The economy of Ukraine is an

emerging ''Emerging'' is the title of the only album by the Phil Keaggy Band, released in 1977 on NewSong Records. The album's release was delayed due to a shift in record pressing plant priorities following the death of Elvis Presley. The album was re ...

, mixed economy located in Eastern Europe. It grew rapidly from 2000 until 2008 when the

Great Recession The Great Recession was a period of marked general decline, i.e. a recession, observed in national economies globally that occurred from late 2007 into 2009. The scale and timing of the recession varied from country to country (see map). At ...

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 The Ukrainian Soviet Socialist Republic ( uk, Украї́нська Радя́нська Соціалісти́чна Респу́бліка, ; russian: Украи́нская Сове́тская Социалисти́ческая Респ ...

. GDP growth was recorded for the first time in 2000, and continued for eight years.Ukraine. Macroeconomic indicators
National Bank of Ukraine 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. In the early 2010s, Ukraine was noted as possessing many of the components of a major European economy: rich farmlands, a well-developed industrial base, highly trained

labour Labour or labor may refer to: * Childbirth, the delivery of a baby * Labour (human activity), or work ** Manual labour, physical work ** Wage labour, a socioeconomic relationship between a worker and an employer ** Organized labour and the labour ...

, and a good education system. In October 2013, the Ukrainian economy lapsed into a recession. The previous summer, Ukrainian exports to Russia substantially declined due to stricter border and customs control by Russia.Russia sets off trade war to prevent Ukraine from signing agreement with EU, says UDAR
''Kyiv Post''. 14 August 2013.

Does Russia Have a Secret Plan for Ukraine?

The Atlantic ''The Atlantic'' is an American magazine and multi-platform publisher. It features articles in the fields of politics, foreign affairs, business and the economy, culture and the arts, technology, and science. It was founded in 1857 in Boston, ...

(21 August 2013)
Caught in a Zeitnot
,

The Ukrainian Week ''The Ukrainian Week'' ( uk, Український Тиждень, translit=Ukrainskyi Tyzhden) is an illustrated weekly magazine covering politics, economics and the arts and aimed at the socially engaged Ukrainian-language reader. It provides ...

(6 August 2013) 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 and severely damaged two of Ukraine's most industrial regions. In 2013, Ukraine saw zero GDP growth.Amid staggering destruction, eastern Ukraine looks to rebuild

Al Jazeera Al Jazeera ( ar, الجزيرة, translit-std=DIN, translit=al-jazīrah, , "The Island") is a state-owned Arabic-language international radio and TV broadcaster of Qatar. It is based in Doha and operated by the media conglomerate Al Jazeera ...

(28 September 2014) Ukraine's economy shrank by 6.8% in 2014,
Ukraine's Economy Contracted By 6.8 Percent In 2014
RFE/RL (20 March 2015) and this continued with a 12% decline in GDP in 2015.Ukraine conflict taking heavy toll on economy says IMF
Radio Svoboda (30 October 2015) In April 2017, the

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 Interna ...

stated that Ukraine's economic growth rate was 2.3% in 2016, ending the recession.Ukraine's Economy is Recovering Modestly Despite Significant Headwinds

(4 April 2017) Despite these improvements, Ukraine remains the poorest country in Europe, which some journalists have attributed to high corruption 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. In 2020 GDP fell by 4.4 percent due to the

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 identif ...

. Due to the

2022 Russian invasion of Ukraine On 24 February 2022, in a major escalation of the Russo-Ukrainian War, which began in 2014. The invasion has resulted in tens of thousands of deaths on both sides. It has caused Europe's largest refugee crisis since World War II. An ...

, the country's economy could shrink up to 35%, according to the IMF.

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 Ancient Greece ( el, Ἑλλάς, Hellás) was a northeastern Mediterranean civilization, existing from the Greek Dark Ages of the 12th–9th centuries BC to the end of classical antiquity ( AD 600), that comprised a loose collection of cult ...

as well as for early modern Europe. The maintenance of trade corridors – the

route from the Varangians to the Greeks The trade route from the Varangians to the Greeks was a medieval trade route that connected Scandinavia, Kievan Rus' and the Eastern Roman Empire. The route allowed merchants along its length to establish a direct prosperous trade with the Empir ...

and access through the Straits to the Mediterranean world – became important. Mineral resources encouraged industrialisation – notably in the

Donbas The Donbas or Donbass (, ; uk, Донба́с ; russian: Донба́сс ) 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-Ukrai ...

– from the 19th century onwards. The lack of secure borders meant repeated interruptions in economic development.

Steppe nomad The Eurasian nomads were a large group of nomadic peoples from the Eurasian Steppe, who often appear in history as invaders of Europe, Western Asia, Central Asia, Eastern Asia, and South Asia. A nomad is a member of people having no permanent ab ...

s and other conquerors –

Cumans The Cumans (or Kumans), also known as Polovtsians or Polovtsy (plural only, from the Russian language, Russian Exonym and endonym, exonym ), were a Turkic people, Turkic nomadic people comprising the western branch of the Cuman–Kipchak confede ...

Mongols The Mongols ( mn, Монголчууд, , , ; ; russian: Монголы) are an East Asian ethnic group native to Mongolia, Inner Mongolia in China and the Buryatia Republic of the Russian Federation. The Mongols are the principal membe ...

Tatars The Tatars ()Tatar
in the Collins English Dictionary is an umbrella term for different

for example, sometimes saw plundering as more important than fostering economic development. In the 16th to 18th centuries, the wastelands of the

Wild Fields The Wild Fields ( uk, Дике Поле, translit=Dyke Pole, russian: Дикое Поле, translit=Dikoye Polye, pl, Dzikie pola, lt, Dykra, la, Loca deserta or , also translated as "the wilderness") is a historical term used in the Polish ...

