-free travel to the European Union were at risk. The Governor of the National Bank of Ukraine reported that Ukraine will not receive the scheduled $700 million IMF load before the end of 2020 because of the issue. IMF assessment teams had not visited Kyiv for eight months, which is necessary for further IMF loan tranches to be released.[106][107] In February 2021, economist Anders Åslund wrote "for months, senior Ukrainian officials have been claiming that the Ukrainian government has done everything the [IMF] could possibly demand" but "this happy talk was always detached from reality", and the relationship with the IMF remains critical.[108]

On 21 July 2022, Ukraine devalued the Ukrainian hryvnia by 25% against the U.S. dollar due to the economic impact of the war, to eliminate currency speculation and to improve the international competitiveness business. The previous day it requested a two-year payment freeze on international bonds; in 2020 it had $130 billion of external debt. At that time the economy was expected to contract by roughly 40% in 2022.[109]

Economic data

Ukraine is subdivided into nine economic regions: Carpathian, Northwestern, Podillia, Capital, Central-Ukrainian, Northeastern, Black-Sea-Coastal, Trans-Dnipro, and Donetsk. Those regions were redrawn from the three Soviet economic regions of the Ukrainian SSR: Donetsk-TransDnieper, Southwestern, and Southern.

Main economic indicators

The following table shows the main economic indicators in 1992–2020. Inflation below 5% is in green.[110]

Year GDP

(in Bil. US$PPP)

GDP per capita

(in US$ PPP)

GDP

(in Bil. US$nominal)

GDP per capita

(in US$ nominal)

GDP growth

(real)

Inflation rate

(in Percent)

Unemployment

(in Percent)

Government debt

(in % of GDP)

1992 331.1 6,382.7 22.2 427.9 n/a n/a n/a n/a
1993  290.8  5,623.0  35.0  677.3  -14.2%  4734.9% n/a n/a
1994  229.0  4,463.7  38.0  741.0  -22.9%  891.2% n/a n/a
1995  205.3  4,034.9  38.3  752.3  -12.2%  376.7%  14.8% n/a
1996  188.1  3,732.6  46.1  914.3  -10.0%  80.2%  10.0% n/a
1997  185.6  3,714.5  51.9  1,037.9  -3.0%  15.9%  9.8%  28.9%
1998  184.2  3,716.9  43.3  874.3  -1.9%  10.6%  11.3%  46.5%
1999  186.4  3,794.6  32.7  665.0  -0.2%  22.7%  11.9%  59.0%
2000  201.8  4,147.7  32.3  664.4  5.9%  28.2%  11.5%  43.8%
2001  224.5  4,654.7  37.9  784.9  8.8%  12.0%  10.8%  36.7%
2002  240.1  5,021.3  42.3  885.3  5.3%  0.8%  9.6%  33.6%
2003  268.1  5,651.9  50.1  1,055.9  9.5%  5.2%  9.1%  29.4%
2004  307.8  6,535.5  64.8  1,374.8  11.8%  9.0%  8.6%  24.8%
2005  327.3  7,001.6  86.0  1,839.5  3.1%  13.5%  7.2%  17.7%
2006  363.1  7,813.6  107.8  2,319.3  7.6%  9.1%  6.8%  14.8%
2007  403.5  8,734.2  143.3  3,101.4  8.2%  12.8%  6.4%  12.3%
2008  420.2  9,142.8  181.3  3,944.7  2.2%  25.2%  6.4%  20.4%
2009  359.1  7,842.9  117.1  2,557.3  -15.1%  15.9%  8.8%  35.4%
2010  378.3  8,296.0  136.0  2,982.8  4.1%  9.4%  8.1%  40.6%
2011  407.2  8,959.2  163.2  3,589.6  5.5%  8.0%  7.9%  36.9%
2012  426.0  9,388.8  175.7  3,872.5  0.2%  0.6%  7.5%  37.5%
2013  486.4  10,749.4  179.6  3,968.9  0.0%  -0.3%  7.2%  40.5%
2014  462.0  10,804.3  130.6  3,053.6  -6.6%  12.1%  9.3%  70.3%
2015  435.5  10,224.9  90.5  2,124.3  -9.8%  48.7%  9.1%  79.5%
2016  475.7  11,215.9  93.3  2,200.0  2.4%  13.9%  9.5%  79.5%
2017  504.2  11,942.8  112.1  2,655.7  2.4%  14.4%  9.7%  71.6%
2018  534.2  12,725.0  130.9  3,118.3  3.5%  10.9%  9.0%  60.4%
2019  561.2  13,447.4  154.0  3,690.1  3.2%  7.9%  8.5%  50.5%
2020  545.0  13,128.7  155.3  3,741.1  -4.0%  2.7%  9.2%  60.8%

Trade

 
A tree-map representation of Ukraine's exports, 2019

Until recently, Russia[nb 2] was Ukraine's largest trading partner with 25.7% of exports and 32.4% of imports in 2012.[112] In 2012, 24.9% of exports and 30.9% of imports were to and from the EU.[112] In 2013, 35.9% of Ukrainian exports went to CIS countries, including eight countries other than Ukraine. Simultaneously, exports to EU countries was 26.6% of all exports.[113][114][115]

In 2015 the EU became Ukraine's largest trading partner, accounting for more than a third of its trade.[116] In 2015, Ukrainian exports to Russia had fallen to 12.7%.[81] In 2017, 14.5% of Ukraine's imports came from Russia.[5] In 2017, Ukrainian exports to Russia stood at 9%.[117] In 2017, 40% of Ukraine's exports went to the EU and 15% to CIS countries.[117] Overall Ukraine increased its exports by 20% in 2017.[117] The growth of imports was faster than the rate of export growth.[117]

In 2015, food and other agricultural products (worth $13 billion), metallurgy ($8.8 billion) and machinery ($4.1 billion) made up most of Ukraine's exports, with trade partners in 217 countries.[81][118] Exports from Ukraine in 2015 decreased by 29.3% to $38.135 billion. Imports were 31.1% down, to $37.502 billion.[118] In 2017 almost half of Ukraine's exports were provided by the agrarian complex and food industry, slightly more than 20% by metallurgy and nearly 10% by machine building products.[117]

Natural gas is Ukraine's biggest import and the main cause of the country's structural trade deficit.[21]

Exports of Ukrainian goods in 2021 have reached a record US$68.24 billion.[17]

List of major private owned companies, not considering banks and insurance companies

Rank Company Home city Revenue (₴M), 2020 Profit (₴M), 2020
1. Metinvest   Mariupol 309,302 12,960
2. ATB-Market   Dnipro 123,864 5,769
3. Kernel   Kyiv 118,667 5,553
4. DTEK   Kyiv 116,046 −13,895
5. Fozzy Group   Kyiv 80,167 n/d
6. ArcelorMittal Kryvyi Rih   Kryvyi Rih 63,497 741
7. Tedis Ukraine   Odessa 54,845 244
8. Mironivsky Hliboproduct   Kyiv 51,516 −3,547
9. Epicentr K   Kyiv 50,382 3,171
10. Ferrexpo   Horishni Plavni 45,828 17,118
11. Zaporizhstal   Zaporizhzhia 45,631 −3,678
12. BaDM   Lviv 41,816 1,112
13. Optima-Pharm   Kyiv 37,248 338
14. Ukrnafta   Kyiv 35,535 4,269
15. Ukrtatnafta   Kremenchuk 34,327 42

Source:[119]

Natural resources

See also: Natural gas in Ukraine and Coal in Ukraine

Ukraine is relatively rich in natural resources, particularly in mineral deposits. Although oil and natural gas reserves in Ukraine are largely exhausted,[21] it has other important energy sources, such as coal, hydroelectricity and nuclear-fuel raw materials.[120]

Ukrainian economy in graphics

  •  

    The GDP (PPP) of Ukraine

  •  

    Ukraine's GDP (PPP) per capita

  •  

    Ukraine's population from 1950

  •  
    2010 GNI per capita:
      Ukraine (3 000 $)
      Higher GNI per capita compared to Ukraine
      Lower GNI per capita compared to Ukraine
  •  

    The average monthly salary in November, 2021 (ranks by region)

  •  

    Ukraine's Export Treemap by Product (2014) from Harvard Atlas of Economic Complexity

Sectors

Industries

 
A Zenit-2, produced by the former Yuzhmash, Ukrainian rocket manufacturer

Ukraine is home to companies operating in around 20 major industries, namely power generation, fuel, ferrous and non-ferrous metallurgy, chemical and petrochemical and gas, machine building and metal-working, forest, wood-working and wood pulp and paper, construction materials, light, food and others.[121] Industry accounted for 26% of GDP in 2012. Ukraine has a massive high-tech industrial base, including electronics, arms industry and space program.

Mining and production

Ukraine is one of the world's most important mineral producing countries, in terms of both the range and size of its reserves. There are nearly 8,000 separate deposits, harboring some 90 different minerals, of which about 20 are economically significant. About half of all the known deposits are under exploitation. Coal reserves in Ukraine amount to 47.1 billion tons. The annual domestic demand for coal as fuel is about 100 million tons, of which 85 percent can be satisfied by domestic production.

Ukraine has oil and gas fields that meet 10 percent of her oil and 20 percent of her gas consumption, respectively. Ukraine contains natural gas reserves of 39.6 trillion cubic feet, but only about 20 percent of Ukraine's demand is met by domestic production. Deposits of iron ore (estimated at 28 billion tons), manganese ore (3 billion tons), chalk and limestone (1.5 billion tons) are also large in Ukraine. The domestic industrial sector suffers from constant energy shortages and energy supply payment debts totaling about $792 million at the end of 1995.

In 2019, Ukraine was the 7th largest world producer of iron ore,[122] the world's 8th largest producer of manganese,[123] 6th largest producer of titanium,[124] and 7th largest producer worldwide of graphite.[125] Ukraine was the world's 9th largest producer of uranium in 2018.[126] Ukraine supplies about 50% of the world's neon gas and 40% of its krypton, both of which are needed for the production of semiconductors.[127] It is estimated that over 90% of U.S. semiconductor-grade neon supplies are imported from Ukraine.[128]

Iron and steel
Further information: Metal production in Ukraine

Ukraine is rich in mineral deposits, including iron ore (of which it once produced 50 percent of the entire Soviet output), manganese ore (of which it produced 40 percent of world output during the Soviet era), mercury, titanium,[129] and nickel.

Ukraine has a major ferrous metal industry, producing cast iron, steel and pipes. Among its economy leading companies in that field are Metinvest, Kryvorizhstal, AzovStal, Ilyich Steel & Iron Works, and others. As of 2012, Ukraine is the world's tenth largest steel producer (according to the World Steel Association).

Chemical industry

Another important branch is the country's chemical industry which includes the production of coke, mineral fertilizers and sulfuric acid.

