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Economy of Ukraine

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Economy of Ukraine
Міст Патона з нічною архітектурною підсвіткою та панорама Лівого берега.jpg
Kyiv, the financial capital of Ukraine
CurrencyHryvnia (UAH)
Calendar year
Trade organizations
GUAM, WTO, CISFTA, DCFTA (EU), BSEC
Country group
Statistics
PopulationDecrease 41,383,182 (1 July 2021 est.)[3]
GDP
  • Increase$198.32 billion (nominal, 2021.)[4]
  • Increase $588 billion (PPP, 2021.)[4]
GDP rank
GDP growth
  • Increase3.2% (2019)
  • Decrease−4% (2020)
  • Increase3.4% (2021 est.)
  • Decrease-45.1% (2022 est.)[4]
GDP per capita
  • Increase $4,828 (nominal, 2021)[4]
  • Increase $14,325 (PPP, 2021)[4]
GDP per capita rank
GDP by sector
Population below poverty line
  • Positive decrease 1.3% (2018)[6]
  • Negative increase 0.4% on less than $3.20/day (2020f)[7]
Negative increase 26.1 low (2018, World Bank)[8]
Labor force
  • Decrease 20,203,893 (2019)[11]
  • Increase 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 17,453 / €566 / $639 monthly (December 2021)[13]
UAH 14,050 / €456 / $514 monthly (December 2021)
Main industries
coal, electric power, ferrous and nonferrous metals, machinery and transport equipment, chemicals, food processing
Increase 64th (easy, 2020)[14]
External
ExportsIncrease $68.2 billion (2021)[15]
Export goods
ferrous and nonferrous metals, fuel and petroleum products, chemicals, machinery and transport equipment, food products
Main export partners
ImportsDecrease $54.1 billion (2020 est.)[18]
Import goods
energy (mainly natural gas),[19] machinery and equipment, chemicals
Main import partners
FDI stock
  • Increase $67.22 billion (31 December 2017 est.)[5]
  • Decrease Abroad: $7.59 billion (31 December 2017 est.)[5]
Decrease −$3.752 billion (2018 est.)[5][21][22]
Positive decrease $47.9 billion (Apr 2018)[23]
Public finances
Positive decrease 60.93% of GDP (2018)[24]
RevenuesUAH 1.1 trillion / €37 bil. / $39 bil.(2017)[25]
ExpensesUAH 1.1 tril. / €38 bil. / $41 bil. (2017)[25]
Economic aidrecipient: $0.4 billion (2006); International Monetary Fund Extended Funds Facility: $2.2 billion (1998)
Foreign reserves
Increase $28.802 billion (1 Aug 2020 est.)[32]
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

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.

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.[33] 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.[34] In the early 2010s, Ukraine was noted as possessing many of the components of a major European economy: rich farmlands,[35][36] a well-developed industrial base, highly trained labour, and a good education system.[37]

In October 2013, the Ukrainian economy lapsed into a recession.[38] The previous summer, Ukrainian exports to Russia substantially declined due to stricter border and customs control by Russia.[39] 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[40] and severely damaged two of Ukraine's most industrial regions.[41] In 2013, Ukraine saw zero GDP growth.[41] Ukraine's economy shrank by 6.8% in 2014,[42] and this continued with a 12% decline in GDP in 2015.[43] In April 2017, the World Bank stated that Ukraine's economic growth rate was 2.3% in 2016, ending the recession.[44] Despite these improvements, Ukraine remains the poorest country in Europe,[45] which some journalists have attributed to high corruption [46]

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.[47] In 2020 GDP fell by 4.4 percent due to the COVID-19 pandemic.[48] Due to the 2022 Russian invasion of Ukraine, the country's economy could shrink up to 35%, according to the IMF.[49]

Discover more about Economy of Ukraine related topics

Emerging market

Emerging market

An emerging market is a market that has some characteristics of a developed market, but does not fully meet its standards. This includes markets that may become developed markets in the future or were in the past. The term "frontier market" is used for developing countries with smaller, riskier, or more illiquid capital markets than "emerging". As of 2006, the economies of China and India are considered to be the largest emerging markets. According to The Economist, many people find the term outdated, but no new term has gained traction. Emerging market hedge fund capital reached a record new level in the first quarter of 2011 of $121 billion. The 10 largest emerging and developing economies by either nominal or PPP-adjusted GDP are 4 of the 5 BRICS countries along with Indonesia, Iran, South Korea, Mexico, Saudi Arabia, Taiwan and Turkey.

Mixed economy

Mixed economy

A mixed economy is variously defined as an economic system blending elements of a market economy with elements of a planned economy, markets with state interventionism, or private enterprise with public enterprise. Common to all mixed economies is a combination of free-market principles and principles of socialism. While there is no single definition of a mixed economy, one definition is about a mixture of markets with state interventionism, referring specifically to a capitalist market economy with strong regulatory oversight and extensive interventions into markets. Another is that of active collaboration of capitalist and socialist visions. Yet another definition is apolitical in nature, strictly referring to an economy containing a mixture of private enterprise with public enterprise. Alternatively, a mixed economy can refer to a reformist transitionary phase to a socialist economy that allows a substantial role for private enterprise and contracting within a dominant economic framework of public ownership. This can extend to a Soviet-type planned economy that has been reformed to incorporate a greater role for markets in the allocation of factors of production.

Great Recession

Great Recession

The Great Recession was a period of marked general decline, i.e. a recession, observed in national economies globally that occurred between 2007 and 2009. The scale and timing of the recession varied from country to country. At the time, the International Monetary Fund (IMF) concluded that it was the most severe economic and financial meltdown since the Great Depression. One result was a serious disruption of normal international relations.

2008–2009 Ukrainian financial crisis

2008–2009 Ukrainian financial crisis

Ukraine was hit heavily by the Great Recession, the World Bank expected Ukraine's economy to shrink 15% in 2009 with inflation having been 16.4%.

Hyperinflation

Hyperinflation

In economics, hyperinflation is a very high and typically accelerating inflation. It quickly erodes the real value of the local currency, as the prices of all goods increase. This causes people to minimize their holdings in that currency as they usually switch to more stable foreign currencies. When measured in stable foreign currencies, prices typically remain stable.