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 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 ...

. The new state's economy suffered huge output declines and soaring inflation in the following years.Why is Ukraine's economy in such a mess?

The Economist ''The Economist'' is a British weekly newspaper printed in demitab format and published digitally. It focuses on current affairs, international business, politics, technology, and culture. Based in London, the newspaper is owned by The Econo ...

(5 Mar 2014) 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. 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. In response to this hyperinflation the National Bank of Ukraine replaced the national currency, the karbovanets, with the

hryvnia The or ( ; uk, гривня , : ''hrn''; sign: ₴; code: UAH) has been the national currency of Ukraine since 2 September 1996. The hryvnia is divided into 100 . It is named after a measure of weight used in medieval Kievan Rus'. Name Etym ...

in September 1996 and pledged to keep it stable in relation to the US dollar. The currency remained unstable through the late 1990s, particularly during the

1998 Russian financial crisis The Russian financial crisis (also called the ruble crisis or the Russian flu) 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 s ...

. Deep recession during the 1990s led to a relatively high

poverty rate Poverty is the state of having few material possessions or little

income

, but beginning in 2001, seven straight years of economic growth, raised the living standard for most citizens. A

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." The UN noted that Ukraine had overcome absolute poverty, and that there was only relative poverty in 2009.Human Development Report 2009
DR 2009 Statistical Tables/ref>

2000 to 2014

Ukraine stabilised by the early 2000s. The year 2000 saw the first year of economic growth since Ukraine's independence.The Underachiever: Ukraine's Economy Since 1991

Carnegie Endowment for International Peace The Carnegie Endowment for International Peace (CEIP) is a nonpartisan international affairs think tank headquartered in Washington D.C. with operations in Europe, South and East Asia, and the Middle East as well as the United States. Founded in ...

(9 March 2012) The economy continued to grow thanks to a 50% growth in exports between 2000 and 2008 – mainly exports from the traditional industries of metals, metallurgy, engineering, chemicals, and food. 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. Monetization also helped to drive the

economic boom An economic expansion is an increase in the level of economic activity, and of the goods and services available. It is a period of economic growth as measured by a rise in real GDP. The explanation of fluctuations in aggregate economic activity ...

Ukraine experienced between 2000 and 2008. 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%. In 2006 and 2007, credit growth averaged 73%. An effect of this was that Ukrainian assets began to look like a large

economic bubble An economic bubble (also called a speculative bubble or a financial bubble) is a period when current asset prices greatly exceed their intrinsic valuation, being the valuation that the underlying long-term fundamentals justify. Bubbles can be c ...

and high inflation started to damage Ukraine's export competitiveness. The ratio of credit to GDP grew extremely fast – from 7 to almost 80 percent over just several years. From 2000 to 2007, Ukraine's real growth averaged 7.4%. This growth was driven by domestic demand: orientation toward consumption, other structural change, and financial development. Domestic demand grew in constant prices by almost 15% annually. It was supported by expansionary—

procyclical Procyclical and countercyclical variables are variables that fluctuate in a way that is positively or negatively correlated with business cycle fluctuations in gross domestic product (GDP). The scope of the concept may differ between the context ...

—fiscal policy. 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. 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. Ukraine suffered severely in the

economic crisis of 2008 The Great Recession was a period of marked general decline, i.e. a recession, observed in national economies globally that occurred from late 2007 into 2009. The scale and timing of the recession varied from country to country (see map). At t ...

. Because of it Ukraine experienced a drought in capital flows. 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.US Dollar ($) ⇨ Ukrainian Hryvnia (UAH)
Google Finance 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%. The final official unemployment rates for 2009 and 2010 were 8.8% and 8.4%, although the

CIA World Factbook ''The World Factbook'', also known as the ''CIA World Factbook'', is a reference resource produced by the Central Intelligence Agency (CIA) with almanac-style information about the countries of the world. The official print version is available ...

notes a "large number of unregistered or underemployed workers". Ukraine's GDP fell by 15% in 2009. The Ukrainian economy recovered in the first quarter of 2010Ukraine – Macroeconomic situation – April 2010

UNIAN The UNIAN or Ukrainian Independent Information Agency of News ( uk, Українське Незалежне Інформаційне Агентство Новин, УНІАН, translit=Ukrayins'ke Nezalezhne Informatsiyne Ahentstvo Novyn) is a ...

(19 May 2010) due to the recovery of the world economy and increasing prices for metals.Reforming the Ukrainian Economy under Yanukovych: The First Two Years

(2 April 2012 ) Ukraine's real GDP growth in 2010 was 4.3%, leading to a per-capita PPP GDP of US$6,700.Ukraine Economy – GDP real growth rate.

In 2011, Ukrainian politicians estimated that 40% of Ukraine's economy is a shadow economy.N. Korolevskaya: Ukraine Needs a Single Anti-Corruption Project
,

Foundation for Effective Governance Rinat Leonidovych Akhmetov, ; russian: Ринат Леонидович Ахметов, ; tt-Cyrl, Ринат Леонид улы Әхмәтов, translit=Rinat Leonid uly Äkhmätov (born on 21 September 1966) is a Ukrainian billionaire and b ...