Defense industry

Further information: Defense industry of Ukraine
 
A BM Oplot, produced by the KMDB

Ukraine's defense industry is organized around Ukroboronprom, a state owned conglomerate of over 130 companies. These companies include Soviet era giants such as Ivchenko-Progress aircraft design bureau that was opened in 1945, to newer companies such as RPC Fort which came into existence in the 1990s. Ukraine is among the top 10 arms exporters in the world.[130]

The signing of recent large contracts may put Ukraine into 6th place among biggest arms traders, after the United States, Russian Federation, France, Germany and Israel.[130] The output of Ukrainian defense plants grew 58% in 2009, with largest growth reported by aircraft builders (77%) and ship builders (71%).[130]

In 2013, Ukraine's defense sector manufactured a total of 11.7 billion UAH worth of goods, 10 billion UAH of which were exported. In the first 9 months of 2014 Ukraine's defense sector produced a record 13 billion UAH worth of goods. The increase was largely due to government orders for the War in Donbas.[131]

Fuel and energy complex

See also: Natural gas in Ukraine and Energy in Ukraine

Due to Ukraine's large population and its significant energy consumption, it is one of the largest energy markets on the European continent. Ukraine's location at the intersection of Europe, Russia, the Black Sea, and Caspian Sea provides its ample natural resources such as coal, oil, natural gas, as well as significant potential for hydro and biomass energy.[132]

Ukraine relies heavily on imports for natural gas and oil products. It is a key transit site for European imports of Russian gas.[132][133] Ukraine transits more natural gas than any other country.[132] Prior to the full-scale Russian invasion of Ukraine in 2022, economic crises, Russia's closure of its market, and the escalating Russo-Ukrainian conflict in eastern Ukraine since 2014 had stymied some of the country's growth. Ukraine's energy policy has created incentives for investment in renewable energy sources, but these remain uncertain. Since 2015, Ukrainian energy policy has favored reducing natural gas subsidies alongside diversifying energy supply. Ukraine participates in the European Union's EU4Energy Programme, an effort to promote evidence-based policy making in national energy sectors.[133]

Fuel industry

Ukraine remains heavily reliant on oil product and gas imports.[132] Russia ranks as Ukraine's principal supplier of oil, and Russian firms own and/or operate the majority of Ukraine's refining capacity. Natural gas imports come from Russia – which delivers its own gas, as well as the gas from Turkmenistan.[citation needed]

Ukraine has been a key transit point for EU imports of Russian gas,[133] and its pipeline system has been a crucial player in European energy supply, despite recent diversification of transit routes by Russian oil companies such as Gazprom.[132] Since the 2014 Russia–Ukraine gas disputes, the latter's dependence on Russian gas supplies has dramatically affected its economics and foreign policy.[citation needed]

Ukraine is independent in its electricity supply, and exports electricity to Russia and other countries of Eastern Europe. This is achieved through a wide use of nuclear power and hydroelectricity. Recent energy strategy intends a gradual decreasing of gas- and oil-based generation in favor of nuclear power, as well as energy saving measures including lower industrial gas consumption. Reform of the still inefficient and opaque energy sector is a major objective of the International Monetary Fund (IMF) and World Bank programs with Ukraine.[citation needed]

Ukraine was a partner country of the European Union's INOGATE energy programme, which had four key topics: enhancing energy security, convergence of member state energy markets on the basis of EU internal energy market principles, supporting sustainable energy development, and attracting investment for energy projects of common and regional interest. INOGATE was discontinued in 2016.[134]

Automotive industry

See also: Automotive industry in Ukraine
 
A LAZ-5208DL built by Lviv Bus Factory
 
A modern Electron T5L64 tram

Ukraine automobile manufacturers produces diesel locomotives, tractors, trucks, buses, trolleybuses, own-designed cars and trams. There are 12 automobile manufacturers in Ukraine, including ZAZ, LuAZ, Bogdan, KrAZ, Eurocar, Electron, and LAZ.

ZAZ (Zaporizhzhia Automobile Building Plant) is the main automobile-manufacturer of Ukraine, based in the south-eastern city of Zaporizhzhia. Passenger car manufacturing in Ukraine started in 1959. From 1960 to 1994, a total of 3,422,444 Zaporozhets vehicles were manufactured in Zaporizhzhia and engines with air-cooling in Melitopol. In 2011–2012, the Zaporizhzhia Automobile Building Plant started serial full-scale production of two new models of vehicle, the ZAZ Forza (a re-badged Chinese Chery A13) and the ZAZ Vida (a re-badged Daewoo Aveo).

The Bogdan Corporation is a leading Ukrainian automobile-manufacturing group, including several car- and bus-makers of Ukraine. Bogdan buses (re-badged Isuzu models) are used as the primary small buses in most Ukrainian cities.

LAZ is one of the major bus manufacturers in Ukraine. It manufactures city buses, coach buses, trolley buses, and special purpose buses.

The Lviv-based company Electrontrans is an enterprise of a full-scale production, specializing in design and production of modern urban electric transport – trams, trolleybuses, electric buses, units and spare parts. In 2013 Electrotrans starts producing low-floor trams, the first Ukrainian 100% low-floor tramways.[135]

Aircraft and aerospace industry

 
The Antonov An-225 Mriya, the largest aircraft in the world

Ukraine is one of nine countries with a full cycle of aerospace hardware engineering and production[citation needed]. Besides the design and production of passenger and transportation aircraft, Ukraine has a network of aircraft repair enterprises, including companies involved in the recovery of military planes and helicopters.[citation needed] In March 2007, the Cabinet of Ministers of Ukraine created State aircraft building concern «Aviation of Ukraine» (SACAU), which is governed by the Ministry of industrial policy. Production of An-148 aircraft is now one of the most prospective projects for the Ukrainian plane manufacturing industry with 35 units manufactured since 2009 (together with Russian production).

The aircraft were engineered by the Antonov Scientific and Production Complex Design Office (Antonov ANTK). The largest single airplane in the world, Antonov An-225 Mriya was designed by Antonov ANTK and made in 1988. The gross production of light and ultra light planes in Ukraine does not exceed 200 units per annum. Production of hang-gliders and paragliders of all designs makes nearly 1,000 units each year. Most of produced devices are exported. The main buyers of Ukrainian-made ultra-light aircraft are the United States, Australia, New Zealand, the United Kingdom, France, etc..

Since 2014, aerospace industry revenues have fallen by 80%.[136] In June 2016, the Antonov Corporation merged with the state-owned military conglomerate UkrOboronProm, forming Ukrainian Aircraft Corporation within its structure. This merger was done to boost Antonov profits and the production rate.[137] Currently, Antonov is working on two cargo planes: An-178,[138] a cargo version of the An-158, and the An-132D, a redesigned version of the An-32.[139] The An-132 is developed jointly with Saudi's Taqnia Aeronautics Company, featuring western avionics and engines. The roll out and first flight is due at the beginning of January 2017.

The space rocket industry in Ukraine has been managed by the National Space Agency of Ukraine since 1992. The agency includes 30 enterprises, scientific research institutes, and design offices. Pivdenne Design Bureau is in general responsible for creating the Zenit-3SL carrier rocket. The National Space Agency of Ukraine is involved in cooperation with American Rockwell Int., as well as the Sea Launch project.[140] The first stage core of the U.S. Orbital ATK Antares rocket was designed and is manufactured in Ukraine by Yuzhnoye SDO.[141]

Shipbuilding

Main article: Shipbuilding in Ukraine
 
MV Minerva − a passenger ship built in Ukraine

Ukraine is one of the 10 largest shipbuilding countries in Europe. There are 49 shipbuilding companies registered in Ukraine. They are able to build a wide range of vessel types: powerboats, barges, bulk carriers (dry cargo ship), tankers, liquefied gas carriers, etc.[142][143]

The USSR's collapse put Ukraine's shipbuilding into a long-term decline. This lasted until 1999 and was mostly due to a minimum volume of state shipbuilding orders. Between 1992 and 2003, Ukraine's 11 shipyards produced 237 navigation units for a total value of US$1.5 billion. Production facilities are not working near full capacity, and customers are not always timely in paying for services. The shipbuilding industry grew between 2000–2006, in line with the wider Ukrainian economic expansion at the time.[142][144]

State support and the opening of free economic zones, foremost at enterprises based in Mykolaiv were a crucial recent development in Ukraine's shipbuilding industry. Within the Mykolaiv Special Economic Zone, enterprises like Damen Shipyards Okean, Chornomorskyi (Black Sea) Shipbuilding Plant, 61 Communards Shipbuilding Plant, as well as the Veselka (Rainbow) paint and insulation enterprise are implementing investment projects targeted to raise efficiency and quality in primarily export-oriented vessels through production upgrades. The new engineering developments and high potential of Ukrainian designers provide the ability to build high quality vessels with competitive prices.[142][145]

Agriculture

 
A Ukrainian T-150K tractor build by the Kharkiv Tractor Plant
 
Ukraine's flag resembles the nation's farmlands
 
Vineyards in Zakarpattia Oblast

Although typically known as the industrial base of the Soviet Union, agriculture is a large part of Ukraine's economy. Ukraine is one of the world's largest agricultural producers and exporters and is known as the breadbasket of Europe.[146]

In 2008, agriculture accounted for 8.29% of Ukraine's GDP and by 2012 had grown to 10.43% of the GDP. Agriculture accounted for $13.98 billion of value added to the economy of Ukraine in 2012. Despite being a top 10 world producer of several crops such as wheat and corn Ukraine still only ranks 24 out of 112 nations measured in terms of overall agricultural production.[147][148]

Ukraine is the world's largest producer of sunflower oil,[149] a major global producer of grain and sugar, and future global player on meat and dairy markets. It is one of the largest producers of nuts. Ukraine produces more natural honey[150] than any other European country and is one of the world's largest honey producers. An estimated 1.5% of its population is involved in honey production, therefore Ukraine has the highest honey per capita production rate in the world.[151] Because Ukraine possesses 30% of the world's richest black soil, its agricultural industry has a huge potential. Farmland remains the only major asset in Ukraine that is not privatized.[152]

The agricultural industry in Ukraine is already highly profitable, with 40–60% profits,[152] but according to analysts its outputs could still rise up to fourfold.[153] Ukraine is the world's 6th largest, 5th if not including the EU as a separate state, producer of corn in the world and the 3rd largest corn exporter in the world. In 2012 Ukraine signed a contract with China, the world's largest importer of corn, to supply China with 3 million tonnes of corn annually at market price. The deal included a $3 billion line of credit extension from China to Ukraine.[154][155]

In 2014, Ukraine's total grain crop was estimated to be a record 64 million metric tons. In 2014, Ukraine lost de facto control over portions of several regions after those regions declared independence from Ukraine, resulting in the War in Donbas and the Crimea Crisis[nb 3], hence the actual available crop yield was closer to 60.5 million metric tons. Due to the decline of the metallurgy industry, Ukraine's prior top export category, as a result of the War in Donbas agricultural products accounted for Ukraine's largest export category.[157]

In March 2020, Ukraine's parliament lifted a ban on the sale of farmland.[158] The land market was fully opened for the first time independence on 1 July 2021.[159][146]

 
The agricultural output of Ukraine since 1961, in 2015 $US

Ukraine also produces some wine, mostly in the South-Western regions.

In 2018:

  • It was the 5th largest world producer of maize (35.8 million metric tons (35,200,000 long tons; 39,500,000 short tons)), after the US, China, Brazil and Argentina;
  • It was the 8th largest world producer of wheat (24.6 million metric tons (24,200,000 long tons; 27,100,000 short tons));
  • It was the 3rd largest world producer of potato (22.5 million metric tons (22,100,000 long tons; 24,800,000 short tons)), second only to China and India;
  • It was the world's largest producer of sunflower seed (14.1 million metric tons (13,900,000 long tons; 15,500,000 short tons));
  • It was the 7th largest world producer of sugar beet (13.9 million metric tons (13,700,000 long tons; 15,300,000 short tons)), which is used to produce sugar and ethanol;
  • It was the 7th largest world producer of barley (7.3 million metric tons (7,200,000 long tons; 8,000,000 short tons));
  • It was the 7th largest world producer of rapeseed (2.7 million metric tons (2,700,000 long tons; 3,000,000 short tons));
  • It was the 13th largest world producer of tomatoes (2.3 million metric tons (2,300,000 long tons; 2,500,000 short tons));
  • It was the 5th largest world producer of cabbage (1.6 million metric tons (1,600,000 long tons; 1,800,000 short tons)), after China, India, South Korea and Russia;
  • It was the 11th largest world producer of apple (1.4 million metric tons (1,400,000 long tons; 1,500,000 short tons));
  • It was the 3rd largest world producer of pumpkin (1.3 million metric tons (1,300,000 long tons; 1,400,000 short tons)), second only to China and India;
  • It was the 6th largest world producer of cucumber (985 thousand metric tons (969,000 long tons; 1,086,000 short tons));
  • It was the 5th largest world producer of carrot (841 thousand metric tons (828,000 long tons; 927,000 short tons)), after China, Uzbekistan, USA and Russia;
  • It was the 4th largest world producer of dry peas (775 thousand metric tons (763,000 long tons; 854,000 short tons)), second only to Canada, Russia and China;
  • It was the 7th largest world producer of rye (393 thousand metric tons (387,000 long tons; 433,000 short tons));
  • It was the 3rd largest world producer of buckwheat (137 thousand metric tons (135,000 long tons; 151,000 short tons)), second only to China and Russia;
  • It was the 6th largest world producer of walnuts (127 thousand metric tons (125,000 long tons; 140,000 short tons));
  • Produced 4.4 million metric tons (4,300,000 long tons; 4,900,000 short tons) of soy;
  • It produced 883 thousand metric tons (869,000 long tons; 973,000 short tons) of onion;
  • Produced 467 thousand metric tons (460,000 long tons; 515,000 short tons) of grape;
  • It produced 418 thousand metric tons (411,000 long tons; 461,000 short tons) of oats;
  • Produced 396 thousand metric tons (390,000 long tons; 437,000 short tons) of watermelon;
  • Produced 300 thousand metric tons (300,000 long tons; 330,000 short tons) of cherries;