Ukrainian Soviet Socialist Republic

Ukrainian Soviet Socialist Republic

The Ukrainian Soviet Socialist Republic, abbreviated as the Ukrainian SSR, UkrSSR, or UkSSR, and also known as Soviet Ukraine, was one of the constituent republics of the Soviet Union from 1922 until 1991. In the anthem of the Ukrainian SSR, it was referred to simply as Ukraine. Under the Soviet one-party model, the Ukrainian SSR was governed by the Communist Party of the Soviet Union through its republican branch: the Communist Party of Ukraine.

Annexation of Crimea by the Russian Federation

Annexation of Crimea by the Russian Federation

In February and March 2014, Russia invaded and subsequently annexed the Crimean Peninsula from Ukraine. This event took place in the aftermath of the Revolution of Dignity and is part of the wider Russo-Ukrainian War.

War in Donbas (2014–2022)

War in Donbas (2014–2022)

The War in Donbas was an armed conflict in the Donbas region of Ukraine, part of the broader Russo-Ukrainian War. In March 2014, immediately following the Euromaidan protest movement and subsequent Revolution of Dignity, protests by pro-Russian, anti-government separatist groups arose in the Donetsk and Luhansk oblasts of Ukraine, collectively called the Donbas. These demonstrations began around the same time as Russia's annexation of Crimea, and were part of wider pro-Russian protests across southern and eastern Ukraine. Declaring the Donetsk and Luhansk People's Republics, armed Russian-backed separatist groups seized government buildings throughout the Donbas, leading to armed conflict with Ukrainian government forces.

World Bank

World Bank

The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects. The World Bank is the collective name for the International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA), two of five international organizations owned by the World Bank Group. It was established along with the International Monetary Fund at the 1944 Bretton Woods Conference. After a slow start, its first loan was to France in 1947. In the 1970s, it focused on loans to developing world countries, shifting away from that mission in the 1980s. For the last 30 years, it has included NGOs and environmental groups in its loan portfolio. Its loan strategy is influenced by the Millennium Development Goals as well as environmental and social safeguards.

COVID-19 pandemic

COVID-19 pandemic

The COVID-19 pandemic, also known as the coronavirus pandemic, is an ongoing global pandemic of coronavirus disease 2019 (COVID-19) caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The novel virus was first identified from an outbreak in Wuhan, China, in December 2019. Attempts to contain failed, allowing the virus to spread to other areas of Asia and later worldwide. The World Health Organization (WHO) declared the outbreak a public health emergency of international concern on 30 January 2020 and a pandemic on 11 March 2020. As of 24 November 2022, the pandemic had caused more than 639 million cases and 6.62 million confirmed deaths, making it one of the deadliest in history.

2022 Russian invasion of Ukraine

2022 Russian invasion of Ukraine

On 24 February 2022, Russia invaded Ukraine in a major escalation of the Russo-Ukrainian War, which began in 2014. The invasion has likely resulted in tens of thousands of deaths on both sides and caused Europe's largest refugee crisis since World War II, with an estimated 8 million people being displaced within the country by late May as well as 7.8 million Ukrainians fleeing the country as of 8 November 2022. Within five weeks of the invasion, Russia experienced its greatest emigration since the 1917 October Revolution. The invasion has also caused global food shortages.

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[50] as well as for early modern Europe.[51] 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.[52]

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

1991 to 2000

On 24 August 1991, Ukraine established its independence from the Soviet Union.[53] The new state's economy suffered huge output declines and soaring inflation in the following years.[54] 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.[54] 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.[54]

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.[54][55] The currency remained unstable through the late 1990s, particularly during the 1998 Russian financial crisis.[54]

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."[56] The UN noted that Ukraine had overcome absolute poverty, and that there was only relative poverty in 2009.[57]

2000 to 2014

Ukraine stabilised by the early 2000s.[54] The year 2000 saw the first year of economic growth since Ukraine's independence.[37] The economy continued to grow thanks to a 50% growth in exports between 2000 and 2008[37] – mainly exports from the traditional industries of metals, metallurgy, engineering, chemicals, and food.[37] 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.[37]

Monetization also helped to drive the economic boom Ukraine experienced between 2000 and 2008.[37] Attracted in part by relatively high interest-rates, foreign cash was injected into Ukraine's economy and money supply grew rapidly: from 2001 to 2010 broad, money increased at an annual rate of 35%.[54] In 2006 and 2007, credit growth averaged 73%.[54]

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.[54] The ratio of credit to GDP grew extremely fast – from 7 to almost 80 percent over just several years.[37] From 2000 to 2007, Ukraine's real growth averaged 7.4%.[37] This growth was driven by domestic demand: orientation toward consumption, other structural change, and financial development.[37]

Domestic demand grew in constant prices by almost 15% annually.[37] It was supported by expansionary—procyclical—fiscal policy.[37] 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.[37] 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.[37][58][59][60]

Ukraine suffered severely in the economic crisis of 2008. Because of it Ukraine experienced a drought in capital flows.[54] 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.[61] 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%.[62] The final official unemployment rates for 2009 and 2010 were 8.8% and 8.4%,[63] although the CIA World Factbook notes a "large number of unregistered or underemployed workers".[63] Ukraine's GDP fell by 15% in 2009.[54]

The Ukrainian economy recovered in the first quarter of 2010[34] due to the recovery of the world economy and increasing prices for metals.[59] Ukraine's real GDP growth in 2010 was 4.3%, leading to a per-capita PPP GDP of US$6,700.[63] In 2011, Ukrainian politicians estimated that 40% of Ukraine's economy is a shadow economy.[64][65]

In the summer of 2013, Ukrainian exports to Russia fell substantially due to Russia's stricter customs controls.[39]

By October 2013, the Ukrainian economy had become stuck in recession.[38] Moody's downgraded Ukraine's credit rating to Caa1 (poor quality and very high credit risk) in September 2013.[38][66][67] At the time, swap markets rated Ukraine's default probability over the next five years at 50 percent.[38] In 2013, Ukraine saw no growth in GDP.[41]

After Euromaidan: 2014 to present

Ukraine bond rates .mw-parser-output .legend{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .legend-color{display:inline-block;min-width:1.25em;height:1.25em;line-height:1.25;margin:1px 0;text-align:center;border:1px solid black;background-color:transparent;color:black}.mw-parser-output .legend-text{}  1 year bond   2 year bond   3 year bond
Ukraine bond rates
  1 year bond
  2 year bond
  3 year bond

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.[40] It had been expected to decline by 8%.[42] A Ukrainian government report stated early in February 2016 that Ukraine's economy had shrunk by 10.4% in 2015.[69] For 2015, the National Bank of Ukraine had expected a further decline of 11.6%, and the World Bank anticipated a 12% shrinkage.[43] The World Bank forecast growth of 1% in 2016.[70]