Azarov: Shadow trade accounts for 40% of domestic market
, Interfax Ukraine (7 December 2011) In the summer of 2013, Ukrainian exports to Russia fell substantially due to Russia's stricter customs controls. By October 2013, the Ukrainian economy had become stuck in recession.Big debts and dwindling cash: Ukraine tests creditors' nerves

Reuters Reuters ( ) is a news agency owned by Thomson Reuters Corporation. It employs around 2,500 journalists and 600 photojournalists in about 200 locations worldwide. Reuters is one of the largest news agencies in the world. The agency was estab ...

(17 October 2013) Moody's downgraded Ukraine's credit rating to Caa1 (poor quality and very high credit risk) in September 2013. At the time, swap markets rated Ukraine's

default probability Probability of default (PD) is a financial term describing the likelihood of a default over a particular time horizon. It provides an estimate of the likelihood that a borrower will be unable to meet its debt obligations. PD is used in a variet ...

over the next five years at 50 percent. In 2013, Ukraine saw no growth in GDP.

After Euromaidan: 2014 to present

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

Ukraine Today Ukraine Today was a Ukraine-based private English language satellite television channel, then webcasting service. The channel, which was owned by the Ukrainian 1+1 group and headquartered in Kyiv, presented round-the-clock news bulletins aimed a ...

(11 January 2016) Early in February 2014, the National Bank of Ukraine changed the hryvnia into a fluctuating/floating currency in an attempt to meet

IMF 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 globa ...

requirements and to try to enforce a stable price for the currency in the

Forex market The foreign exchange market (Forex, FX, or currency market) is a global decentralized or over-the-counter (OTC) market for the trading of currencies. This market determines foreign exchange rates for every currency. It includes all aspec ...

. In 2014 and 2015, the hryvnia lost about 70% of its value against the U.S. dollar. The

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. 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. Some western analysts believe that large foreign loans are not encouraging reform, but enabling the corrupt extraction of funds out of the country. 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. The turnover of retail trade in Ukraine in 2014 shrank by 8.6% (from 2013) and shrank by 20.7% in 2015 (from 2014). Ukraine saw a 30.9% decline in exports in 2015, mainly because of a sharp decline in production output in

Donetsk Oblast The Donetsk Oblast ( ukr, Донецька область, Donetska oblast, ), also referred to as Donechchyna ( ukr, Донеччина, links=no), is an oblast of eastern Ukraine. It is Ukraine's most populous province, with around 4.1 mill ...

and in

Luhansk Oblast Luhansk Oblast ( uk, Луга́нська о́бласть, translit=Luhanska oblast; russian: Луганская область, translit=Luganskaya oblast; also referred to as Luhanshchyna, uk, Луга́нщина) is the easternmost oblast ...

(the two regions of

). These two regions were responsible for 40.6% of the total export-decline rate. Before the war they had been two of the more industrial

oblasts of Ukraine An oblast ( uk, о́бласть; ) in Ukraine, often called a region or province, is the main type of first-level administrative division of the country. Ukraine's territory is divided into 24 oblasts, as well as one autonomous republic, Crimea ...

. 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. On 31 December 2015, Ukraine's public debt stood at 79% of its GDP. It had shrank $4.324 billion in 2015 to end up at $65.488 billion. But calculated in hryvnia, the debt had grown by 42.78%. In 2015, the

Ministry of Social Policy of Ukraine The Ministry of Social Policy of Ukraine ( uk, Міністерство соціальної політики України, translit=Ministerstvo sotsialnoi polityky Ukrainy), formerly the Ministry of Labor and Social Policy, is the Ukrainian g ...

rated 20–25% of Ukrainian households as poor. $2.526 billion entered the Ukrainian economy via remittances in 2015, 34.9% less than in 2014. $431 million was sent from Ukraine to elsewhere using remittances.Money flow from Ukrainian migrant workers halves to $2.5 bln

(4 March 2016) In January 2016, Bloomberg rated Ukraine's economy as the 41st most innovative in the world, down from 33rd in January 2015. 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. In 2015 Transparency International ranked Ukraine 130th out of 168 countries in its

Corruption Perceptions Index The Corruption Perceptions Index (CPI) is an index which ranks countries "by their perceived levels of public sector corruption, as determined by expert assessments and opinion surveys." The CPI generally defines corruption as an "abuse of entru ...

. In February 2016, historian Andrew Wilson assessed progress in reducing corruption as poor as of 2016.

Aivaras Abromavičius Aivaras Abromavičius ( ua, Айварас Абромавичус, born 21 January 1976) is a Lithuanian-born Ukrainian investment banker and politician. He was Ukraine's Minister of Economy and Trade starting in December 2014 (Abromavičius ann ...

, Ukraine's then- Minister of Economy and Trade, resigned in February 2016, citing ingrained corruption. In October, at a conference for foreign investors, corruption and lack of trust in the judiciary were identified as the largest obstacles to investment. Late in July 2016, the State Statistics Service of Ukraine reported that, compared with June 2015,

real wages Real wages are wages adjusted for inflation, or, equivalently, wages in terms of the amount of goods and services that can be bought. This term is used in contrast to nominal wages or unadjusted wages. Because it has been adjusted to account f ...

had increased by 17.3%. Simultaneously the National Bank of Ukraine reported a $406 million surplus in Ukraine's January–June 2016

balance of payments In international economics, the balance of payments (also known as balance of international payments and abbreviated BOP or BoP) of a country is the difference between all money flowing into the country in a particular period of time (e.g., a ...

against a deficit of $1.3 billion in the same period in 2015. 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.State Statistics Service: Inflation in Ukraine in 2016 slows down to 12.4%

Interfax-Ukraine The Interfax-Ukraine ( uk, Інтерфакс-Україна) is a Kyiv-based Ukraine, Ukrainian independent news agency founded in 1992. The company does not belong to the Russian news corporation Interfax Information Services. The company pub ...