In addition to smaller productions of other agricultural products.[160]

Professionalized, scientific breeding of barley began in 1910 and now supplies improved cultivars to the country.[161]: 34 

Information technology

 
Ukrainian National IT Factory in Kyiv

Ukraine has a long-standing reputation as a major technology region, with a well-developed scientific and educational base. In March 2013 Ukraine ranks fourth in the world in number of certified IT professionals after the United States, India and Russia.[162] On top of that, the experts recognize both quantitative and qualitative potential of the Ukrainian specialists. In 2011 the number of IT specialists working in the industry reached 25,000 people with 20% growth.[163] The volume of the Ukrainian IT market in 2013 was estimated to be up to 3.6 billion US dollars.[162][164]

In 2017 Ukraine emerged as the top outsourcing destination of the year, according to the Global Sourcing Association. By 2017, there were 13 research and development centers of global companies located in Ukraine, including Ericsson Ukraine, in Lviv.[165][166]

As for 2019 the number of IT specialists involved in the IT industry of Ukraine reached 172,000 people.[167] The share of IT industry in Ukraine's GDP is 4%.[166]

According to the IT sector report 2019 Ukraine is the largest exporter of IT services in Europe and ranks among the 25 most attractive countries for software development worldwide.[168]

Infrastructure

Further information: Transport in Ukraine

Maritime

 
An EKr-1 multiple unit built by Kriukiv Railway Car Building Works. Rail transport is heavily used in Ukraine

About 100,000 Ukrainians regularly work on foreign merchant ships, one of the largest group of Ukrainian labor migrants and the sixth largest number of sailors from any country.[169] They are attracted by the high salaries of more than $1,000 per month.[169]

Every major Ukrainian coastal city has a maritime university.[169]

Communications

Main articles: Telecommunications in Ukraine and Internet in Ukraine

Ukraine ranks eighth among the world's nations in terms of the Internet speed with the average download speed of 1,190 kbit/s.[170] Five national providers of fixed (DSL, ADSL, XDSL) internet access — Ukrtelecom, Vega Telecom, Datagroup, Ukrnet, Volia, and 5 national operators of mobile internet – MTS, Kyivstar, PEOPLEnet, Utel, and Intertelecom are currently operating in Ukraine. Every regional center and large district center has a number of local providers and home networks.

2011 revenues from Internet service providing in Ukraine reached ₴ 4.75 bn[171]

Over 16 million Ukrainians had Internet access in 2012, growing to 22 million in 2015.[172][173] In Kyiv 90% of the population had internet access.

The mobile-cellular telephone system's expansion has slowed, largely due to saturation of the market which has reached 144 mobile phone subscriptions per 100 people.[174]

Tourism

Main article: Tourism in Ukraine
 
Lviv, Rynok square

In 2012, Ukraine was the 8th most popular tourism destination in Europe with 23 million visitors.[175] The country's tourism industry is generally considered to be underdeveloped, but it does provide crucial support for Ukraine's economy. In 2012, the contribution of tourism to the GDP amounted to 28.8 billion ₴, or 2.2% of GDP and directly supported 351,500 jobs (1.7% of total employment).[176][177]

Shopping tourism

Ukraine's neighbours (Poles, Slovaks, Hungarians, Belarusians and even Russians) are known to come to Ukraine to purchase products and presents, such as food or gasoline, that are cheaper in Ukraine than in their home countries.[178]

Recreational tourism and sightseeing

Ukraine has impressive landscapes, ruins of ancient castles, historical parks, vineyards where they produce native wines, unique structures such as Saint Sophia Cathedral or Chersonesos. Officially, there are seven World Heritage Sites in Ukraine. The Carpathian Mountains suitable for skiing, hiking, fishing and hunting. Bukovel — is the largest ski resort in Ukraine situated in the Ivano-Frankivsk Oblast (province) of western Ukraine. The 2010–2011 winter season recorded 1,200,000-day visits with foreigners amounting to 8–10% of all visitors. In 2012 the Bukovel was named the fastest growing ski resort worldwide. The coastline on the Black Sea is a popular summer destination for vacationers, especially Odessa.

Financing, banking, investments

See also: Banking in Ukraine, List of banks in Ukraine, and The World Bank in Ukraine

Investments

A political crisis in the middle of 2006 was feared as a threat to economic and investment stability, however, despite the forecasts, the political situation has not scared investors. The GDP showed a good growth rate of 7% in 2007, compared to the previous year. Industrial output has increased. Car sales soared, while the banking sector has expanded, thanks to the arrival of European banks.

International financial institutions

Main articles: Ukraine and the International Monetary Fund and The World Bank in Ukraine

In 1992, Ukraine became a member of the IMF and the World Bank.[179] It is a member of the European Bank for Reconstruction and Development.

In 2008, the country joined World Trade Organization. Ukraine applied for WTO membership in 1993, but its accession process was stalled for 15 years.

Foreign direct investment

Ukraine encourages foreign trade and investment. The Parliament of Ukraine has approved[citation needed] a foreign investment law allowing foreigners to purchase businesses and property, to repatriate revenue and profits, and to receive compensation if the property is nationalized by a future government. However, complex laws and regulations, poor corporate governance, weak enforcement of contract law by courts, and corruption all continue to stymie direct large-scale foreign investment in Ukraine. While there is a functioning stock market, the lack of protection of shareholders' rights severely restricts portfolio investment activities.

As of April 2011 total foreign direct investment stock in Ukraine stood at $44.7 billion.[180] Statistics from FDi Magazine show Ukraine suffered a year on year decline in foreign direct investment between 2010 and 2013.[181]

State enterprise InvestUkraine was created[182] under the State Agency for Investment and National Projects (National Projects)[183] to serve as a One Stop Shop for investors and to deliver investment consulting services.

Ukraine signed a shale gas exploration deal with Royal Dutch Shell on 25 January 2013.[184] The $10 billion deal was the largest foreign direct investment ever for Ukraine.[184]

Many companies, owned by foreigners, have been successfully operating in Ukraine since its independence. These include companies in agriculture, such as Kyiv-Atlantic Group, founded in 1994 by David Sweere. He sold its business in Minnesota and invested in Ukraine, believing in its huge potential. The company has been operating at a profit since 2002. As a result, he became the fifth richest among the Westerners who made their fortune in Ukraine.[185]

In 2016, foreign direct investment in Ukraine's economy amounted to $3.8 billion in 2016, which was almost twice more than in 2015.[186]

Monetary policy and banking

Stock exchange

See also: Stock exchanges in Ukraine

Insurance business and companies

Legal environment and economic support

Background

Since the late 1990s,[187] the government has pledged to reduce the number of government agencies, streamline the regulatory process, create a legal environment to encourage entrepreneurs, and enact a comprehensive tax overhaul.

In 2003 the International Monetary Fund[188] encouraged Ukraine to quicken the pace and scope of reforms and threatened to withdraw financial support.

On 24 June 2010, Ukraine's Foreign Minister Kostyantyn Hryshchenko signed an agreement on free trade with the European Free Trade Association (EFTA).[189]

According to the Global Competitiveness Report 2012–2013 "the country's most important challenge is the needed overhaul of its institutional framework, which cannot be relied on because it suffers from red tape, lack of transparency, and favoritism".[190]

In reports by Kyiv Post in 2010 and 2011 respectively, a "double taxation avoidance" treaty with Cyprus signed in 1982 by the Soviet Union has cost Ukraine billions of US dollars of tax revenues.[191][192]

The 2014 Lustration in Ukraine has been criticized as it might have adverse economic effects.[193]

On 29 May 2014 Ukraine entered into the European Union–Ukraine Association Agreement,[194] that reached its full application on 1 September 2017.[195]

Foreign workers

A number of foreign guest workers come to work in Ukraine, mainly in seasonal farm work and construction industry, especially from neighboring Moldova and Belarus.[196]

Environmental issues

Ukraine is interested in cooperating on regional environmental issues. Conservation of natural resources is a stated high priority, although implementation suffers from a lack of financial resources. Ukraine established its first nature preserve, Askania-Nova, in 1921 and has programs to breed endangered species.

Ukraine has a Ministry of Environment and has introduced a pollution fee system that levies taxes on air and water emissions and solid waste disposal. The resulting revenues are channelled to environmental protection activities, but enforcement of this pollution fee system is lax. Industrial pollution is a considerable problem in Ukraine.

Chernobyl

Significant environmental problems result from the Chernobyl nuclear power plant disaster in 1986. In accordance with its previously announced plans, Ukraine permanently closed the Chernobyl Atomic Energy Station in December 2000. In November 2001, Ukraine withdrew an application it had made to the EBRD for funding to complete two new reactor units to compensate for the energy once produced by Chernobyl. Ukrainian concern over reform conditions attached to the loan – particularly tariff increases needed to ensure loan repayment—led the Ukrainian government to withdraw the application on the day the EBRD Board was to have considered final approval.

Major Ukrainian companies

See also: List of companies of Ukraine

Facts and figures

Household income or consumption by percentage share:

  • lowest 10%: 3.4% (2006)[197]
  • highest 10%: 25.7% (2006)[197]

Poverty rate: 4% in 2018 (below US$5.5/day).[198]

Industrial production growth rate: 6% (2007 est.),[197] 6.5 (2008)[199][nb 4]

Electricity:

  • production: 192.1 billion kWh (2006)
  • consumption: 181.9 billion kWh (2006)
  • export: 10.07 billion kWh (2005)
  • import: 20 billion kWh (2006)

Electricity – production by source:

  • fossil fuel: 48.6%
  • hydro: 7.9%
  • nuclear: 43.5%
  • other: 0% (2001)

Oil:

  • production: 90,400 barrels per day (14,370 m3/d) (2006)
  • consumption: 284,600 barrels per day (45,250 m3/d) (2006)
  • exports: 214,600 barrels per day (34,120 m3/d) (2004)
  • imports: 469,600 barrels per day (74,660 m3/d) (2004)
  • proved reserves: 395,000,000 barrels (62,800,000 m3) (1 January 2006 est.)

Natural gas:

  • production: 20.85 billion cubic m (2006 est.)
  • consumption: 73.94 billion cubic m (2006 est.)
  • exports: 4 billion cubic m (2006 est.)
  • imports: 57.09 billion cubic m (2006 est.)
  • proved reserves: 1.075 trillion cubic m (1 January 2006 est.)

Agriculture – exports: grain, sugar beets, sunflower seeds, vegetables, beef, milk, natural Honey.

Agriculture – imports: seafood, pork, beef, grain

Exchange rates: hryvnia per US$1 – 22 (2015), 7.97 (2009), 5.05 (2007), 5.05 (2006), 5.13 (2005), 5.33 (May 2004), 5.30 (October 2002), 5.59 (February 2000), 5.3811 (January 2000), 4.1304 (1999), 2.4495 (1998), 1.8617 (1997), 1.8295 (1996), 1.4731 (1995)

Minimum wage: ₴6,000/ ~$210 per month (from 2021 to 2001-01)

Average salary by region

Further information: List of Ukrainian oblasts and territories by salary

See also

Notes

  1. ^ In April 2014 pro-Russian protest escalated into the War in Donbas between the Ukrainian government and the separatist forces of the self-declared Donetsk People's Republic and Luhansk People's Republic.[42][70]
  2. ^ Both Russia and Ukraine were part of the Soviet Union since 1922 till Ukraine declared its independence from the Soviet Union on 24 August 1991, and before 1917 they were both part of the Russian Empire.[111]
  3. ^ Crimea is currently under dispute by Russia and Ukraine.[156]
  4. ^ The data for the 2009 fiscal year is missing due to the fact that State Statistics Service of Ukraine is transitioning for the international standards of accounting.