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.[71] In 2014 and 2015, the hryvnia lost about 70% of its value against the U.S. dollar.[61][72]

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.[73] 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.[74][75] Some western analysts believe that large foreign loans are not encouraging reform, but enabling the corrupt extraction of funds out of the country.[76]

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.[77]

The turnover of retail trade in Ukraine in 2014 shrank by 8.6% (from 2013) and shrank by 20.7% in 2015 (from 2014).[78] Ukraine saw a 30.9% decline in exports in 2015,[79] mainly because of a sharp decline in production output in Donetsk Oblast and in Luhansk Oblast (the two regions of Donbas).[79] These two regions were responsible for 40.6% of the total export-decline rate.[79] Before the war they had been two of the more industrial oblasts of Ukraine.[41]

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.[79] On 31 December 2015, Ukraine's public debt stood at 79% of its GDP.[80] It had shrank $4.324 billion in 2015 to end up at $65.488 billion.[80] But calculated in hryvnia, the debt had grown by 42.78%.[80] In 2015, the Ministry of Social Policy of Ukraine rated 20–25% of Ukrainian households as poor.[81]

$2.526 billion entered the Ukrainian economy via remittances in 2015, 34.9% less than in 2014.[82] $431 million was sent from Ukraine to elsewhere using remittances.[82] In January 2016, Bloomberg rated Ukraine's economy as the 41st most innovative in the world,[83] down from 33rd in January 2015.[84]

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.[75] In 2015 Transparency International ranked Ukraine 130th out of 168 countries in its Corruption Perceptions Index.[85] In February 2016, historian Andrew Wilson assessed progress in reducing corruption as poor as of 2016.[86] Aivaras Abromavičius, Ukraine's then-Minister of Economy and Trade, resigned in February 2016, citing ingrained corruption.[87] In October, at a conference for foreign investors, corruption and lack of trust in the judiciary were identified as the largest obstacles to investment.[88]

Late in July 2016, the State Statistics Service of Ukraine reported that, compared with June 2015, real wages had increased by 17.3%.[89] 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.[90] 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.[91]

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.[92]

The economy of Ukraine has overcome 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.[93] In 2016, for the first time since 2010, the economy grew by more than 2%.[44] A 2017 World Bank statement projected growth of 2% in 2017, of 3.5% in 2018 and of 4% in 2019 and 2020.[94] Inflation in Ukraine in 2017 was 13.7% (12.4% in 2016).[95]

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.[96][97]

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.[98] Ukraine made its largest payment on debt in 2019 at $1.1 billion.[99]

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.[100]

Ukraine moved up seven positions in the annual World Bank Doing Business 2020 report.[101] 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.[102]

On 27 October 2020, the Constitutional Court of Ukraine ruled that anti-corruption legislation, including the mandatory electronic declaration of income, was unconstitutional.[103] 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.[104][105] 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.[106]

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.[107]

Discover more about History related topics

Chernozem

Chernozem

Chernozem, also called black soil, is a black-colored soil containing a high percentage of humus and high percentages of phosphorus and ammonia compounds. Chernozem is very fertile soil and can produce high agricultural yields with its high moisture storage capacity. Chernozems are a Reference Soil Group of the World Reference Base for Soil Resources (WRB).

Breadbasket

Breadbasket

The breadbasket of a country or of a region is an area which, because of the richness of the soil and/or advantageous climate, produces large quantities of wheat or other grain. Rice bowl is a similar term used to refer to Southeast Asia; and California's Salinas Valley is sometimes referred to as America’s salad bowl. Such regions may be the subject of fierce political disputes which may even escalate into full military conflicts.

Ancient Greece

Ancient Greece

Ancient Greece was a northeastern Mediterranean civilization, existing from the Greek Dark Ages of the 12th–9th centuries BC to the end of classical antiquity, that comprised a loose collection of culturally and linguistically related city-states and other territories. Most of these regions were officially unified only once, for 13 years, under Alexander the Great's empire from 336 to 323 BC. In Western history, the era of classical antiquity was immediately followed by the Early Middle Ages and the Byzantine period.

Donbas

Donbas

The Donbas or Donbass is a historical, cultural, and economic region in eastern Ukraine. Parts of the Donbas are controlled by Russian separatist groups as a result of the Russo-Ukrainian War: the Donetsk People's Republic and the Luhansk People's Republic.

Cumans

Cumans

The Cumans, also known as Polovtsians or Polovtsy, were a Turkic nomadic people comprising the western branch of the Cuman–Kipchak confederation. After the Mongol invasion (1237), many sought asylum in the Kingdom of Hungary, as many Cumans had settled in Hungary, the Second Bulgarian Empire playing an important role in the development of the state. Cumans played also an important role in Anatolia.

Mongol invasion of Kievan Rus'

Mongol invasion of Kievan Rus'

The Mongol Empire invaded and conquered Kievan Rus' in the 13th century, destroying numerous southern cities, including the largest cities, Kiev and Chernihiv, with the only major cities escaping destruction being Novgorod and Pskov, located in the north.

Crimean Tatars

Crimean Tatars

Crimean Tatars or Crimeans are a Turkic ethnic group and nation who are an indigenous people of Crimea. The formation and ethnogenesis of Crimean Tatars occurred during the 13th–17th centuries, uniting Cumans, who appeared in Crimea in the 10th century, with other peoples who had inhabited Crimea since ancient times and gradually underwent Tatarization, including Greeks, Italians, Armenians, Goths, Sarmatians, and many others.

Soviet Union

Soviet Union

The Soviet Union, officially the Union of Soviet Socialist Republics (USSR), was a transcontinental country that spanned much of Eurasia from 1922 to 1991. A flagship communist state, it was nominally a federal union of fifteen national republics; in practice, both its government and its economy were highly centralized until its final years. It was a one-party state governed by the Communist Party of the Soviet Union, with the city of Moscow serving as its capital as well as that of its largest and most populous republic: the Russian SFSR. Other major cities included Leningrad, Kiev, Minsk, Tashkent, Alma-Ata, and Novosibirsk. It was the largest country in the world, covering over 22,402,200 square kilometres (8,649,500 sq mi) and spanning eleven time zones.

Hyperinflation

Hyperinflation

In economics, hyperinflation is a very high and typically accelerating inflation. It quickly erodes the real value of the local currency, as the prices of all goods increase. This causes people to minimize their holdings in that currency as they usually switch to more stable foreign currencies. When measured in stable foreign currencies, prices typically remain stable.