(6 January 2017) ''

'' 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 Lviv ( uk, Львів) is the largest city in western Ukraine, and the seventh-largest in Ukraine, with a population of . It serves as the administrative centre of Lviv Oblast and Lviv Raion, and is one of the main cultural centres of Ukraine ...

, located over 1000 km from the conflict, posted the largest jump in employment in the nation. 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. In 2016, for the first time since 2010, the economy grew by more than 2%. A 2017

statement projected growth of 2% in 2017, of 3.5% in 2018 and of 4% in 2019 and 2020. Inflation in Ukraine in 2017 was 13.7% (12.4% in 2016).Growth of consumer prices in Ukraine accelerates to almost 14% in 2017

(9 January 2018) Since about 2015, there has been a growing number of Ukrainians working in the

European Union The European Union (EU) is a supranational political and economic union of member states that are located primarily in Europe. The union has a total area of and an estimated total population of about 447million. The EU has often been des ...

, particularly

Poland Poland, officially the Republic of Poland, is a country in Central Europe. It is divided into 16 administrative provinces called voivodeships, covering an area of . Poland has a population of over 38 million and is the fifth-most populous ...

Eurostat Eurostat ('European Statistical Office'; DG ESTAT) is a Directorate-General of the European Commission located in the Kirchberg, Luxembourg, Kirchberg quarter of Luxembourg City, Luxembourg. Eurostat's main responsibilities are to provide statis ...

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 The National Security and Defense Council of Ukraine (NSDC; uk, Рада національної безпеки і оборони України, RNBO or RNBOU) is the coordinating state body of the executive power under the President of Ukrai ...

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.

statistics show that money remittances back to Ukraine have roughly doubled from 2015 to 2018, worth about 4% of GDP. 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. Ukraine made its largest payment on debt in 2019 at $1.1 billion. In 2019,

Fitch Ratings Fitch Ratings Inc. is an American credit rating agency and is one of the " Big Three credit rating agencies", the other two being Moody's and Standard & Poor's. It is one of the three nationally recognized statistical rating organizations (NRSRO) ...

, 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. Ukraine moved up seven positions in the annual World Bank Doing Business 2020 report. 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. On 27 October 2020, the Constitutional Court of Ukraine ruled that anti-corruption legislation, including the mandatory electronic declaration of income, was unconstitutional. President

Zelensky Volodymyr Oleksandrovych Zelenskyy, ; russian: Владимир Александрович Зеленский, Vladimir Aleksandrovich Zelenskyy, (born 25 January 1978; also transliterated as Zelensky or Zelenskiy) is a Ukrainian politicia ...

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. In February 2021, economist

Anders Åslund Per Anders Åslund (; born 17 February 1952) is a Sweden, Swedish economist and former Senior Fellow at the Atlantic Council. He is also a chairman of the International Advisory Council at the Center for Social and Economic Research (CASE). His ...

wrote "for months, senior Ukrainian officials have been claiming that the Ukrainian government has done everything the MFcould possibly demand" but "this happy talk was always detached from reality", and the relationship with the IMF remains critical. On 21 July 2022, Ukraine devalued the

Ukrainian hryvnia The or ( ; uk, гривня , : ''hrn''; sign: ₴; code: UAH) has been the national currency of Ukraine since 2 September 1996. The hryvnia is divided into 100 . It is named after a measure of weight used in medieval Kievan Rus'. Name Etym ...

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.

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

: 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.

Trade

Until recently, Russia was Ukraine's largest trading partner with 25.7% of exports and 32.4% of imports in 2012. In 2012, 24.9% of exports and 30.9% of imports were to and from the EU. In 2013, 35.9% of Ukrainian exports went to

CIS Cis or cis- may refer to: Places * Cis, Trentino, in Italy * In Poland: ** Cis, Świętokrzyskie Voivodeship, south-central ** Cis, Warmian-Masurian Voivodeship, north Math, science and biology * cis (mathematics) (cis(''θ'')), a trigonome ...

countries, including eight countries other than Ukraine. Simultaneously, exports to EU countries was 26.6% of all exports. In 2015 the EU became Ukraine's largest trading partner, accounting for more than a third of its trade. In 2015, Ukrainian exports to Russia had fallen to 12.7%.Ukraine sees 30.9% decline in exports in 11 months of 2015

(25 January 2016) In 2017, 14.5% of Ukraine's imports came from Russia. In 2017, Ukrainian exports to Russia stood at 9%. In 2017, 40% of Ukraine's exports went to the EU and 15% to CIS countries. Overall Ukraine increased its exports by 20% in 2017. The growth of imports was faster than the rate of export growth. 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.Export of Ukrainian goods and services to EU down by 25% in 2015

(30 March 2016) Exports from Ukraine in 2015 decreased by 29.3% to $38.135 billion. Imports were 31.1% down, to $37.502 billion. 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.

Natural gas Natural gas (also called fossil gas or simply gas) is a naturally occurring mixture of gaseous hydrocarbons consisting primarily of methane in addition to various smaller amounts of other higher alkanes. Low levels of trace gases like carbo ...

is Ukraine's biggest import and the main cause of the country's structural trade deficit. Exports of Ukrainian goods in 2021 have reached a record US$68.24 billion.