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January 07, 2023
economy, ukraine, this, section, needs, updated, please, help, update, this, article, reflect, recent, events, newly, available, information, june, 2022, economy, ukraine, emerging, mixed, economy, located, eastern, europe, grew, rapidly, from, 2000, until, 20. This section needs to be updated Please help update this article to reflect recent events or newly available information June 2022 The economy of Ukraine is an emerging mixed economy located in Eastern Europe It grew rapidly from 2000 until 2008 when the Great Recession began worldwide and reached Ukraine The economy recovered in 2010 and continued improving until 2013 From 2014 to 2015 the Ukrainian economy suffered a severe downturn with GDP in 2015 being slightly above half of its value in 2013 In 2016 the economy again started to grow By 2018 the Ukrainian economy was growing rapidly and reached almost 80 of its size in 2008 Economy of UkraineKyiv the financial capital of UkraineCurrencyHryvnia UAH Fiscal yearCalendar yearTrade organizationsGUAM WTO CISFTA DCFTA EU BSECCountry groupDeveloping Emerging 1 Lower middle income economy 2 StatisticsPopulation41 383 182 1 July 2021 est 3 GDP 200 00 billion nominal 2021 4 589 billion PPP 2021 4 GDP rank55th nominal 2021 40th PPP 2021 GDP growth3 2 2019 4 2020 3 4 2021 est 45 1 2022 est 4 GDP per capita 4 828 nominal 2021 4 14 325 PPP 2021 4 GDP per capita rank112th nominal 2021 107th PPP 2021 GDP by sectorAgriculture 12 2 Industry 28 6 Services 60 2017 est 5 Population below poverty line1 3 2018 6 0 4 on less than 3 20 day 2020f 7 Gini coefficient26 1 low 2018 World Bank 8 Human Development Index0 779 high 2020 9 74th 0 728 high IHDI 2020 45th 10 Labor force20 203 893 2019 11 57 1 employment rate 2018 12 Labor force by occupationagriculture 5 8 industry 26 5 services 67 8 2014 5 Average gross salaryUAH 14 577 369 monthly January 2022 13 Average net salaryUAH 11 953 303 monthly January 2022 14 15 Main industriescoal electric power ferrous and nonferrous metals machinery and transport equipment chemicals food processingEase of doing business rank64th easy 2020 16 ExternalExports 68 2 billion 2021 17 Export goodsferrous and nonferrous metals fuel and petroleum products chemicals machinery and transport equipment food productsMain export partners Russia 9 46 18 China 7 95 Poland 6 7 Turkey 5 0 Germany 4 2 India 4 0 Italy 3 9 Netherlands 3 7 Egypt 3 3 Belarus 2 7 2020 19 Imports 54 1 billion 2020 est 20 Import goodsenergy mainly natural gas 21 machinery and equipment chemicalsMain import partners China 15 Germany 10 Russia 8 5 Poland 7 6 United States 5 5 Belarus 5 4 Turkey 4 5 Italy 4 0 France 2 8 Hungary 2 3 2020 22 FDI stock 67 22 billion 31 December 2017 est 5 Abroad 7 59 billion 31 December 2017 est 5 Current account 3 752 billion 2018 est 5 23 24 Gross external debt 47 9 billion Apr 2018 25 Public financesPublic debt60 93 of GDP 2018 26 RevenuesUAH 1 1 trillion 37 bil 39 bil 2017 27 ExpensesUAH 1 1 tril 38 bil 41 bil 2017 27 Economic aidrecipient 0 4 billion 2006 International Monetary Fund Extended Funds Facility 2 2 billion 1998 Credit ratingStandard amp Poor s 28 29 30 B Domestic B Foreign B T amp C Assessment Outlook Stable Moody s 31 Caa1 30 Outlook Stable Fitch 32 30 B Outlook Stable Scope Ratings 33 CC Outlook NegativeForeign reserves 28 802 billion 1 Aug 2020 est 34 Main data source CIA World Fact Book All values unless otherwise stated are in US dollars The depression during the 1990s included hyperinflation and a fall in economic output to less than half of the GDP of the preceding Ukrainian SSR GDP growth was recorded for the first time in 2000 and continued for eight years 35 This growth was halted by the global financial crisis of 2008 The Ukrainian economy recovered and achieved positive GDP growth in the first quarter of 2010 36 In the early 2010s Ukraine was noted as possessing many of the components of a major European economy rich farmlands 37 38 a well developed industrial base highly trained labour and a good education system 39 In October 2013 the Ukrainian economy lapsed into a recession 40 The previous summer Ukrainian exports to Russia substantially declined due to stricter border and customs control by Russia 41 The early 2014 annexation of Crimea by Russia and the War in Donbas that started in the spring of 2014 severely damaged Ukraine s economy 42 and severely damaged two of Ukraine s most industrial regions 43 In 2013 Ukraine saw zero GDP growth 43 Ukraine s economy shrank by 6 8 in 2014 44 and this continued with a 12 decline in GDP in 2015 45 In April 2017 the World Bank stated that Ukraine s economic growth rate was 2 3 in 2016 ending the recession 46 Despite these improvements Ukraine remains the poorest country in Europe 47 which some journalists have attributed to high corruption 48 In April 2020 the World Bank reported that economic growth was solid at 3 2 percent in 2019 led by a good agricultural harvest and sectors dependent on domestic consumption Household consumption grew by 11 9 percent in 2019 supported by sizable remittance inflows and a resumption of consumer lending while domestic trade and agriculture grew by 3 4 and 1 3 percent respectively 49 In 2020 GDP fell by 4 4 percent due to the COVID 19 pandemic 50 Due to the 2022 Russian invasion of Ukraine the country s economy could shrink up to 35 according to the International Monetary Fund 51 Contents 1 History 1 1 Before 1917 1 2 Soviet period 1917 to 1991 1 3 1991 to 2000 1 4 2000 to 2014 1 5 After Euromaidan 2014 to present 2 Economic data 2 1 Main economic indicators 2 2 Trade 2 3 List of major private owned companies not considering banks and insurance companies 2 4 Natural resources 2 5 Ukrainian economy in graphics 3 Sectors 3 1 Industries 3 1 1 Mining and production 3 1 1 1 Iron and steel 3 1 2 Chemical industry 3 1 3 Defense industry 3 1 4 Fuel and energy complex 3 1 4 1 Fuel industry 3 1 5 Automotive industry 3 1 6 Aircraft and aerospace industry 3 1 7 Shipbuilding 3 2 Agriculture 3 3 Information technology 3 4 Infrastructure 3 4 1 Maritime 3 4 2 Communications 3 5 Tourism 3 5 1 Shopping tourism 3 5 2 Recreational tourism and sightseeing 3 6 Financing banking investments 3 6 1 Investments 3 6 2 International financial institutions 3 6 3 Foreign direct investment 3 6 4 Monetary policy and banking 3 6 5 Stock exchange 3 6 6 Insurance business and companies 4 Legal environment and economic support 4 1 Background 4 2 Foreign workers 5 Environmental issues 5 1 Chernobyl 6 Major Ukrainian companies 7 Facts and figures 8 See also 9 Notes 10 References 11 External linksHistory EditBefore 1917 Edit Geography has long influenced the economy of the Ukrainian lands Rich fertile soils such as chernozem areas made the area a breadbasket for ancient Greece 52 as well as for early modern Europe 53 The maintenance of trade corridors the route from the Varangians to the Greeks and access through the Straits to the Mediterranean world became important Mineral resources encouraged industrialisation notably in the Donbas from the 19th century onwards 54 The lack of secure borders meant repeated interruptions in economic development Steppe nomads and other conquerors Cumans Mongols Tatars for example sometimes saw plundering as more important than fostering economic development In the 16th to 18th centuries the wastelands of the Wild Fields left much of Ukraine as an area of tentatively militarised outposts prior to tsarist Russia s extension of its power into the region in the 17th and 18th centuries Soviet period 1917 to 1991 Edit For the history of Ukraine s economy in Soviet times see Ukrainian Soviet Socialist Republic Economy 1991 to 2000 Edit On 24 August 1991 Ukraine established its independence from the Soviet Union 55 The new state s economy suffered huge output declines and soaring inflation in the following years 56 Ukraine saw hyperinflation in the early 1990s because of a lack of access to financial markets and massive monetary expansion to finance government spending while output declined sharply 56 Huge output declines and soaring inflation was at the time common to most former Soviet republics but Ukraine was among the hardest hit by these problems 56 In response to this hyperinflation the National Bank of Ukraine replaced the national currency the karbovanets with the hryvnia in September 1996 and pledged to keep it stable in relation to the US dollar 56 57 The currency remained unstable through the late 1990s particularly during the 1998 Russian financial crisis 56 Deep recession during the 1990s led to a relatively high poverty rate but beginning in 2001 seven straight years of economic growth raised the living standard for most citizens A World Bank report in 2007 noted Ukraine recorded one of the sharpest declines in poverty of any transition economy in recent years The poverty rate measured against an absolute poverty line fell from a high of 32 in 2001 to 8 in 2005 58 The UN noted that Ukraine had overcome absolute poverty and that there was only relative poverty in 2009 59 2000 to 2014 Edit Main article 2008 09 Ukrainian financial crisis Ukraine stabilised by the early 2000s 56 The year 2000 saw the first year of economic growth since Ukraine s independence 39 The economy continued to grow thanks to a 50 growth in exports between 2000 and 2008 39 mainly exports from the traditional industries of metals metallurgy engineering chemicals and food 39 Between 2001 and 2008 metals and chemicals prices boomed because of fast international economic growth while the price of natural gas imported from Russia remained low 39 Monetization also helped to drive the economic boom Ukraine experienced between 2000 and 2008 39 Attracted in part by relatively high interest rates foreign cash was injected by whom into Ukraine s economy and money supply grew rapidly from 2001 to 2010 broad money increased at an annual rate of 35 56 In 2006 and 2007 credit growth averaged 73 56 An effect of this was that Ukrainian assets began to look like a large economic bubble and high inflation started to damage Ukraine s export competitiveness 56 The ratio of credit to GDP grew extremely fast from 7 to almost 80 percent over just several quantify years 39 From 2000 to 2007 Ukraine s real growth averaged 7 4 39 This growth was driven by domestic demand orientation toward consumption other structural change and financial development 39 Domestic demand grew in constant prices by almost 15 annually 39 It was supported by expansionary procyclical fiscal policy 39 Ukraine benefited from very low labor costs slightly lower tariffs and high prices of its main export goods but at the same time faced notably higher non tariff barriers 39 Russia has not charged Ukraine below world market prices for natural gas since the end of 2008 This led to various Russia Ukraine gas disputes 39 60 61 62 Ukraine suffered severely in the economic crisis of 2008 Because of it Ukraine experienced a drought in capital flows 56 The hryvnia which had been pegged at a rate of 5 1 to the U S dollar was devalued to 8 1 and was stabilized at that ratio until the beginning of 2014 63 In 2008 Ukraine s economy ranked 45th in the world according to 2008 GDP nominal with a total nominal GDP of US 188 billion and nominal per capita GDP of US 3 900 There was 3 unemployment at the end of 2008 Over the first 9 months of 2009 unemployment averaged 9 4 64 The final official unemployment rates for 2009 and 2010 were 8 8 and 8 4 65 although the CIA World Factbook notes a large number of unregistered or underemployed workers 65 Ukraine s GDP fell by 15 in 2009 56 The Ukrainian economy recovered in the first quarter of 2010 36 due to the recovery of the world economy and increasing prices for metals 61 Ukraine s real GDP growth in 2010 was 4 3 leading to a per capita PPP GDP of US 6 700 65 In 2011 Ukrainian politicians estimated that 40 of Ukraine s economy is a shadow economy 66 67 In the summer of 2013 Ukrainian exports to Russia fell substantially due to Russia s stricter customs controls 41 By October 2013 the Ukrainian economy had become stuck in recession 40 Moody s downgraded Ukraine s credit rating to Caa1 poor quality and very high credit risk in September 2013 40 68 69 At the time swap markets rated Ukraine s default probability over the next five years at 50 percent 40 In 2013 Ukraine saw no growth in GDP 43 After Euromaidan 2014 to present Edit Due to the loss of Ukraine s largest trading partner Russia over the annexation of Crimea in March 2014 and exacerbated by the War in Donbas which started in April 2014 nb 1 Ukraine s economy shrank by 6 8 in 2014 42 It had been expected to decline by 8 44 A Ukrainian government report stated early in February 2016 that Ukraine s economy had shrunk by 10 4 in 2015 71 For 2015 the National Bank of Ukraine had expected a further decline of 11 6 and the World Bank anticipated a 12 shrinkage 45 The World Bank forecast growth of 1 in 2016 72 Early in February 2014 the National Bank of Ukraine changed the hryvnia into a fluctuating floating currency in an attempt to meet IMF requirements and to try to enforce a stable price for the currency in the Forex market 73 In 2014 and 2015 the hryvnia lost about 70 of its value against the U S dollar 63 74 The IMF agreed to a four year loan program worth about 17 5 billion in eight tranches over 2015 and 2016 subject