National Bank of Ukraine

National Bank of Ukraine

National Bank of Ukraine or NBU is the central bank of Ukraine – a government body responsible for unified state policy in the field of country's monetary circulation, including strengthening of the national currency unit, hryvnia. The National Bank of Ukraine employs over 12,000 people, making it one of the leading banks. It regulates and supervises activities, functions and legal status of government and commercial banks based on principles of the Constitution of Ukraine and the law of Ukraine.

Ukrainian karbovanets

Ukrainian karbovanets

The karbovanets or karbovanet, also known as kupon or coupon, has been a distinct unit of currency in Ukraine during three separate periods of the 20th century. It is also a predecessor currency of today's Ukrainian hryvnia.

1998 Russian financial crisis

1998 Russian financial crisis

The Russian financial crisis began in Russia on 17 August 1998. It resulted in the Russian government and the Russian Central Bank devaluing the ruble and defaulting on its debt. The crisis had severe impacts on the economies of many neighboring countries.

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.[108]

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 Decrease290.8 Decrease5,623.0 Increase35.0 Increase677.3 Decrease-14.2% Negative increase4734.9% n/a n/a
1994 Decrease229.0 Decrease4,463.7 Increase38.0 Increase741.0 Decrease-22.9% Negative increase891.2% n/a n/a
1995 Decrease205.3 Decrease4,034.9 Increase38.3 Increase752.3 Decrease-12.2% Negative increase376.7% Positive decrease14.8% n/a
1996 Decrease188.1 Decrease3,732.6 Increase46.1 Increase914.3 Decrease-10.0% Negative increase80.2% Positive decrease10.0% n/a
1997 Decrease185.6 Decrease3,714.5 Increase51.9 Increase1,037.9 Decrease-3.0% Negative increase15.9% Positive decrease9.8% Positive decrease28.9%
1998 Decrease184.2 Increase3,716.9 Decrease43.3 Decrease874.3 Decrease-1.9% Negative increase10.6% Negative increase11.3% Negative increase46.5%
1999 Increase186.4 Increase3,794.6 Decrease32.7 Decrease665.0 Decrease-0.2% Negative increase22.7% Negative increase11.9% Negative increase59.0%
2000 Increase201.8 Increase4,147.7 Decrease32.3 Decrease664.4 Increase5.9% Negative increase28.2% Positive decrease11.5% Positive decrease43.8%
2001 Increase224.5 Increase4,654.7 Increase37.9 Increase784.9 Increase8.8% Negative increase12.0% Positive decrease10.8% Positive decrease36.7%
2002 Increase240.1 Increase5,021.3 Increase42.3 Increase885.3 Increase5.3% Increase0.8% Positive decrease9.6% Positive decrease33.6%
2003 Increase268.1 Increase5,651.9 Increase50.1 Increase1,055.9 Increase9.5% Negative increase5.2% Positive decrease9.1% Positive decrease29.4%
2004 Increase307.8 Increase6,535.5 Increase64.8 Increase1,374.8 Increase11.8% Negative increase9.0% Positive decrease8.6% Positive decrease24.8%
2005 Increase327.3 Increase7,001.6 Increase86.0 Increase1,839.5 Increase3.1% Negative increase13.5% Positive decrease7.2% Positive decrease17.7%
2006 Increase363.1 Increase7,813.6 Increase107.8 Increase2,319.3 Increase7.6% Negative increase9.1% Positive decrease6.8% Positive decrease14.8%
2007 Increase403.5 Increase8,734.2 Increase143.3 Increase3,101.4 Increase8.2% Negative increase12.8% Positive decrease6.4% Positive decrease12.3%
2008 Increase420.2 Increase9,142.8 Increase181.3 Increase3,944.7 Increase2.2% Negative increase25.2% Negative increase6.4% Negative increase20.4%
2009 Decrease359.1 Decrease7,842.9 Decrease117.1 Decrease2,557.3 Decrease-15.1% Negative increase15.9% Negative increase8.8% Negative increase35.4%
2010 Increase378.3 Increase8,296.0 Increase136.0 Increase2,982.8 Increase4.1% Negative increase9.4% Positive decrease8.1% Negative increase40.6%
2011 Increase407.2 Increase8,959.2 Increase163.2 Increase3,589.6 Increase5.5% Negative increase8.0% Positive decrease7.9% Positive decrease36.9%
2012 Increase426.0 Increase9,388.8 Increase175.7 Increase3,872.5 Increase0.2% Increase0.6% Positive decrease7.5% Negative increase37.5%
2013 Increase486.4 Increase10,749.4 Increase179.6 Increase3,968.9 Increase0.0% Increase-0.3% Positive decrease7.2% Negative increase40.5%
2014 Decrease462.0 Increase10,804.3 Decrease130.6 Decrease3,053.6 Decrease-6.6% Negative increase12.1% Negative increase9.3% Negative increase70.3%
2015 Decrease435.5 Decrease10,224.9 Decrease90.5 Decrease2,124.3 Decrease-9.8% Negative increase48.7% Positive decrease9.1% Negative increase79.5%
2016 Increase475.7 Increase11,215.9 Increase93.3 Increase2,200.0 Increase2.4% Negative increase13.9% Negative increase9.5% Negative increase79.5%
2017 Increase504.2 Increase11,942.8 Increase112.1 Increase2,655.7 Increase2.4% Negative increase14.4% Negative increase9.7% Positive decrease71.6%
2018 Increase534.2 Increase12,725.0 Increase130.9 Increase3,118.3 Increase3.5% Negative increase10.9% Positive decrease9.0% Positive decrease60.4%
2019 Increase561.2 Increase13,447.4 Increase154.0 Increase3,690.1 Increase3.2% Negative increase7.9% Positive decrease8.5% Positive decrease50.5%
2020 Decrease545.0 Decrease13,128.7 Increase155.3 Increase3,741.1 Decrease-4.0% Increase2.7% Negative increase9.2% Negative increase60.8%

Trade

A tree-map representation of Ukraine's exports, 2019
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.[110] In 2012, 24.9% of exports and 30.9% of imports were to and from the EU.[110] 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.[111][112][113]

In 2015 the EU became Ukraine's largest trading partner, accounting for more than a third of its trade.[114] In 2015, Ukrainian exports to Russia had fallen to 12.7%.[79] In 2017, 14.5% of Ukraine's imports came from Russia.[5] In 2017, Ukrainian exports to Russia stood at 9%.[115] In 2017, 40% of Ukraine's exports went to the EU and 15% to CIS countries.[115] Overall Ukraine increased its exports by 20% in 2017.[115] The growth of imports was faster than the rate of export growth.[115]