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

Source:

Natural resources

Ukraine is relatively rich in natural resources, particularly in mineral deposits. Although oil and

natural gas Natural gas (also called fossil gas or simply gas) is a naturally occurring mixture of gaseous hydrocarbons consisting primarily of methane in addition to various smaller amounts of other higher alkanes. Low levels of trace gases like carbo ...

reserves in Ukraine are largely exhausted, it has other important energy sources, such as coal, hydroelectricity and nuclear-fuel raw materials.

Ukrainian economy in graphics

File:GDP PPP Poland.svg, The GDP ( PPP) of Ukraine File:GDP PPP per capita CIS.svg, Ukraine's GDP (PPP) per capita File:Population of Ukraine from 1950 (untitled).svg, Ukraine's population from 1950 File:Ukr world GNI percapita.PNG, 2010 GNI per capita:
File:Averagemonthlysalary.png, The average monthly salary in November, 2021 (ranks by region) File:Ukraine export2014.jpg, Ukraine's Export Treemap by Product (2014) fro
Harvard Atlas of Economic Complexity

Sectors

Industries

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. 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, the world's 8th largest producer of

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 use ...

, 6th largest producer of

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 ...

, and 7th largest producer worldwide of

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 ...

. Ukraine was the world's 9th largest producer of

uranium Uranium is a chemical element with the symbol U and atomic number 92. It is a silvery-grey metal in the actinide series of the periodic table. A uranium atom has 92 protons and 92 electrons, of which 6 are valence electrons. Uranium is weak ...

in 2018. Ukraine supplies about 50% of the world's neon gas and 40% of its

krypton Krypton (from grc, κρυπτός, translit=kryptos 'the hidden one') 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 ...

, both of which are needed for the production of semiconductors. It is estimated that over 90% of U.S. semiconductor-grade neon supplies are imported from Ukraine.

= 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, and nickel. Ukraine has a major ferrous metal industry, producing

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 impuriti ...

, steel and pipes. Among its economy leading companies in that field are Metinvest, Kryvorizhstal, AzovStal,

Ilyich Steel & Iron Works Illich Iron & Steel Works (Ukrainian: Маріу́польський металургі́йний комбіна́т і́мені Ілліча́ – literally "Mariupol Metallurgical Plant named after Illich") is the second largest metallurgica ...

, 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 The chemical industry comprises the companies that produce industrial chemicals. Central to the modern world economy, it converts raw materials (oil, natural gas, air, water, metals, and minerals) into more than 70,000 different products. The ...

which includes the production of coke, mineral fertilizers and

sulfuric acid Sulfuric acid (American spelling and the preferred IUPAC name) or sulphuric acid ( Commonwealth spelling), known in antiquity as oil of vitriol, is a mineral acid composed of the elements sulfur, oxygen and hydrogen, with the molecular formu ...

Defense industry

T-84 Oplat guided onto a tank transporter

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. The signing of recent large contracts may put Ukraine into 6th place among biggest arms traders, after the United States,

Russian Federation Russia (, , ), or the Russian Federation, is a List of transcontinental countries, transcontinental country spanning Eastern Europe and North Asia, Northern Asia. It is the List of countries and dependencies by area, largest country in the ...

, France, Germany and Israel.Ukraine may become world's sixth biggest arms trader
yiv Post/ref> The output of Ukrainian defense plants grew 58% in 2009, with largest growth reported by aircraft builders (77%) and ship builders (71%). 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.

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

= Fuel industry

= Ukraine remains heavily reliant on oil product and gas imports. 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, 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 PJSC Gazprom ( rus, Газпром, , ɡɐzˈprom) is a Russian majority state-owned multinational energy corporation headquartered in the Lakhta Center in Saint Petersburg. As of 2019, with sales over $120 billion, it was ranked as the larges ...

. 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 Energy conservation is the effort to reduce wasteful energy consumption by using fewer energy services. This can be done by using energy more effectively (using less energy for continuous service) or changing one's behavior to use less service (f ...

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

INOGATE INOGATE was an international energy co-operation programme between the European Union (EU), the littoral states of the Black and Caspian seas and their neighbouring countries. The programme was operational from 1996 to 2016. INOGATE was one of ...

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.

Automotive industry

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 Bogdan or Bohdan (Cyrillic: Богдан) is a Slavic masculine name that appears in all Slavic countries as well as Romania and Moldova. It is derived from the Slavic words '' Bog/Boh'' (Cyrillic: Бог), meaning "god", and ''dan'' (Cyrillic: ...

KrAZ KrAZ ( uk, Кременчуцький автомобільний завод, ''Kremenchutskyi Avtomobilnyi Zavod'', Kremenchuk Automobile Plant, АвтоКрА́З or AvtoKrAZ) is a Ukrainian factory that produces trucks and other special-purpos ...

Eurocar Eurocar PrJSC is the official manufacturer of Škoda cars in Ukraine, the part of Atoll Holding Group of Companies. It is one of the largest passenger car manufacturers in Ukraine. The plant's share in the total production of passenger vehicles in ...

, Electron, and LAZ. ZAZ (Zaporizhzhia Automobile Building Plant) is the main automobile-manufacturer of Ukraine, based in the south-eastern city of

Zaporizhzhia Zaporizhzhia ( uk, Запоріжжя) or Zaporozhye (russian: Запорожье) is a city in southeast Ukraine, situated on the banks of the Dnieper, Dnieper River. It is the Capital city, administrative centre of Zaporizhzhia Oblast. Zapor ...

. 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 Bogdan Corporation ( uk, Корпорація «Богдан») is a leading Ukrainian automobile trading and manufacturing group founded by Bogdan Motors. The corporation was famous for its Bogdan public transport brand that used to produce its ...

is a leading Ukrainian automobile-manufacturing group, including several car- and bus-makers of Ukraine.