to conditions which involved economic reforms 75 However due to lack of progress on reforms only two tranches worth 6 7 billion were paid in 2015 A third tranche of 1 7 billion was provisionally scheduled in June 2016 subject to the bringing into law of 19 further reform measures 76 77 Some quantify western analysts believe that large foreign loans are not encouraging reform but enabling the corrupt extraction of funds out of the country 78 Since December 2015 Ukraine has refused to pay and hence de facto defaults on a 3 billion debt payment to Russia that formed part of a December 2013 Ukrainian Russian action plan 79 The turnover of retail trade in Ukraine in 2014 shrank by 8 6 from 2013 and shrank by 20 7 in 2015 from 2014 80 Ukraine saw a 30 9 decline in exports in 2015 81 mainly because of a sharp decline in production output in Donetsk Oblast and in Luhansk Oblast the two regions of Donbas 81 These two regions were responsible for 40 6 of the total export decline rate 81 Before the war they had been two of the more industrial oblasts of Ukraine 43 According to the Ministry of Economic Development and Trade Ukraine had a surplus in its balance of payments in January November 2015 of 566 million and has had a trade deficit of 11 046 billion during the same period in 2014 81 On 31 December 2015 Ukraine s public debt stood at 79 of its GDP 82 It had shrank 4 324 billion in 2015 to end up at 65 488 billion 82 But calculated in hryvnia the debt had grown by 42 78 82 In 2015 the Ministry of Social Policy of Ukraine rated 20 25 of Ukrainian households as poor 83 2 526 billion entered the Ukrainian economy via remittances in 2015 34 9 less than in 2014 84 431 million was sent from Ukraine to elsewhere using remittances 84 In January 2016 Bloomberg rated Ukraine s economy as the 41st most innovative in the world 85 down from 33rd in January 2015 86 In May 2016 the IMF mission chief for Ukraine Ron van Rood stated that the reduction of corruption was a key test for continued international support 77 In 2015 Transparency International ranked Ukraine 130th out of 168 countries in its Corruption Perceptions Index 87 In February 2016 historian Andrew Wilson assessed progress in reducing corruption as poor as of 2016 88 Aivaras Abromavicius Ukraine s then Minister of Economy and Trade resigned in February 2016 citing ingrained corruption 89 In October at a conference for foreign investors corruption and lack of trust in the judiciary were identified by whom as the largest obstacles to investment 90 Late in July 2016 the State Statistics Service of Ukraine reported that compared with June 2015 real wages had increased by 17 3 91 Simultaneously the National Bank of Ukraine reported a 406 million surplus in Ukraine s January June 2016 balance of payments against a deficit of 1 3 billion in the same period in 2015 92 According to Ukraine s State Statistics Service inflation in 2016 came down to 13 9 while it had stood at 43 3 in 2015 and at 24 9 in 2014 93 The Economist has compared the severity of Ukraine s recession to that of the Greek recession in 2011 2012 pointing to Ukraine experiencing an 8 9 decline in GDP from 2014 to 2015 and Greece experiencing an 8 1 decline of GDP in 2011 2012 and noted that not all areas of Ukraine were equally effected by the economic downturn Donetsk and Luhansk the conflict zone saw industrial production falling by 32 and 42 respectively On the other hand Lviv located over 1000 km from the conflict posted the largest jump in employment in the nation 94 The economy of Ukraine has overcome when the severe crisis caused by armed conflict in the eastern part of country A 200 devaluation of the hryvnia in 2014 2015 made Ukrainian goods and services cheaper and more competitive 95 In 2016 for the first time since 2010 the economy grew by more than 2 46 A 2017 World Bank statement projected growth of 2 in 2017 of 3 5 in 2018 and of 4 in 2019 and 2020 96 Inflation in Ukraine in 2017 was 13 7 12 4 in 2016 97 Since about 2015 there has been a growing number of Ukrainians working in the European Union particularly Poland Eurostat reported that 662 000 Ukrainians received EU residence permits in 2017 with 585 439 issued by Poland The head of the National Security and Defense Council of Ukraine has estimated that up to 9 million Ukrainians work abroad for some part of the year and 3 2 million have regular full time work abroad with most not planning to return World Bank statistics show that money remittances back to Ukraine have roughly doubled from 2015 to 2018 worth about 4 of GDP 98 99 In Q3 2019 real GDP grew by 4 2 The main driving factors include increased purchasing power of the population in conditions of increase of the level of wages during nine months of 2019 real wages increased by 9 5 high level of business activity and preservation of investment activity which stimulated mainly the development of construction in particular of industrial and transport infrastructure facilities active consumer lending maintaining the high dynamics of agricultural development favorable price situation on selected world commodity markets for domestic exports and others 100 Ukraine made its largest payment on debt in 2019 at 1 1 billion 101 In 2019 Fitch Ratings a global leader in credit ratings and research upgraded Ukraine s Long Term foreign and National Currency Issuer Default Ratings IDR from B to B and improved the outlook on the credit rating from stable to positive Ukraine has demonstrated timely access to fiscal and external financing improving macroeconomic stability and declining public indebtedness 102 Ukraine moved up seven positions in the annual World Bank Doing Business 2020 report 103 Prudent macroeconomic management helped reduce inflation and interest rates in 2019 Inflation eased to 4 1 percent at the end of 2019 and 2 4 percent in February 2020 104 On 27 October 2020 the Constitutional Court of Ukraine ruled that anti corruption legislation including the mandatory electronic declaration of income was unconstitutional 105 President Zelensky warned that if parliament did not restore these anti corruption laws foreign aid loans and visa free travel to the European Union were at risk The Governor of the National Bank of Ukraine reported that Ukraine will not receive the scheduled 700 million IMF load before the end of 2020 because of the issue IMF assessment teams had not visited Kyiv for eight months which is necessary for further IMF loan tranches to be released 106 107 In February 2021 economist Anders Aslund wrote for months senior Ukrainian officials have been claiming that the Ukrainian government has done everything the IMF could possibly demand but this happy talk was always detached from reality and the relationship with the IMF remains critical 108 On 21 July 2022 Ukraine devalued the Ukrainian hryvnia by 25 against the U S dollar due to the economic impact of the war to eliminate currency speculation and to improve the international competitiveness business The previous day it requested a two year payment freeze on international bonds in 2020 it had 130 billion of external debt At that time the economy was expected to contract by roughly 40 in 2022 109 Economic data EditUkraine is subdivided into nine economic regions Carpathian Northwestern Podillia Capital Central Ukrainian Northeastern Black Sea Coastal Trans Dnipro and Donetsk Those regions were redrawn from the three Soviet economic regions of the Ukrainian SSR Donetsk TransDnieper Southwestern and Southern Main economic indicators Edit The following table shows the main economic indicators in 1992 2020 Inflation below 5 is in green 110 Year GDP in Bil US PPP GDP per capita in US PPP GDP in Bil US nominal GDP per capita in US nominal GDP growth real Inflation rate in Percent Unemployment in Percent Government debt in of GDP 1992 331 1 6 382 7 22 2 427 9 n a n a n a n a1993 290 8 5 623 0 35 0 677 3 14 2 4734 9 n a n a1994 229 0 4 463 7 38 0 741 0 22 9 891 2 n a n a1995 205 3 4 034 9 38 3 752 3 12 2 376 7 14 8 n a1996 188 1 3 732 6 46 1 914 3 10 0 80 2 10 0 n a1997 185 6 3 714 5 51 9 1 037 9 3 0 15 9 9 8 28 9 1998 184 2 3 716 9 43 3 874 3 1 9 10 6 11 3 46 5 1999 186 4 3 794 6 32 7 665 0 0 2 22 7 11 9 59 0 2000 201 8 4 147 7 32 3 664 4 5 9 28 2 11 5 43 8 2001 224 5 4 654 7 37 9 784 9 8 8 12 0 10 8 36 7 2002 240 1 5 021 3 42 3 885 3 5 3 0 8 9 6 33 6 2003 268 1 5 651 9 50 1 1 055 9 9 5 5 2 9 1 29 4 2004 307 8 6 535 5 64 8 1 374 8 11 8 9 0 8 6 24 8 2005 327 3 7 001 6 86 0 1 839 5 3 1 13 5 7 2 17 7 2006 363 1 7 813 6 107 8 2 319 3 7 6 9 1 6 8 14 8 2007 403 5 8 734 2 143 3 3 101 4 8 2 12 8 6 4 12 3 2008 420 2 9 142 8 181 3 3 944 7 2 2 25 2 6 4 20 4 2009 359 1 7 842 9 117 1 2 557 3 15 1 15 9 8 8 35 4 2010 378 3 8 296 0 136 0 2 982 8 4 1 9 4 8 1 40 6 2011 407 2 8 959 2 163 2 3 589 6 5 5 8 0 7 9 36 9 2012 426 0 9 388 8 175 7 3 872 5 0 2 0 6 7 5 37 5 2013 486 4 10 749 4 179 6 3 968 9 0 0 0 3 7 2 40 5 2014 462 0 10 804 3 130 6 3 053 6 6 6 12 1 9 3 70 3 2015 435 5 10 224 9 90 5 2 124 3 9 8 48 7 9 1 79 5 2016 475 7 11 215 9 93 3 2 200 0 2 4 13 9 9 5 79 5 2017 504 2 11 942 8 112 1 2 655 7 2 4 14 4 9 7 71 6 2018 534 2 12 725 0 130 9 3 118 3 3 5 10 9 9 0 60 4 2019 561 2 13 447 4 154 0 3 690 1 3 2 7 9 8 5 50 5 2020 545 0 13 128 7 155 3 3 741 1 4 0 2 7 9 2 60 8 Trade Edit A tree map representation of Ukraine s exports 2019 Until recently Russia nb 2 was Ukraine s largest trading partner with 25 7 of exports and 32 4 of imports in 2012 112 In 2012 24 9 of exports and 30 9 of imports were to and from the EU 112 In 2013 35 9 of Ukrainian exports went to CIS countries including eight countries other than Ukraine Simultaneously exports to EU countries was 26 6 of all exports 113 114 115 In 2015 the EU became Ukraine s largest trading partner accounting for more than a third of its trade 116 In 2015 Ukrainian exports to Russia had fallen to 12 7 81 In 2017 14 5 of Ukraine s imports came from Russia 5 In 2017 Ukrainian exports to Russia stood at 9 117 In 2017 40 of Ukraine s exports went to the EU and 15 to CIS countries 117 Overall Ukraine increased its exports by 20 in 2017 117 The growth of imports was faster than the rate of export growth 117 In 2015 food and other agricultural products worth 13 billion metallurgy 8 8 billion and machinery 4 1 billion made up most of Ukraine s exports with trade partners in 217 countries 81 118 Exports from Ukraine in 2015 decreased by 29 3 to 38 135 billion Imports were 31 1 down to 37 502 billion 118 In 2017 almost half of Ukraine s exports were provided by the agrarian complex and food industry slightly more than 20 by metallurgy and nearly 10 by machine building products 117 Natural gas is Ukraine s biggest import and the main cause of the country s structural trade deficit 21 Exports of Ukrainian goods in 2021 have reached a record US 68 24 billion 17 List of major private owned companies not considering banks and insurance companies Edit Rank Company Home city Revenue M 2020 Profit M 20201 Metinvest Mariupol 309 302 12 9602 ATB Market Dnipro 123 864 5 7693 Kernel Kyiv 118 667 5 5534 DTEK Kyiv 116 046 13 8955 Fozzy Group Kyiv 80 167 n d6 ArcelorMittal Kryvyi Rih Kryvyi Rih 63 497 7417 Tedis Ukraine Odessa 54 845 2448 Mironivsky Hliboproduct Kyiv 51 516 3 5479 Epicentr K Kyiv 50 382 3 17110 Ferrexpo Horishni Plavni 45 828 17 11811 Zaporizhstal Zaporizhzhia 45 631 3 67812 BaDM Lviv 41 816 1 11213 Optima Pharm Kyiv 37 248 33814 Ukrnafta Kyiv 35 535 4 26915 Ukrtatnafta Kremenchuk 34 327 42Source 119 Natural resources Edit See also Natural gas in Ukraine and Coal in Ukraine Ukraine is relatively rich in natural resources particularly in mineral deposits Although oil and natural gas reserves in Ukraine are largely exhausted 21 it has other important energy sources such as coal hydroelectricity and nuclear fuel raw materials 120 Ukrainian economy in graphics Edit The GDP PPP of Ukraine Ukraine s GDP PPP per capita Ukraine s population from 1950 2010 GNI per capita Ukraine 3 000 Higher GNI per capita compared to Ukraine Lower GNI per capita compared to Ukraine The average monthly salary in November 2021 ranks by region Ukraine s Export Treemap by Product 2014 from Harvard Atlas of Economic ComplexitySectors EditThis section needs to be updated Please help update this article to reflect recent events or newly available information January 2016 Industries Edit A Zenit 2 produced by the former Yuzhmash Ukrainian rocket manufacturer Ukraine is home to companies operating in around 20 major industries namely power generation fuel ferrous and non ferrous metallurgy chemical and petrochemical and gas machine building and metal working forest wood working and wood pulp and paper construction materials light food and others 121 Industry accounted for 26 of GDP in 2012 Ukraine has a massive high tech industrial base including electronics arms industry and space program Mining and production Edit Ukraine is one of the world s most important mineral producing countries in terms of both the range and size of its reserves There are nearly 8 000 separate deposits harboring some 90 different minerals of which about 20 are economically significant About half of all the known deposits are under exploitation Coal reserves in Ukraine amount to 47 1 billion tons The annual domestic demand for coal as fuel is about 100 million tons of which 85 percent can be satisfied by domestic production Ukraine has oil and gas fields that meet 10 