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.[79][116] Exports from Ukraine in 2015 decreased by 29.3% to $38.135 billion. Imports were 31.1% down, to $37.502 billion.[116] 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.[115]

Natural gas is Ukraine's biggest import and the main cause of the country's structural trade deficit.[19]

Exports of Ukrainian goods in 2021 have reached a record US$68.24 billion.[15]

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

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

Source:[117]

Natural resources

Ukraine is relatively rich in natural resources, particularly in mineral deposits. Although oil and natural gas reserves in Ukraine are largely exhausted,[19] it has other important energy sources, such as coal, hydroelectricity and nuclear-fuel raw materials.[118]

Ukrainian economy in graphics

Discover more about Economic data related topics

Commonwealth of Independent States

Commonwealth of Independent States

The Commonwealth of Independent States (CIS) is a regional intergovernmental organization in Eastern Europe, Central Asia, North Asia, and Western Asia. It was formed following the dissolution of the Soviet Union in 1991. It covers an area of 20,368,759 km2 (7,864,422 sq mi) and has an estimated population of 239,796,010. The CIS encourages cooperation in economic, political and military affairs and has certain powers relating to the coordination of trade, finance, lawmaking, and security. It has also promoted cooperation on cross-border crime prevention. Often considered as the successors of the USSR, it is one of the largest intergovernmental organizations in Europe.

Natural gas in Ukraine

Natural gas in Ukraine

Ukraine has been estimated to possess natural gas reserves of over 1 trillion cubic meters, and in 2018 was ranked 26th among countries with proved reserves of natural gas. Its total gas reserves have been estimated at 5.4 trillion cubic meters. In 2021, Ukraine produced 19.8 billion cubic meters (bcm or Gm3) of natural gas. To satisfy domestic demand of 27.3 bcm that year, Ukraine relied on gas imports (2.6 bcm) and withdrawal from underground storage (4.9 bcm). Winter demand can reach 150 mcm per day. To meet domestic demand, Ukraine plans to increase domestic natural gas output to 27 bcm.

Metinvest

Metinvest

Metinvest Group is a Ukrainian vertically integrated group of steel and mining companies that manages every link of the value chain, from mining and processing iron ore and coal to making and selling semi-finished and finished steel products. It was established on 6 June 2006 by the SCM Holdings It controls 50% of the iron ore market, 46% of the coke market, and 40% of the metal products market in domestic market.

Mariupol

Mariupol

Mariupol is a city on the north coast of the Sea of Azov at the mouth of the Kalmius River, in the Pryazovia region of Ukraine. Prior to the 2022 Russian invasion of Ukraine and its capture by Russia, it was the tenth-largest city in Ukraine and the second-largest in Donetsk Oblast, with an estimated population of 425 681, according to a January 2022 estimate. Following its capture, the population is now, according to Ukrainian authorities, estimated to be less than 100,000.

ATB-Market

ATB-Market

ATB-Market LLC is one of the leading retail trade companies in Ukraine. The company owns the largest national network of retail shops. The managing director is Borys Markov.

Dnipro

Dnipro

Dnipro, previously called Dnipropetrovsk from 1926 until May 2016, is Ukraine's fourth-largest city, with about one million inhabitants. It is located in the eastern part of Ukraine, 391 km (243 mi) southeast of the Ukrainian capital Kyiv on the Dnieper River, after which its Ukrainian language name (Dnipro) it is named. Dnipro is the administrative centre of the Dnipropetrovsk Oblast. It hosts the administration of Dnipro urban hromada. The population of Dnipro is 968,502

Kyiv

Kyiv

Kyiv, also spelled Kiev, is the capital and most populous city of Ukraine. It is in north-central Ukraine along the Dnieper River. As of 1 January 2021, its population was 2,962,180, making Kyiv the seventh-most populous city in Europe.

DTEK

DTEK

DTEK is the largest private investor in the energy industry in Ukraine. The company's enterprises generate electricity at solar, wind and thermal power plants; extract coal and natural gas, trade energy products in the Ukrainian and foreign markets, distribute and supply electricity to consumers, and develop a grid of supercharger stations for e-vehicles.

Fozzy Group

Fozzy Group

Fozzy Group is a group of companies that owns and manages retail stores in Ukraine. Based in Kyiv, it is Ukraine's largest supermarket company and food retail group. The company has had operations in Ukraine since 1997, and operates Silpo supermarkets, Fozzy C&C hypermarkets, convenience markets Fora, Bila Romashka pharmaceutical supermarkets, Le Silpo premium format stores, ringoo electronics stores, and restaurants. Restaurants operated by the company are U Khromogo Pola, Staromak, U Golema, La Bodeguita del Medio, Divan.

ArcelorMittal Kryvyi Rih

ArcelorMittal Kryvyi Rih

ArcelorMittal Kryvyi Rih (former Kryvorizhstal is Ukraine's largest integrated steel company, founded in 1934 and located in Kryvyi Rih, in central Ukraine.

Kryvyi Rih

Kryvyi Rih

Kryvyi Rih, also known as Krivoy Rog is the largest city in central Ukraine, the 7th most populous city in Ukraine and the 2nd largest by area. Kryvyi Rih is also claimed to be the longest city in Europe. The city's population is estimated at 603,904 . It hosts the administration of the Kryvyi Rih District and its subordinate Kryvyi Rih urban community. The city is also part of the Kryvyi Rih Metropolitan Region.

Epicentr K

Epicentr K

Epicentr K is a national chain of stores in Ukraine that specializes in home improvement and gardening. The company is one of the first in Ukraine to introduce a chain of home improvement stores and has successfully expanded across the country over the last decade.

Sectors

Industries

A Zenit-2, produced by the former Yuzhmash, Ukrainian rocket manufacturer
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.[119] 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,[120] the world's 8th largest producer of manganese,[121] 6th largest producer of titanium,[122] and 7th largest producer worldwide of graphite.[123] Ukraine was the world's 9th largest producer of uranium in 2018.[124] 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.[125] It is estimated that over 90% of U.S. semiconductor-grade neon supplies are imported from Ukraine.[126]

Iron and steel

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,[127] 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

A BM Oplot, produced by the KMDB
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.[128]

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.[128] The output of Ukrainian defense plants grew 58% in 2009, with largest growth reported by aircraft builders (77%) and ship builders (71%).[128]

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.[129]

Fuel and energy complex

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.[130]

Ukraine relies heavily on imports for natural gas and oil products. It is a key transit site for European imports of Russian gas.[130][131] Ukraine transits more natural gas than any other country.[130] 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.[131]

Fuel industry

Ukraine remains heavily reliant on oil product and gas imports.[130] 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.