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.

Aircraft and aerospace industry

Ukraine is one of nine countries with a full cycle of

aerospace Aerospace is a term used to collectively refer to the atmosphere and outer space. Aerospace activity is very diverse, with a multitude of commercial, industrial and military applications. Aerospace engineering consists of aeronautics and astrona ...

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

helicopter A helicopter is a type of rotorcraft in which lift and thrust are supplied by horizontally spinning rotors. This allows the helicopter to take off and land vertically, to hover, and to fly forward, backward and laterally. These attributes ...

s. 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 Antonov State Enterprise ( uk, Державне підприємство «Антонов»), formerly the Aeronautical Scientific-Technical Complex named after Antonov (Antonov ASTC) ( uk, Авіаційний науково-технічни� ...

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-glider Hang gliding is an air sport or recreational activity in which a pilot flies a light, non-motorised foot-launched heavier-than-air aircraft called a hang glider. Most modern hang gliders are made of an aluminium alloy or composite frame covered ...

s and

paraglider Paragliding is the recreational and competitive adventure sport of flying paragliders: lightweight, free-flying, foot-launched glider aircraft with no rigid primary structure. The pilot sits in a harness or lies supine in a cocoon-like 'po ...

s 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%. 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. Currently, Antonov is working on two cargo planes:

An-178 The Antonov An-178 ( uk, Антонов Ан-178) is a short-range medium-airlift military transport aircraft designed by the Ukrainian Antonov company and based on the Antonov An-158 (An-148-200). It was announced on 5 February 2010, rolled out ...

, a cargo version of the An-158, and the

An-132 The Antonov/Taqnia An-132 was an improved version of the Antonov An-32 twin-engined turboprop military transport aircraft that was under development jointly by Saudi Arabia and Ukraine. It was cancelled in April 2019. Development Origins Th ...

D, a redesigned version of the

An-32 The Antonov An-32 (NATO reporting name: Cline) is a turboprop twin-engined military transport aircraft. Design and development The An-32 is essentially a re-engined An-26. It is designed to withstand adverse weather conditions better than the s ...

. The

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 The State Space Agency of Ukraine (SSAU; uk, Державне космічне агентство України, ''Derzhavne kosmichne ahentstvo Ukrayiny'', ДКАУ, ''DKAU'') is the Ukrainian government agency responsible for space policy a ...

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. The first stage core of the U.S. Orbital ATK Antares rocket was designed and is manufactured in Ukraine by Yuzhnoye SDO.

Shipbuilding

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,

barge Barge nowadays generally refers to a flat-bottomed inland waterway vessel which does not have its own means of mechanical propulsion. The first modern barges were pulled by tugs, but nowadays most are pushed by pusher boats, or other vessels ...

bulk carrier A bulk carrier or bulker is a merchant ship specially designed to transport unpackaged bulk cargo — such as grains, coal, ore, steel coils, and cement — in its cargo holds. Since the first specialized bulk carrier was built in 1852, econom ...

s (dry cargo ship),

tankers Tanker may refer to: Transportation * Tanker, a tank crewman (US) * Tanker (ship), a ship designed to carry bulk liquids ** Chemical tanker, a type of tanker designed to transport chemicals in bulk ** Oil tanker, also known as a petroleum tanke ...

, liquefied gas carriers, etc. The USSR's collapse put Ukraine's

shipbuilding Shipbuilding is the construction of ships and other floating vessels. It normally takes place in a specialized facility known as a shipyard. Shipbuilders, also called shipwrights, follow a specialized occupation that traces its roots to befor ...

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 A shipyard, also called a dockyard or boatyard, is a place where ships are built and repaired. These can be yachts, military vessels, cruise liners or other cargo or passenger ships. Dockyards are sometimes more associated with maintenance a ...

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. 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 The Okean Shipyard ( ua, Завод «Океан») located in Mykolaiv, Ukraine is the third major ship construction yard in the area.Norman Polmar, ''Guide to the Soviet Navy'', Fourth Edition (1986), United States Naval Institute, Annapolis Mar ...

, 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.

Agriculture

Typical agricultural landscape of Kherson 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. 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. Ukraine is the world's largest producer of

sunflower oil Sunflower oil is the non-volatile oil pressed from the seeds of the sunflower (''Helianthus annuus''). Sunflower oil is commonly used in food as a frying oil, and in cosmetic formulations as an emollient. Sunflower oil is primarily composed ...

,German expert: Sunflower oil grows in price in Ukraine due to its low world reserves
krAgroConsult – BlackSeaGrain/ref> 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 Honey is a sweet and viscous substance made by several bees, the best-known of which are honey bees. Honey is made and stored to nourish bee colonies. Bees produce honey by gathering and then refining the sugary secretions of plants (primar ...

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. 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 Privatization (also privatisation in British English) can mean several different things, most commonly referring to moving something from the public sector into the private sector. It is also sometimes used as a synonym for deregulation when ...

.Ukraine: Land market, formation, development trends – Farmland now remains almost the only big asset that is not actually privatized yet
lack Sea Grain/ref> The agricultural industry in Ukraine is already highly profitable, with 40–60% profits, but according to analysts its outputs could still rise up to fourfold.Russia's Collective Farms – Hot Capitalist Property
ew York Times/ref> 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. 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, 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. In March 2020, Ukraine's parliament lifted a ban on the sale of farmland. The land market was fully opened for the first time independence on 1 July 2021. Agricultural_output_Ukraine

Ukraine also produces some

wine Wine is an alcoholic drink typically made from fermented grapes. Yeast consumes the sugar in the grapes and converts it to ethanol and carbon dioxide, releasing heat in the process. Different varieties of grapes and strains of yeasts are m ...