percent of her oil and 20 percent of her gas consumption respectively Ukraine contains natural gas reserves of 39 6 trillion cubic feet but only about 20 percent of Ukraine s demand is met by domestic production Deposits of iron ore estimated at 28 billion tons manganese ore 3 billion tons chalk and limestone 1 5 billion tons are also large in Ukraine The domestic industrial sector suffers from constant energy shortages and energy supply payment debts totaling about 792 million at the end of 1995 In 2019 Ukraine was the 7th largest world producer of iron ore 122 the world s 8th largest producer of manganese 123 6th largest producer of titanium 124 and 7th largest producer worldwide of graphite 125 Ukraine was the world s 9th largest producer of uranium in 2018 126 Ukraine supplies about 50 of the world s neon gas and 40 of its krypton both of which are needed for the production of semiconductors 127 It is estimated that over 90 of U S semiconductor grade neon supplies are imported from Ukraine 128 Iron and steel Edit Further information Metal production in Ukraine Ukraine is rich in mineral deposits including iron ore of which it once produced 50 percent of the entire Soviet output manganese ore of which it produced 40 percent of world output during the Soviet era mercury titanium 129 and nickel Ukraine has a major ferrous metal industry producing cast iron steel and pipes Among its economy leading companies in that field are Metinvest Kryvorizhstal AzovStal Ilyich Steel amp Iron Works and others As of 2012 Ukraine is the world s tenth largest steel producer according to the World Steel Association Chemical industry Edit Another important branch is the country s chemical industry which includes the production of coke mineral fertilizers and sulfuric acid Defense industry Edit Further information Defense industry of Ukraine A BM Oplot produced by the KMDB Ukraine s defense industry is organized around Ukroboronprom a state owned conglomerate of over 130 companies These companies include Soviet era giants such as Ivchenko Progress aircraft design bureau that was opened in 1945 to newer companies such as RPC Fort which came into existence in the 1990s Ukraine is among the top 10 arms exporters in the world 130 The signing of recent large contracts may put Ukraine into 6th place among biggest arms traders after the United States Russian Federation France Germany and Israel 130 The output of Ukrainian defense plants grew 58 in 2009 with largest growth reported by aircraft builders 77 and ship builders 71 130 In 2013 Ukraine s defense sector manufactured a total of 11 7 billion UAH worth of goods 10 billion UAH of which were exported In the first 9 months of 2014 Ukraine s defense sector produced a record 13 billion UAH worth of goods The increase was largely due to government orders for the War in Donbas 131 Fuel and energy complex Edit See also Natural gas in Ukraine and Energy in UkraineDue to Ukraine s large population and its significant energy consumption it is one of the largest energy markets on the European continent Ukraine s location at the intersection of Europe Russia the Black Sea and Caspian Sea provides its ample natural resources such as coal oil natural gas as well as significant potential for hydro and biomass energy 132 Ukraine relies heavily on imports for natural gas and oil products It is a key transit site for European imports of Russian gas 132 133 Ukraine transits more natural gas than any other country 132 Prior to the full scale Russian invasion of Ukraine in 2022 economic crises Russia s closure of its market and the escalating Russo Ukrainian conflict in eastern Ukraine since 2014 had stymied some of the country s growth Ukraine s energy policy has created incentives for investment in renewable energy sources but these remain uncertain Since 2015 Ukrainian energy policy has favored reducing natural gas subsidies alongside diversifying energy supply Ukraine participates in the European Union s EU4Energy Programme an effort to promote evidence based policy making in national energy sectors 133 Fuel industry Edit Ukraine remains heavily reliant on oil product and gas imports 132 Russia ranks as Ukraine s principal supplier of oil and Russian firms own and or operate the majority of Ukraine s refining capacity Natural gas imports come from Russia which delivers its own gas as well as the gas from Turkmenistan citation needed Ukraine has been a key transit point for EU imports of Russian gas 133 and its pipeline system has been a crucial player in European energy supply despite recent diversification of transit routes by Russian oil companies such as Gazprom 132 Since the 2014 Russia Ukraine gas disputes the latter s dependence on Russian gas supplies has dramatically affected its economics and foreign policy citation needed Ukraine is independent in its electricity supply and exports electricity to Russia and other countries of Eastern Europe This is achieved through a wide use of nuclear power and hydroelectricity Recent energy strategy intends a gradual decreasing of gas and oil based generation in favor of nuclear power as well as energy saving measures including lower industrial gas consumption Reform of the still inefficient and opaque energy sector is a major objective of the International Monetary Fund IMF and World Bank programs with Ukraine citation needed Ukraine was a partner country of the European Union s INOGATE energy programme which had four key topics enhancing energy security convergence of member state energy markets on the basis of EU internal energy market principles supporting sustainable energy development and attracting investment for energy projects of common and regional interest INOGATE was discontinued in 2016 134 Automotive industry Edit See also Automotive industry in Ukraine A LAZ 5208DL built by Lviv Bus Factory A modern Electron T5L64 tram Ukraine automobile manufacturers produces diesel locomotives tractors trucks buses trolleybuses own designed cars and trams There are 12 automobile manufacturers in Ukraine including ZAZ LuAZ Bogdan KrAZ Eurocar Electron and LAZ ZAZ Zaporizhzhia Automobile Building Plant is the main automobile manufacturer of Ukraine based in the south eastern city of Zaporizhzhia Passenger car manufacturing in Ukraine started in 1959 From 1960 to 1994 a total of 3 422 444 Zaporozhets vehicles were manufactured in Zaporizhzhia and engines with air cooling in Melitopol In 2011 2012 the Zaporizhzhia Automobile Building Plant started serial full scale production of two new models of vehicle the ZAZ Forza a re badged Chinese Chery A13 and the ZAZ Vida a re badged Daewoo Aveo The Bogdan Corporation is a leading Ukrainian automobile manufacturing group including several car and bus makers of Ukraine Bogdan buses re badged Isuzu models are used as the primary small buses in most Ukrainian cities LAZ is one of the major bus manufacturers in Ukraine It manufactures city buses coach buses trolley buses and special purpose buses The Lviv based company Electrontrans is an enterprise of a full scale production specializing in design and production of modern urban electric transport trams trolleybuses electric buses units and spare parts In 2013 Electrotrans starts producing low floor trams the first Ukrainian 100 low floor tramways 135 Aircraft and aerospace industry Edit The Antonov An 225 Mriya the largest aircraft in the world Ukraine is one of nine countries with a full cycle of aerospace hardware engineering and production citation needed Besides the design and production of passenger and transportation aircraft Ukraine has a network of aircraft repair enterprises including companies involved in the recovery of military planes and helicopters citation needed In March 2007 the Cabinet of Ministers of Ukraine created State aircraft building concern Aviation of Ukraine SACAU which is governed by the Ministry of industrial policy Production of An 148 aircraft is now one of the most prospective projects for the Ukrainian plane manufacturing industry with 35 units manufactured since 2009 together with Russian production The aircraft were engineered by the Antonov Scientific and Production Complex Design Office Antonov ANTK The largest single airplane in the world Antonov An 225 Mriya was designed by Antonov ANTK and made in 1988 The gross production of light and ultra light planes in Ukraine does not exceed 200 units per annum Production of hang gliders and paragliders of all designs makes nearly 1 000 units each year Most of produced devices are exported The main buyers of Ukrainian made ultra light aircraft are the United States Australia New Zealand the United Kingdom France etc Since 2014 aerospace industry revenues have fallen by 80 136 In June 2016 the Antonov Corporation merged with the state owned military conglomerate UkrOboronProm forming Ukrainian Aircraft Corporation within its structure This merger was done to boost Antonov profits and the production rate 137 Currently Antonov is working on two cargo planes An 178 138 a cargo version of the An 158 and the An 132D a redesigned version of the An 32 139 The An 132 is developed jointly with Saudi s Taqnia Aeronautics Company featuring western avionics and engines The roll out and first flight is due at the beginning of January 2017 The space rocket industry in Ukraine has been managed by the National Space Agency of Ukraine since 1992 The agency includes 30 enterprises scientific research institutes and design offices Pivdenne Design Bureau is in general responsible for creating the Zenit 3SL carrier rocket The National Space Agency of Ukraine is involved in cooperation with American Rockwell Int as well as the Sea Launch project 140 The first stage core of the U S Orbital ATK Antares rocket was designed and is manufactured in Ukraine by Yuzhnoye SDO 141 Shipbuilding Edit Main article Shipbuilding in Ukraine MV Minerva a passenger ship built in Ukraine Ukraine is one of the 10 largest shipbuilding countries in Europe There are 49 shipbuilding companies registered in Ukraine They are able to build a wide range of vessel types powerboats barges bulk carriers dry cargo ship tankers liquefied gas carriers etc 142 143 The USSR s collapse put Ukraine s shipbuilding into a long term decline This lasted until 1999 and was mostly due to a minimum volume of state shipbuilding orders Between 1992 and 2003 Ukraine s 11 shipyards produced 237 navigation units for a total value of US 1 5 billion Production facilities are not working near full capacity and customers are not always timely in paying for services The shipbuilding industry grew between 2000 2006 in line with the wider Ukrainian economic expansion at the time 142 144 State support and the opening of free economic zones foremost at enterprises based in Mykolaiv were a crucial recent development in Ukraine s shipbuilding industry Within the Mykolaiv Special Economic Zone enterprises like Damen Shipyards Okean Chornomorskyi Black Sea Shipbuilding Plant 61 Communards Shipbuilding Plant as well as the Veselka Rainbow paint and insulation enterprise are implementing investment projects targeted to raise efficiency and quality in primarily export oriented vessels through production upgrades The new engineering developments and high potential of Ukrainian designers provide the ability to build high quality vessels with competitive prices 142 145 Agriculture Edit A Ukrainian T 150K tractor build by the Kharkiv Tractor Plant Ukraine s flag resembles the nation s farmlands Vineyards in Zakarpattia Oblast Although typically known as the industrial base of the Soviet Union agriculture is a large part of Ukraine s economy Ukraine is one of the world s largest agricultural producers and exporters and is known as the breadbasket of Europe 146 In 2008 agriculture accounted for 8 29 of Ukraine s GDP and by 2012 had grown to 10 43 of the GDP Agriculture accounted for 13 98 billion of value added to the economy of Ukraine in 2012 Despite being a top 10 world producer of several crops such as wheat and corn Ukraine still only ranks 24 out of 112 nations measured in terms of overall agricultural production 147 148 Ukraine is the world s largest producer of sunflower oil 149 a major global producer of grain and sugar and future global player on meat and dairy markets It is one of the largest producers of nuts Ukraine produces more natural honey 150 than any other European country and is one of the world s largest honey producers An estimated 1 5 of its population is involved in honey production therefore Ukraine has the highest honey per capita production rate in the world 151 Because Ukraine possesses 30 of the world s richest black soil its agricultural industry has a huge potential Farmland remains the only major asset in Ukraine that is not privatized 152 The agricultural industry in Ukraine is already highly profitable with 40 60 profits 152 but according to analysts its outputs could still rise up to fourfold 153 Ukraine is the world s 6th largest 5th if not including the EU as a separate state producer of corn in the world and the 3rd largest corn exporter in the world In 2012 Ukraine signed a contract with China the world s largest importer of corn to supply China with 3 million tonnes of corn annually at market price The deal included a 3 billion line of credit extension from China to Ukraine 154 155 In 2014 Ukraine s total grain crop was estimated to be