Ukraine has been a key transit point for EU imports of Russian gas,[131] 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.[130] Since the 2014 Russia–Ukraine gas disputes, the latter's dependence on Russian gas supplies has dramatically affected its economics and foreign policy.

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.

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.[132]

Automotive industry

A LAZ-5208DL built by Lviv Bus Factory
A LAZ-5208DL built by Lviv Bus Factory
A modern Electron T5L64 tram
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.[133]

Aircraft and aerospace industry

The Antonov An-225 Mriya, the largest aircraft in the world
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. 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. 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%.[134] 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.[135] Currently, Antonov is working on two cargo planes: An-178,[136] a cargo version of the An-158, and the An-132D, a redesigned version of the An-32.[137] 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.[138] The first stage core of the U.S. Orbital ATK Antares rocket was designed and is manufactured in Ukraine by Yuzhnoye SDO.[139]

Shipbuilding

MV Minerva − a passenger ship built 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.[140][141]

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.[140][142]

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.[140][143]

Agriculture

A Ukrainian T-150K tractor build by the Kharkiv Tractor Plant
A Ukrainian T-150K tractor build by the Kharkiv Tractor Plant
Ukraine's flag resembles the nation's farmlands
Ukraine's flag resembles the nation's farmlands
Vineyards in Zakarpattia Oblast
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.[144]

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.[145][146]

Ukraine is the world's largest producer of sunflower oil,[147] 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[148] 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.[149] 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.[150]

The agricultural industry in Ukraine is already highly profitable, with 40–60% profits,[150] but according to analysts its outputs could still rise up to fourfold.[151] 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.[152][153]

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.[155]

In March 2020, Ukraine's parliament lifted a ban on the sale of farmland.[156] The land market was fully opened for the first time independence on 1 July 2021.[157][144]

The agricultural output of Ukraine since 1961, in 2015 $US
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.[158]

Professionalized, scientific breeding of barley began in 1910 and now supplies improved cultivars to the country.[159]: 34 

Information technology

Ukrainian National IT Factory in Kyiv
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.[160] 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.[161] The volume of the Ukrainian IT market in 2013 was estimated to be up to 3.6 billion US dollars.[160][162]

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.[163][164]

As for 2019 the number of IT specialists involved in the IT industry of Ukraine reached 172,000 people.[165] The share of IT industry in Ukraine's GDP is 4%.[164]

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.[166]

Infrastructure

Maritime

An EKr-1 multiple unit built by Kriukiv Railway Car Building Works. Rail transport is heavily used in Ukraine
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.[167] They are attracted by the high salaries of more than $1,000 per month.[167]

Every major Ukrainian coastal city has a maritime university.[167]

Communications

Ukraine ranks eighth among the world's nations in terms of the Internet speed with the average download speed of 1,190 kbit/s.[168] 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[169]

Over 16 million Ukrainians had Internet access in 2012, growing to 22 million in 2015.[170][171] 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.[172]

Tourism

Lviv, Rynok square
Lviv, Rynok square

In 2012, Ukraine was the 8th most popular tourism destination in Europe with 23 million visitors.[173] 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).[174][175]

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.[176]

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

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

In 1992, Ukraine became a member of the IMF and the World Bank.[177] 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 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.[178] Statistics from FDi Magazine show Ukraine suffered a year on year decline in foreign direct investment between 2010 and 2013.[179]

State enterprise InvestUkraine was created[180] under the State Agency for Investment and National Projects (National Projects)[181] 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.[182] The $10 billion deal was the largest foreign direct investment ever for Ukraine.[182]

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.[183]

In 2016, foreign direct investment in Ukraine's economy amounted to $3.8 billion in 2016, which was almost twice more than in 2015.[184]

Monetary policy and banking

Stock exchange

Insurance business and companies

Discover more about Sectors related topics

Manganese

Manganese

Manganese is a chemical element with the symbol Mn and atomic number 25. It is a hard, brittle, silvery metal, often found in minerals in combination with iron. Manganese is a transition metal with a multifaceted array of industrial alloy uses, particularly in stainless steels. It improves strength, workability, and resistance to wear. Manganese oxide is used as an oxidising agent; as a rubber additive; and in glass making, fertilisers, and ceramics. Manganese sulfate can be used as a fungicide.

Titanium

Titanium

Titanium is a chemical element with the symbol Ti and atomic number 22. Found in nature only as an oxide, it can be reduced to produce a lustrous transition metal with a silver color, low density, and high strength, resistant to corrosion in sea water, aqua regia, and chlorine.

Graphite

Graphite

Graphite is a crystalline form of the element carbon. It consists of stacked layers of graphene. Graphite occurs naturally and is the most stable form of carbon under standard conditions. Synthetic and natural graphite are consumed on large scale for uses in pencils, lubricants, and electrodes. Under high pressures and temperatures it converts to diamond. It is a weak conductor of heat and electricity.

Neon

Neon

Neon is a chemical element with the symbol Ne and atomic number 10. It is a noble gas. Neon is a colorless, odorless, inert monatomic gas under standard conditions, with about two-thirds the density of air. It was discovered in 1898 as one of the three residual rare inert elements remaining in dry air, after nitrogen, oxygen, argon and carbon dioxide were removed. Neon was the second of these three rare gases to be discovered and was immediately recognized as a new element from its bright red emission spectrum. The name neon is derived from the Greek word, νέον, neuter singular form of νέος, meaning 'new'. Neon is chemically inert, and no uncharged neon compounds are known. The compounds of neon currently known include ionic molecules, molecules held together by van der Waals forces and clathrates.

Krypton

Krypton

Krypton is a chemical element with the symbol Kr and atomic number 36. It is a colorless, odorless, tasteless noble gas that occurs in trace amounts in the atmosphere and is often used with other rare gases in fluorescent lamps. With rare exceptions, krypton is chemically inert.