, mostly in the South-Western regions. In 2018: * It was the 5th largest world producer of

maize Maize ( ; ''Zea mays'' subsp. ''mays'', from es, maíz after tnq, mahiz), also known as corn (North American and Australian English), is a cereal grain first domesticated by indigenous peoples in southern Mexico about 10,000 years ago. Th ...

(), after the US, China, Brazil and Argentina; * It was the 8th largest world producer of

wheat Wheat is a grass widely cultivated for its seed, a cereal grain that is a worldwide staple food. The many species of wheat together make up the genus ''Triticum'' ; the most widely grown is common wheat (''T. aestivum''). The archaeologi ...

(); * It was the 3rd largest world producer of

potato The potato is a starchy food, a tuber of the plant ''Solanum tuberosum'' and is a root vegetable native to the Americas. The plant is a perennial in the nightshade family Solanaceae. Wild potato species can be found from the southern Unit ...

(), second only to China and India; * It was the world's largest producer of

sunflower seed The sunflower seed is the seed of the sunflower ('' Helianthus annuus''). There are three types of commonly used sunflower seeds: linoleic (most common), high oleic, and sunflower oil seeds. Each variety has its own unique levels of monounsat ...

(); * It was the 7th largest world producer of

sugar beet A sugar beet is a plant whose root contains a high concentration of sucrose and which is grown commercially for sugar production. In plant breeding, it is known as the Altissima cultivar group of the common beet (''Beta vulgaris''). Together wi ...

(), which is used to produce sugar and

ethanol Ethanol (abbr. EtOH; also called ethyl alcohol, grain alcohol, drinking alcohol, or simply alcohol) is an organic compound. It is an Alcohol (chemistry), alcohol with the chemical formula . Its formula can be also written as or (an ethyl ...

; * It was the 7th largest world producer of

barley Barley (''Hordeum vulgare''), a member of the grass family, is a major cereal grain grown in temperate climates globally. It was one of the first cultivated grains, particularly in Eurasia as early as 10,000 years ago. Globally 70% of barley pr ...

(); * It was the 7th largest world producer of rapeseed (); * It was the 13th largest world producer of

tomato The tomato is the edible berry of the plant ''Solanum lycopersicum'', commonly known as the tomato plant. The species originated in western South America, Mexico, and Central America. The Mexican Nahuatl word gave rise to the Spanish word ...

es (); * It was the 5th largest world producer of

cabbage Cabbage, comprising several cultivars of ''Brassica oleracea'', is a leafy green, red (purple), or white (pale green) biennial plant grown as an annual vegetable crop for its dense-leaved heads. It is descended from the wild cabbage ( ''B.&nb ...

(), after China, India, South Korea and Russia; * It was the 11th largest world producer of

apple An apple is an edible fruit produced by an apple tree (''Malus domestica''). Apple fruit tree, trees are agriculture, cultivated worldwide and are the most widely grown species in the genus ''Malus''. The tree originated in Central Asia, wh ...

(); * It was the 3rd largest world producer of

pumpkin A pumpkin is a vernacular term for mature winter squash of species and varieties in the genus ''Cucurbita'' that has culinary and cultural significance but no agreed upon botanical or scientific meaning. The term ''pumpkin'' is sometimes use ...

(), second only to China and India; * It was the 6th largest world producer of

cucumber Cucumber (''Cucumis sativus'') is a widely-cultivated Vine#Horticultural climbing plants, creeping vine plant in the Cucurbitaceae family that bears usually cylindrical Fruit, fruits, which are used as culinary vegetables.

(); * It was the 5th largest world producer of

carrot The carrot ('' Daucus carota'' subsp. ''sativus'') is a root vegetable, typically orange in color, though purple, black, red, white, and yellow cultivars exist, all of which are domesticated forms of the wild carrot, ''Daucus carota'', nat ...

(), after China, Uzbekistan, USA and Russia; * It was the 4th largest world producer of dry peas (), second only to Canada, Russia and China; * It was the 7th largest world producer of

rye Rye (''Secale cereale'') is a grass grown extensively as a grain, a cover crop and a forage crop. It is a member of the wheat tribe (Triticeae) and is closely related to both wheat (''Triticum'') and barley (genus ''Hordeum''). Rye grain is u ...

(); * It was the 3rd largest world producer of

buckwheat Buckwheat (''Fagopyrum esculentum''), or common buckwheat, is a flowering plant in the knotweed family Polygonaceae cultivated for its grain-like seeds and as a cover crop. The name "buckwheat" is used for several other species, such as '' Fago ...

(), second only to China and Russia; * It was the 6th largest world producer of walnuts (); * Produced of soy; * It produced of

onion An onion (''Allium cepa'' L., from Latin ''cepa'' meaning "onion"), also known as the bulb onion or common onion, is a vegetable that is the most widely cultivated species of the genus ''Allium''. The shallot is a botanical variety of the onion ...

; * Produced of

grape A grape is a fruit, botanically a berry, of the deciduous woody vines of the flowering plant genus ''Vitis''. Grapes are a non- climacteric type of fruit, generally occurring in clusters. The cultivation of grapes began perhaps 8,000 years ago, ...

; * It produced of oats; * Produced of watermelon; * Produced of

cherries A cherry is the fruit of many plants of the genus ''Prunus'', and is a fleshy drupe (stone fruit). Commercial cherries are obtained from cultivars of several species, such as the sweet ''Prunus avium'' and the sour ''Prunus cerasus''. The nam ...