a record 64 million metric tons In 2014 Ukraine lost de facto control over portions of several regions after those regions declared independence from Ukraine resulting in the War in Donbas and the Crimea Crisis nb 3 hence the actual available crop yield was closer to 60 5 million metric tons Due to the decline of the metallurgy industry Ukraine s prior top export category as a result of the War in Donbas agricultural products accounted for Ukraine s largest export category 157 In March 2020 Ukraine s parliament lifted a ban on the sale of farmland 158 The land market was fully opened for the first time independence on 1 July 2021 159 146 The agricultural output of Ukraine since 1961 in 2015 US Ukraine also produces some wine mostly in the South Western regions In 2018 It was the 5th largest world producer of maize 35 8 million metric tons 35 200 000 long tons 39 500 000 short tons after the US China Brazil and Argentina It was the 8th largest world producer of wheat 24 6 million metric tons 24 200 000 long tons 27 100 000 short tons It was the 3rd largest world producer of potato 22 5 million metric tons 22 100 000 long tons 24 800 000 short tons second only to China and India It was the world s largest producer of sunflower seed 14 1 million metric tons 13 900 000 long tons 15 500 000 short tons It was the 7th largest world producer of sugar beet 13 9 million metric tons 13 700 000 long tons 15 300 000 short tons which is used to produce sugar and ethanol It was the 7th largest world producer of barley 7 3 million metric tons 7 200 000 long tons 8 000 000 short tons It was the 7th largest world producer of rapeseed 2 7 million metric tons 2 700 000 long tons 3 000 000 short tons It was the 13th largest world producer of tomatoes 2 3 million metric tons 2 300 000 long tons 2 500 000 short tons It was the 5th largest world producer of cabbage 1 6 million metric tons 1 600 000 long tons 1 800 000 short tons after China India South Korea and Russia It was the 11th largest world producer of apple 1 4 million metric tons 1 400 000 long tons 1 500 000 short tons It was the 3rd largest world producer of pumpkin 1 3 million metric tons 1 300 000 long tons 1 400 000 short tons second only to China and India It was the 6th largest world producer of cucumber 985 thousand metric tons 969 000 long tons 1 086 000 short tons It was the 5th largest world producer of carrot 841 thousand metric tons 828 000 long tons 927 000 short tons after China Uzbekistan USA and Russia It was the 4th largest world producer of dry peas 775 thousand metric tons 763 000 long tons 854 000 short tons second only to Canada Russia and China It was the 7th largest world producer of rye 393 thousand metric tons 387 000 long tons 433 000 short tons It was the 3rd largest world producer of buckwheat 137 thousand metric tons 135 000 long tons 151 000 short tons second only to China and Russia It was the 6th largest world producer of walnuts 127 thousand metric tons 125 000 long tons 140 000 short tons Produced 4 4 million metric tons 4 300 000 long tons 4 900 000 short tons of soy It produced 883 thousand metric tons 869 000 long tons 973 000 short tons of onion Produced 467 thousand metric tons 460 000 long tons 515 000 short tons of grape It produced 418 thousand metric tons 411 000 long tons 461 000 short tons of oats Produced 396 thousand metric tons 390 000 long tons 437 000 short tons of watermelon Produced 300 thousand metric tons 300 000 long tons 330 000 short tons of cherries In addition to smaller productions of other agricultural products 160 Professionalized scientific breeding of barley began in 1910 and now supplies improved cultivars to the country 161 34 Information technology Edit Ukrainian National IT Factory in Kyiv Ukraine has a long standing reputation as a major technology region with a well developed scientific and educational base In March 2013 Ukraine ranks fourth in the world in number of certified IT professionals after the United States India and Russia 162 On top of that the experts recognize both quantitative and qualitative potential of the Ukrainian specialists In 2011 the number of IT specialists working in the industry reached 25 000 people with 20 growth 163 The volume of the Ukrainian IT market in 2013 was estimated to be up to 3 6 billion US dollars 162 164 In 2017 Ukraine emerged as the top outsourcing destination of the year according to the Global Sourcing Association By 2017 there were 13 research and development centers of global companies located in Ukraine including Ericsson Ukraine in Lviv 165 166 As for 2019 the number of IT specialists involved in the IT industry of Ukraine reached 172 000 people 167 The share of IT industry in Ukraine s GDP is 4 166 According to the IT sector report 2019 Ukraine is the largest exporter of IT services in Europe and ranks among the 25 most attractive countries for software development worldwide 168 Infrastructure Edit Further information Transport in Ukraine Maritime Edit An EKr 1 multiple unit built by Kriukiv Railway Car Building Works Rail transport is heavily used in Ukraine About 100 000 Ukrainians regularly work on foreign merchant ships one of the largest group of Ukrainian labor migrants and the sixth largest number of sailors from any country 169 They are attracted by the high salaries of more than 1 000 per month 169 Every major Ukrainian coastal city has a maritime university 169 Communications Edit Main articles Telecommunications in Ukraine and Internet in Ukraine Ukraine ranks eighth among the world s nations in terms of the Internet speed with the average download speed of 1 190 kbit s 170 Five national providers of fixed DSL ADSL XDSL internet access Ukrtelecom Vega Telecom Datagroup Ukrnet Volia and 5 national operators of mobile internet MTS Kyivstar PEOPLEnet Utel and Intertelecom are currently operating in Ukraine Every regional center and large district center has a number of local providers and home networks 2011 revenues from Internet service providing in Ukraine reached 4 75 bn 171 Over 16 million Ukrainians had Internet access in 2012 growing to 22 million in 2015 172 173 In Kyiv 90 of the population had internet access The mobile cellular telephone system s expansion has slowed largely due to saturation of the market which has reached 144 mobile phone subscriptions per 100 people 174 Tourism Edit Main article Tourism in Ukraine Lviv Rynok square In 2012 Ukraine was the 8th most popular tourism destination in Europe with 23 million visitors 175 The country s tourism industry is generally considered to be underdeveloped but it does provide crucial support for Ukraine s economy In 2012 the contribution of tourism to the GDP amounted to 28 8 billion or 2 2 of GDP and directly supported 351 500 jobs 1 7 of total employment 176 177 Shopping tourism Edit Ukraine s neighbours Poles Slovaks Hungarians Belarusians and even Russians are known to come to Ukraine to purchase products and presents such as food or gasoline that are cheaper in Ukraine than in their home countries 178 Recreational tourism and sightseeing Edit Ukraine has impressive landscapes ruins of ancient castles historical parks vineyards where they produce native wines unique structures such as Saint Sophia Cathedral or Chersonesos Officially there are seven World Heritage Sites in Ukraine The Carpathian Mountains suitable for skiing hiking fishing and hunting Bukovel is the largest ski resort in Ukraine situated in the Ivano Frankivsk Oblast province of western Ukraine The 2010 2011 winter season recorded 1 200 000 day visits with foreigners amounting to 8 10 of all visitors In 2012 the Bukovel was named the fastest growing ski resort worldwide The coastline on the Black Sea is a popular summer destination for vacationers especially Odessa Financing banking investments Edit See also Banking in Ukraine List of banks in Ukraine and The World Bank in Ukraine National Bank of Ukraine Investments Edit This section needs to be updated Please help update this article to reflect recent events or newly available information December 2013 A political crisis in the middle of 2006 was feared as a threat to economic and investment stability however despite the forecasts the political situation has not scared investors The GDP showed a good growth rate of 7 in 2007 compared to the previous year Industrial output has increased Car sales soared while the banking sector has expanded thanks to the arrival of European banks International financial institutions Edit Main articles Ukraine and the International Monetary Fund and The World Bank in Ukraine In 1992 Ukraine became a member of the IMF and the World Bank 179 It is a member of the European Bank for Reconstruction and Development In 2008 the country joined World Trade Organization Ukraine applied for WTO membership in 1993 but its accession process was stalled for 15 years Foreign direct investment Edit Ukraine encourages foreign trade and investment The Parliament of Ukraine has approved citation needed a foreign investment law allowing foreigners to purchase businesses and property to repatriate revenue and profits and to receive compensation if the property is nationalized by a future government However complex laws and regulations poor corporate governance weak enforcement of contract law by courts and corruption all continue to stymie direct large scale foreign investment in Ukraine While there is a functioning stock market the lack of protection of shareholders rights severely restricts portfolio investment activities As of April 2011 total foreign direct investment stock in Ukraine stood at 44 7 billion 180 Statistics from FDi Magazine show Ukraine suffered a year on year decline in foreign direct investment between 2010 and 2013 181 State enterprise InvestUkraine was created 182 under the State Agency for Investment and National Projects National Projects 183 to serve as a One Stop Shop for investors and to deliver investment consulting services Ukraine signed a shale gas exploration deal with Royal Dutch Shell on 25 January 2013 184 The 10 billion deal was the largest foreign direct investment ever for Ukraine 184 Many companies owned by foreigners have been successfully operating in Ukraine since its independence These include companies in agriculture such as Kyiv Atlantic Group founded in 1994 by David Sweere He sold its business in Minnesota and invested in Ukraine believing in its huge potential The company has been operating at a profit since 2002 As a result he became the fifth richest among the Westerners who made their fortune in Ukraine 185 In 2016 foreign direct investment in Ukraine s economy amounted to 3 8 billion in 2016 which was almost twice more than in 2015 186 Monetary policy and banking Edit This section is empty You can help by adding to it January 2016 Stock exchange Edit See also Stock exchanges in Ukraine Insurance business and companies Edit This section is empty You can help by adding to it January 2016 Legal environment and economic support EditBackground Edit Since the late 1990s 187 the government has pledged to reduce the number of government agencies streamline the regulatory process create a legal environment to encourage entrepreneurs and enact a comprehensive tax overhaul In 2003 the International Monetary Fund 188 encouraged Ukraine to quicken the pace and scope of reforms and threatened to withdraw financial support On 24 June 2010 Ukraine s Foreign Minister Kostyantyn Hryshchenko signed an agreement on free trade with the European Free Trade Association EFTA 189 According to the Global Competitiveness Report 2012 2013 the country s most important challenge is the needed overhaul of its institutional framework which cannot be relied on because it suffers from red tape lack of transparency and favoritism 190 In reports by Kyiv Post in 2010 and 2011 respectively a double taxation avoidance treaty with Cyprus signed in 1982 by the Soviet Union has cost Ukraine billions of US dollars of tax revenues 191 192 The 2014 Lustration in Ukraine has been criticized as it might have adverse economic effects 193 On 29 May 2014 Ukraine entered into the European Union Ukraine Association Agreement 194 that reached its full application on 1 September 2017 195 Foreign workers Edit A number of foreign guest workers come to work in Ukraine mainly in seasonal farm work and construction industry especially from neighboring Moldova and Belarus 196 Environmental issues EditThis section needs to be updated Please help update this article to reflect recent events or newly available information January 2016 Ukraine is interested in cooperating on regional environmental issues Conservation of natural resources is a stated high priority although implementation suffers from a lack of financial resources Ukraine established its first nature preserve Askania Nova in 1921 and has programs to breed endangered species Ukraine has a Ministry of Environment and has introduced a pollution fee system that levies taxes on air and water emissions and solid waste disposal The resulting revenues are channelled to environmental protection activities but enforcement of this pollution fee system is lax Industrial pollution is a considerable problem in Ukraine Chernobyl Edit Significant environmental problems result from the Chernobyl nuclear power plant disaster in 1986 In accordance with its previously announced plans Ukraine permanently closed