Metal production in Ukraine

Metal production in Ukraine

Metal production, in particular iron and steel industry, is the dominant heavy industry in Ukraine. Ukraine is the world's eighth largest producer and third largest exporter of iron and steel (2007). Ukrainian iron and steel industry accounts for around 2% of worldwide crude steel output, 5% to 6% of the national gross domestic product and 34% of Ukrainian export revenue. In 2007 it employed 420,000 people – 10% of industrial labor and 2% of the total workforce. It has the highest, by a wide margin, revealed comparative advantage of all branches of the Ukrainian economy. The industry peaked at 42.8 million tonnes in 2007 but has been gravely affected by the financial crisis of 2007–2010 and declined to 29.8 million tonnes in 2009.

Cast iron

Cast iron

Cast iron is a class of iron–carbon alloys with a carbon content more than 2%. Its usefulness derives from its relatively low melting temperature. The alloy constituents affect its color when fractured: white cast iron has carbide impurities which allow cracks to pass straight through, grey cast iron has graphite flakes which deflect a passing crack and initiate countless new cracks as the material breaks, and ductile cast iron has spherical graphite "nodules" which stop the crack from further progressing.

Metinvest

Metinvest

Metinvest Group is a Ukrainian vertically integrated group of steel and mining companies that manages every link of the value chain, from mining and processing iron ore and coal to making and selling semi-finished and finished steel products. It was established on 6 June 2006 by the SCM Holdings It controls 50% of the iron ore market, 46% of the coke market, and 40% of the metal products market in domestic market.

Chemical industry

Chemical industry

The chemical industry comprises the companies that produce industrial chemicals. Central to the modern world economy, it converts raw materials into more than 70,000 different products. The plastics industry contains some overlap, as some chemical companies produce plastics as well as chemicals.

Coke (fuel)

Coke (fuel)

Coke is a grey, hard, and porous coal-based fuel with a high carbon content and few impurities, made by heating coal or oil in the absence of air—a destructive distillation process. It is an important industrial product, used mainly in iron ore smelting, but also as a fuel in stoves and forges when air pollution is a concern.

Sulfuric acid

Sulfuric acid

Sulfuric acid or sulphuric acid, known in antiquity as oil of vitriol, is a mineral acid composed of the elements sulfur, oxygen and hydrogen, with the molecular formula H2SO4. It is a colorless, odorless and viscous liquid that is miscible with water.

Defense industry of Ukraine

Defense industry of Ukraine

The defense industry of Ukraine is a strategically important sector and a large employer in Ukraine. After working for several decades mostly for the arms export markets, in 2014 it has moved significantly into increased Ukrainian military procurement since the start of the war in Donbas.

Legal environment and economic support

Background

Since the late 1990s,[185] 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[186] 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).[187]

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".[188]

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.[189][190]

The 2014 Lustration in Ukraine has been criticized as it might have adverse economic effects.[191]

On 29 May 2014 Ukraine entered into the European Union–Ukraine Association Agreement,[192] that reached its full application on 1 September 2017.[193]

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.[194]

Discover more about Legal environment and economic support related topics

International Monetary Fund

International Monetary Fund

The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world." Formed in 1944, started on 27 December 1945, at the Bretton Woods Conference primarily by the ideas of Harry Dexter White and John Maynard Keynes, it came into formal existence in 1945 with 29 member countries and the goal of reconstructing the international monetary system. It now plays a central role in the management of balance of payments difficulties and international financial crises. Countries contribute funds to a pool through a quota system from which countries experiencing balance of payments problems can borrow money. As of 2016, the fund had XDR 477 billion. The IMF is regarded as the global lender of last resort.

European Free Trade Association

European Free Trade Association

The European Free Trade Association (EFTA) is a regional trade organization and free trade area consisting of four European states: Iceland, Liechtenstein, Norway and Switzerland. The organization operates in parallel with the European Union (EU), and all four member states participate in the European Single Market and are part of the Schengen Area. They are not, however, party to the European Union Customs Union.

Global Competitiveness Report

Global Competitiveness Report

The Global Competitiveness Report (GCR) is a yearly report published by the World Economic Forum. Since 2004, the Global Competitiveness Report ranks countries based on the Global Competitiveness Index, developed by Xavier Sala-i-Martin and Elsa V. Artadi. Before that, the macroeconomic ranks were based on Jeffrey Sachs's Growth Development Index and the microeconomic ranks were based on Michael Porter's Business Competitiveness Index. The Global Competitiveness Index integrates the macroeconomic and the micro/business aspects of competitiveness into a single index.

Red tape

Red tape

Red tape is an idiom referring to regulations or conformity to formal rules or standards which are claimed to be excessive, rigid or redundant, or to bureaucracy claimed to hinder or prevent action or decision-making. It is usually applied to governments, corporations, and other large organizations. Things often described as "red tape" include filling out paperwork, obtaining licenses, having multiple people or committees approve a decision and various low-level rules that make conducting one's affairs slower, more difficult, or both. Red tape has been found to hamper organizational performance and employee wellbeing by meta-analytic studies in 2020. A related concept, administrative burden, refers to the costs citizens may experience in their interaction with government even if bureaucratic regulations or procedures serve legitimate purposes.

Kyiv Post

Kyiv Post

The Kyiv Post is the oldest English-language newspaper in Ukraine, founded in October 1995 by Jed Sunden.

Cyprus

Cyprus

Cyprus, officially the Republic of Cyprus, is an island country in the eastern Mediterranean Sea. It is situated south of the Anatolian Peninsula, and its continental position is disputed; while it is geographically located in West Asia, it has cultural and geopolitical ties to Southern Europe. Cyprus is the third-largest and third-most populous island in the Mediterranean, and is located south of Turkey, east of Greece, north of Egypt, and west of Syria. Its capital and largest city is Nicosia.

Lustration in Ukraine

Lustration in Ukraine

In Ukraine, lustration refers to the removal from public office of civil servants who served under Ukrainian President Viktor Yanukovych. This measure was initiated under president Petro Poroshenko, after Yanukovich was deposed in the Revolution of Dignity. This lustration also applies to civil servants who were active in the Communist Party of the Soviet Union prior to 1991. A 2019 proposal by the newly elected president Volodymyr Zelensky proposed to expand the lustration to the officials who served under Poroshenko, citing the dissatisfaction many Ukrainians felt with Ukraine’s largely ineffective bureaucracy by the time Poroshenko’s presidential term ended. The proposal attracted much more criticism, including international criticism, than the first round of lustration (2014), both because Poroshenko peacefully turned over power to Zelensky as well as the belief held amongst many Ukrainians that Poroshenko’s presidency was much less corrupt than Yanukovych’s. Nonetheless, the ECHR’s ruling has important implications for future such programs. A week after the proposal, a member of Zelensky’s Servant of the People party proposed to end the policy of lustration. By 2020, lustration had been argued to be relatively successful in purging much of Ukraine’s previous corrupt bureaucracy, as well as purging pro-Russian officials who served under President Yanukovych. However, it was also argued to be somewhat of a failure in that many representatives of Yanukovych’s Party of Regions remained with political influence, although as the political opposition in Ukraine, and instead now named the “Opposition Bloc”. Amidst the Russo-Ukrainian War, in 2022 the Opposition Bloc, along with other pro-Russian parties, were banned, resulting in lustration being close to completion.

European Union–Ukraine Association Agreement

European Union–Ukraine Association Agreement

The European Union–Ukraine Association Agreement is a European Union Association Agreement between the European Union (EU), the European Atomic Energy Community (Euratom), Ukraine and the EU's 28 member states at the time. It establishes a political and economic association between the parties. The agreement entered into force on 1 September 2017; previously parts had been provisionally applied. The parties committed to co-operate and converge economic policy, legislation, as well as regulation across a broad range of areas, including equal rights for workers, steps towards visa-free movement of people, the exchange of information and staff in the area of justice, the modernisation of Ukraine's energy infrastructure and access to the European Investment Bank (EIB). The parties committed to regular summit meetings and meetings among ministers, other officials and experts. The agreement furthermore establishes a Deep and Comprehensive Free Trade Area between the parties.

Moldova

Moldova

Moldova, officially the Republic of Moldova, is a landlocked country in Eastern Europe. It is bordered by Romania to the west and Ukraine to the north, east, and south. The unrecognised state of Transnistria lies across the Dniester on the country's eastern border with Ukraine. Moldova's capital and largest city is Chișinău.

Belarus

Belarus

Belarus, officially the Republic of Belarus, is a landlocked country in Eastern Europe. It is bordered by Russia to the east and northeast, Ukraine to the south, Poland to the west, and Lithuania and Latvia to the northwest. Covering an area of 207,600 square kilometres (80,200 sq mi) and with a population of 9.4 million, Belarus is the 13th-largest and the 20th-most populous country in Europe. The country has a hemiboreal climate and is administratively divided into seven regions. Minsk is the capital and largest city.

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

Discover more about Major Ukrainian companies related topics

1+1 Media Group

1+1 Media Group

1+1 Media Group is one of the largest media conglomerates in Ukraine. The General Director of the Group is Yaroslav Pakholchuk.

4A Games

4A Games

4A Games Limited is a Ukrainian-Maltese video game developer based in Sliema, Malta. The company was founded in Kyiv, Ukraine, in 2006 by three developers who departed from GSC Game World. In 2014, 4A Games moved its headquarters to Sliema, wherein the Kyiv office was retained as a sub-studio. The company is best known for developing the Metro video game series.

Antonov

Antonov

Antonov State Enterprise, formerly the Aeronautical Scientific-Technical Complex named after Antonov, and earlier the Antonov Design Bureau, for its chief designer, Oleg Antonov, is a Ukrainian aircraft manufacturing and services company. Antonov's particular expertise is in the fields of very large aeroplanes and aeroplanes using unprepared runways. Antonov has built a total of approximately 22,000 aircraft, and thousands of its planes are operating in the former Soviet Union and in developing countries.

APEKS-BANK

APEKS-BANK

APEKS-BANK was a Ukrainian bank registered with the National Bank of Ukraine on 18 November 2009.

ATB-Market

ATB-Market

ATB-Market LLC is one of the leading retail trade companies in Ukraine. The company owns the largest national network of retail shops. The managing director is Borys Markov.

BG Capital

BG Capital

BG Capital is a full-service investment firm in the Frontier Markets of the former Soviet Union with key operations in Ukraine, Georgia, and Belarus. Headquartered in Kyiv, the capital of Ukraine, BG Capital offers a range of investment-related services, including equity and fixed income brokerage, research, equity and debt capital-raising, investment banking, and asset management.

Bogdan group

Bogdan group

Bogdan Corporation — is a leading Ukrainian automobile-manufacturing group, including several car- and bus-makers of the country. Its most popular model is the Bogdan Isuzu-powered light bus, made in Cherkasy.

Chumak (company)

Chumak (company)

Chumak is a Swedish-Ukrainian food processing company located in Kakhovka, Kherson Oblast. It is today one of Ukraine's biggest food processing companies and has commercial offices in Kyiv, Minsk and Moscow. Among its products are ketchup, mayonnaise, pasta, salad dressings, cooking sauces, canned vegetables, marinated vegetables, tomato juice and sunflower oil. Chumak is the largest tomato processing company in Central and Eastern Europe. The company currently (2010) employs about 1200 people and has a revenue of about 48 million Euros.

Ciklum

Ciklum

Ciklum is an international software development and IT outsourcing company founded in Denmark in 2002. It is headquartered in London, United Kingdom.

DTEK

DTEK

DTEK is the largest private investor in the energy industry in Ukraine. The company's enterprises generate electricity at solar, wind and thermal power plants; extract coal and natural gas, trade energy products in the Ukrainian and foreign markets, distribute and supply electricity to consumers, and develop a grid of supercharger stations for e-vehicles.

EKTA

EKTA

ЕКТА is a group of companies, a Ukrainian developer and manufacturer of LED video screens and business solutions based on LED technology. EKTA was founded on January 19, 1992 by a group of engineers with experience in business video equipment development. The central office of the managing company is located in Kyiv, and the LED-screen production plant is located in Zhytomyr (Ukraine).

ESTA Holding

ESTA Holding

SCM Estate was established in 2006 for the management of the property assets of financial and industrial Ukrainian holding - SCM Group. From the beginning of 2008, the company was renamed ESTA Holding. The company is 100% owned by SCM Group. Key areas of ESTA business are:Investment Development of commercial and residential properties of premium class Hospitality business Real estate operation and management

Facts and figures

  • lowest 10%: 3.4% (2006)[195]
  • highest 10%: 25.7% (2006)[195]

Poverty rate: 4% in 2018 (below US$5.5/day).[196]

Industrial production growth rate: 6% (2007 est.),[195] 6.5 (2008)[197][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

Source: "Economy of Ukraine", Wikipedia, Wikimedia Foundation, (2022, November 25th), https://en.wikipedia.org/wiki/Economy_of_Ukraine.

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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.[40][68]
  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.[109]
  3. ^ Crimea is currently under dispute by Russia and Ukraine.[154]
  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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