the Chernobyl Atomic Energy Station in December 2000 In November 2001 Ukraine withdrew an application it had made to the EBRD for funding to complete two new reactor units to compensate for the energy once produced by Chernobyl Ukrainian concern over reform conditions attached to the loan particularly tariff increases needed to ensure loan repayment led the Ukrainian government to withdraw the application on the day the EBRD Board was to have considered final approval Major Ukrainian companies EditSee also List of companies of Ukraine 1 1 Media Group media 4AGames Technology Antonov Industrials APEKS BANK Financials ATB Market Consumer Services BG Capital Financials Bogdan group Industrials Chumak Consumer goods Ciklum IT DTEK Oil amp Gaz Basic Materials Utilities EKTA Technology Electron Industrials Epicentre K Consumer services ESTA Holding Financials FED Aerospace industry Ferreexpo Basic Materials FOM Ukraine Industrials Fozzy Group Consumer services Galnaftogaz Oil amp Gas GSC Game World Technology Hromadske ua Media Industrial Union of Donbas Industrials InvestUkraine Industrials Kryukiv Railway Car Building Works Industrials Kyivstar Telecommunications Kuznya na Rybalskomu Shipbuilding arms industry Lifecell Telecommunications METRO Cash amp Carry Consumer services MHP Consumer goods Motor Sich Industrials Nemiroff Consumer goods Naftogaz Oil amp Gas Nibulon Agriculture amp Shipbuilding Obolon Consumer goods Oschadbank banking PrivatBank banking Roshen Consumer goods SCM Holdings Financials SoftServe IT Ukraine International Airlines Consumer services Ukrainian Automobile Corporation Consumer goods Ukrainian Railways Consumer services Industrials Ukrnafta Oil amp Gas Ukroboronprom Ukrtelecom Telecommunications Vodafone Ukraine Telecommunications WOG Oil amp Gas Consumer services Pivdenmash Industrials Zaporizhstal Basic materials ZAZ Consumer goodsFacts and figures EditThis section needs to be updated Please help update this article to reflect recent events or newly available information January 2016 Household income or consumption by percentage share lowest 10 3 4 2006 197 highest 10 25 7 2006 197 Poverty rate 4 in 2018 below US 5 5 day 198 Industrial production growth rate 6 2007 est 197 6 5 2008 199 nb 4 Electricity production 192 1 billion kWh 2006 consumption 181 9 billion kWh 2006 export 10 07 billion kWh 2005 import 20 billion kWh 2006 Electricity production by source fossil fuel 48 6 hydro 7 9 nuclear 43 5 other 0 2001 Oil production 90 400 barrels per day 14 370 m3 d 2006 consumption 284 600 barrels per day 45 250 m3 d 2006 exports 214 600 barrels per day 34 120 m3 d 2004 imports 469 600 barrels per day 74 660 m3 d 2004 proved reserves 395 000 000 barrels 62 800 000 m3 1 January 2006 est Natural gas production 20 85 billion cubic m 2006 est consumption 73 94 billion cubic m 2006 est exports 4 billion cubic m 2006 est imports 57 09 billion cubic m 2006 est proved reserves 1 075 trillion cubic m 1 January 2006 est Agriculture exports grain sugar beets sunflower seeds vegetables beef milk natural Honey Agriculture imports seafood pork beef grainExchange rates hryvnia per US 1 22 2015 7 97 2009 5 05 2007 5 05 2006 5 13 2005 5 33 May 2004 5 30 October 2002 5 59 February 2000 5 3811 January 2000 4 1304 1999 2 4495 1998 1 8617 1997 1 8295 1996 1 4731 1995 Minimum wage 6 000 210 per month from 2021 to 2001 01 Average salary by region Further information List of Ukrainian oblasts and territories by salarySee also EditThe World Bank in Ukraine Tourism in Ukraine List of Ukrainian administrative divisions by GRP per capita List of Ukrainian subdivisions by GRP Ukraine s industrial complexNotes Edit In April 2014 pro Russian protest escalated into the War in Donbas between the Ukrainian government and the separatist forces of the self declared Donetsk People s Republic and Luhansk People s Republic 42 70 Both Russia and Ukraine were part of the Soviet Union since 1922 till Ukraine declared its independence from the Soviet Union on 24 August 1991 and before 1917 they were both part of the Russian Empire 111 Crimea is currently under dispute by Russia and Ukraine 156 The data for the 2009 fiscal year is missing due to the fact that State Statistics Service of Ukraine is transitioning for the international standards of accounting References Edit World 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B Outlook Stable Fitch Ratings 11 November 2016 Scope upgrades Ukraine s foreign currency ratings to CC with Negative Outlook Ukraine s International Reserves Increased by USD 0 3 Billion in July National Bank of Ukraine Ukraine Macroeconomic indicators Archived 25 August 2010 at the Wayback Machine National Bank of Ukraine a b Ukraine Macroeconomic situation April 2010 UNIAN 19 May 2010 Ukraine becomes world s third biggest grain exporter in 2011 minister Press release Black Sea Grain 20 January 2012 Archived from the original on 4 March 2014 Retrieved 3 September 2015 World Trade Report 2013 World Trade Organisation Retrieved 26 January 2014 a b c d e f g h i j k l m The Underachiever Ukraine s Economy Since 1991 Carnegie Endowment for International Peace 9 March 2012 a b c d Big debts and dwindling cash Ukraine tests creditors nerves Reuters 17 October 2013 a b Russia sets off trade war to prevent Ukraine from signing agreement with EU says UDAR Kyiv Post 14 August 2013 Ukraine 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the size Ordinary Ukrainians have seen their living standards stagnate while a handful of oligarchs have become billionaires Overview World Bank Ukraine s GDP fell by 4 4 pct in 2020 Ukrainian national bank Xinhua English news cn www xinhuanet com Retrieved 26 May 2021 Elliott Larry 14 March 2022 Ukraine economy could shrink by up to 35 in 2022 says IMF The Guardian Retrieved 31 March 2022 Kaplan Temma 2014 Democracy A World History New Oxford World History New York Oxford University Press ISBN 9780199929962 Retrieved 9 November 2018 Greece consisted of discrete enclaves on which agriculture was difficult and residents turned to the sea for their livelihood Athens could not have survived without grain from Ukraine one reason that Athens feared Persian movements toward the Dardanelles the Bosporus and the Black Sea and maybe the main reason Athens extended so many rights of participatory democracy to lower class male citizens who served in its navy Havrylyshyn Oleh 2016 Nature of the Economy before Independence The Political Economy of Independent Ukraine Slow Starts False Starts and a Last Chance Studies in Economic Transition London Springer p 18 ISBN 9781137576903 Retrieved 9 November 2018 From the mid 1500s one saw the second historical period of European orientation as increasing demand for grain on the European markets led to Ukraine earning its reputation as the breadbasket of Europe Havrylyshyn Oleh 2016 Nature of the Economy before Independence The Political Economy of Independent Ukraine Slow Starts False Starts and a Last Chance Studies in Economic Transition London Springer p 24 ISBN 9781137576903 Retrieved 9 November 2018 In the 1860s and 1870s a major shift in economic structure began as czarist policy turned to promote modern industrialization A huge government supported program of railroad building began followed by policies to attract foreign investors to develop metallurgy in the coal and iron rich areas of the South East Verkhovna Rada of Ukraine 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a b c Ukraine Economy GDP real growth rate CIA World Factbook N Korolevskaya Ukraine Needs a Single Anti Corruption Project Archived 3 March 2016 at the Wayback Machine Foundation for Effective Governance Azarov Shadow trade accounts for 40 of domestic market Archived 9 June 2012 at the Wayback Machine Interfax Ukraine 7 December 2011 Ratings Definitions moodys com Moody s Investors Service 2011 Retrieved 30 August 2011 Report on the Activities of Credit Rating Agencies PDF The Technical Committee of the International Organization of Securities Commissions September 2003 Retrieved 1 December 2011 Grytsenko Oksana 12 April 2014 Armed pro Russian insurgents in Luhansk say they are ready for police raid Kyiv Post Ukraine s Government Report Economy down 10 4 in 2015 Ukraine Today 2 February 2016 World Bank keeps its forecast for Ukraine s economy growth at 1 per cent Ukraine Today 11 January 2016 7 lyutogo 2014 roku Nacionalnij bank Ukrayini vvodit v obig pam yatnu monetu Vizvolennya Nikopolya vid fashistskih zagarbnikiv 7 February 2014 the National Bank of Ukraine will introduce a commemorative coin Liberation of Nikopol from fascist invaders into circulation in Ukrainian 7 February 2014 Archived from the original on 21 February 2014 Retrieved 5 February 2016 Ukraine teeters a few steps from chaos BBC News 5 February 2016 Ukraine may get USD 1 7 bln from IMF by mid year Moody s Ukraine Today 13 May 2016 Retrieved 20 May 2016 What Ukraine must do to get another 1 7 billion IMF loan Kyiv Post 14 May 2016 Retrieved 20 May 2016 a b Alessandra Prentice 18 May 2016 Ukraine IMF agree terms to resume financial support IMF Reuters Retrieved 20 May 2016 Neil A Abrams M Steven Fish 5 May 2016 How Western aid enables graft addiction in Ukraine Washington Post Retrieved 20 May 2016 Vasileva Nataliya 18 December 2015 Ukraine won t repay 3 billion Russian debt due this weekend Moscow AP News Archived from the original on 11 March 2016 Retrieved 4 February 2016 Ukraine sees 20 7 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Cabinet of Ministers of Ukraine Ukraine improved 7 positions and is ranked 64 out of 190 States in World Bank Doing Business 2020 report www kmu gov ua Overview World Bank Ambassador Maasikas IMF EU financial aid visa free travel depend on fighting corruption UNIAN 13 November 2020 Retrieved 27 November 2020 Zinets Natalia Polityuk Pavel 2 November 2020 Back me or put IMF loans and EU visa free deal at risk Ukraine s president warns Reuters Retrieved 27 November 2020 NBU says no IMF tranche for Ukraine this year bne IntelliNews Berlin 14 November 2020 Retrieved 27 November 2020 IMF puts Ukraine on pause over corruption concerns 16 February 2021 Archived from the original on 16 February 2021 Zinets Natalia Vasovic Aleksandar 21 July 2022 Ukraine devalues hryvnia currency by 25 against U S dollar Reuters Retrieved 1 September 2022 Report for Selected Countries and Subjects IMF Retrieved 15 February 2022 A History of Ukraine The Land and Its Peoples by Paul Robert Magocsi University of 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of IT professionals UNIAN 27 March 2013 Exploring Ukraine in Ukrainian Obsyag ukrayinskogo IT rinku mozhe sklasti 3 6 milyarda zvit Ukrayinska Pravda 27 March 2013 IT INDUSTRY Why Ukraine is fast becoming a leading global tech powerhouse bunews com ua Retrieved 2 October 2019 a b SHARE OF IT INDUSTRY OF UKRAINIAN ECONOMY IS 4 OF GDP ECONOMY MINISTER Ukraine open for business 13 February 2019 Retrieved 2 October 2019 Ukraine As a Bright Spot on Central and Eastern Europe Software Development Scene 8allocate 14 February 2019 Retrieved 2 October 2019 UNIT City presented a report on the IT sector of Ukraine main figures and indicators AIN UA 30 January 2019 Retrieved 2 October 2019 a b c High Seas Danger Kyiv Post 24 February 2012 Pando Networks Releases Global Internet Speed Study Archived 16 April 2013 at the Wayback Machine in Ukrainian Bilshe polovini ukrayinciv ne koristuyutsya internetom Ukrayinska Pravda in Ukrainian 29 July 2012 DataBank The World Bank Polovina naselennya Ukrayini 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Ukraine signs major deal Euronews 25 January 2013 UPDATE 1 Ukraine signs landmark 10 bln shale gas deal with Shell Reuters 24 January 2013 Archived copy Archived from the original on 27 June 2013 Retrieved 4 August 2013 a href Template Cite web html title Template Cite web cite web a CS1 maint archived copy as title link The 10 Richest Expats in Ukraine by KyivPost Foreign investment in Ukraine in 2016 estimated at 3 8 bln Foreign investment in Ukraine in 2016 estimated at 3 8 bln UNIAN 23 January 2017 Elborgh Woytek Katrin Lewisurl https www elibrary imf org view journals 003 2002 007 article A001 en xml Mark W 1 May 2002 IV Conditionality in Ukraine s funds programs Privatization in Ukraine Challenges of Assessment and Coverage in Fund Conditionality ISBN 9781451971620 Throughout the 1990s structural conditionality including on privatization expanded significantly in Ukraine s programs with the Fund Lissovolik Bogdan 1 June 2003 Determinants of Inflation in a Transition Economy The Case of Ukraine ISBN 9781451854923 Ukraine signs agreement on free trade zone with EFTA Kyiv Post 24 June 2010 The Global Competitiveness Report 2012 2013 World Economic Forum 2012 High Price Of Havens Kyiv Post 29 July 2010 The Money Carousel Kyiv Post 9 December 2011 Exposed Ukraine s Massive Witch Hunt 26 February 2015 Retrieved 14 October 2017 ASSOCIATION AGREEMENT between the European Union and its Member States of the one part and Ukraine of the other part PDF 29 May 2014 p 2135 Archived PDF from the original on 16 December 2016 EU Ukraine Association Agreement fully enters into force Archived from the original on 14 October 2019 Moldova s economic exiles Le Monde Archived from the original on 10 October 2010 span, wikipedia, wiki, book, books, library,

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