; In addition to smaller productions of other agricultural products. Professionalized, scientific breeding of barley began in 1910 and now supplies improved

cultivars A cultivar is a type of Horticulture, cultivated plant that people have selected for desired phenotypic trait, traits and when Plant propagation, propagated retain those traits. Methods used to propagate cultivars include: division, root and st ...

to the country.

Information technology

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.Україна – четверта в світі за кількістю ІТ-фахівців ''Ukraine in fourth place in the world in the number of IT professionals''

(27 March 2013) 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. The volume of the Ukrainian IT market in 2013 was estimated to be up to 3.6 billion US dollars. In 2017 Ukraine emerged as the top outsourcing destination of the year, according to the

Global Sourcing Association The Global Sourcing Association was founded as the National Outsourcing Association (NOA) in the United Kingdom in 1987 by Martyn Hart. The organisation was the first European association to promote effective outsourcing and it is the parent of ...

. By 2017, there were 13 research and development centers of global companies located in Ukraine, including

Ericsson (lit. "Telephone Stock Company of LM Ericsson"), commonly known as Ericsson, is a Swedish multinational networking and telecommunications company headquartered in Stockholm. The company sells infrastructure, software, and services in informat ...

Ukraine, in

. As for 2019 the number of IT specialists involved in the IT industry of Ukraine reached 172,000 people. The share of IT industry in Ukraine's GDP is 4%. According to the IT sector report 2019 Ukraine is the largest exporter of

IT services Information technology service management (ITSM) is the activities that are performed by an organization to design, build, deliver, operate and control information technology (IT) services offered to customers. Differing from more technology-or ...

in Europe and ranks among the 25 most attractive countries for

software development Software development is the process of conceiving, specifying, designing, programming, documenting, testing, and bug fixing involved in creating and maintaining applications, frameworks, or other software components. Software development invol ...

worldwide.

Infrastructure

Maritime

About 100,000 Ukrainians regularly work on foreign merchant ships, one of the largest group of Ukrainian

labor migrants A migrant worker is a person who migrates within a home country or outside it to pursue work. Migrant workers usually do not have the intention to stay permanently in the country or region in which they work. Migrant workers who work outsi ...

and the sixth largest number of sailors from any country.High Seas Danger

Kyiv Post The ''Kyiv Post'' is the oldest English-language newspaper in Ukraine, founded in October 1995 by Jed Sunden. History American Jed Sunden founded the ''Kyiv Post'' weekly newspaper on Oct. 18, 1995 and later created KP Media for his holdings. ...

(24 February 2012) They are attracted by the high salaries of more than $1,000 per month. Every major Ukrainian coastal city has a maritime university.

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. 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 Kyivstar ( uk, Київстар) is a Ukrainian telecommunications company, providing communication services and data transmission based on a broad range of fixed and mobile technologies, including 4G (LTE) in Ukraine. The Kyivstar mobile netw ...

, 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 bnБільше половини українців не користуються інтернетом
''

Ukrayinska Pravda ''Ukrainska Pravda'' ( uk, Українська правда, lit=Ukrainian Truth) is a Ukrainian online newspaper founded by Georgiy Gongadze on 16 April 2000 (the day of the Ukrainian constitutional referendum). Published mainly in Ukraini ...

'' (29 July 2012) Over 16 million Ukrainians had Internet access in 2012, growing to 22 million in 2015. In

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

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.

Tourism

In 2012, Ukraine was the 8th most popular tourism destination in Europe with 23 million visitors.Туристичні потоки
, State Statistics Committee of Ukraine 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).

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.

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 Chersonesus ( grc, Χερσόνησος, Khersónēsos; la, Chersonesus; modern Russian and Ukrainian: Херсоне́с, ''Khersones''; also rendered as ''Chersonese'', ''Chersonesos'', contracted in medieval Greek to Cherson Χερσών; ...

. 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 Ivano-Frankivsk Oblast ( uk, Іва́но-Франкі́вська о́бласть, translit=Ivano-Frankivska oblast), also referred to as Ivano-Frankivshchyna ( uk, Іва́но-Франкі́вщина), is an administrative divisions of Ukrain ...

(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 Odesa (also spelled Odessa) is the third most populous city and municipality in Ukraine and a major seaport and transport hub located in the south-west of the country, on the northwestern shore of the Black Sea. The city is also the administrativ ...

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

. It is a member of the

European Bank for Reconstruction and Development The European Bank for Reconstruction and Development (EBRD) is an international financial institution founded in 1991. As a multilateral developmental investment bank, the EBRD uses investment as a tool to build market economies. Initially focus ...

. In 2008, the country joined

World Trade Organization The World Trade Organization (WTO) is an intergovernmental organization that regulates and facilitates international trade. With effective cooperation in the United Nations System, governments use the organization to establish, revise, and e ...

. 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 Corporate governance is defined, described or delineated in diverse ways, depending on the writer's purpose. Writers focused on a disciplinary interest or context (such as accounting, finance, law, or management) often adopt narrow definitions th ...

, 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 A stock market, equity market, or share market is the aggregation of buyers and sellers of stocks (also called shares), which represent ownership claims on businesses; these may include ''securities'' listed on a public stock exchange, as ...

, 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. Statistics from FDi Magazine show Ukraine suffered a year on year decline in foreign direct investment between 2010 and 2013. State enterprise InvestUkraine was created under the State Agency for Investment and National Projects (''National Projects'') to serve as a

One Stop Shop A one-stop shop, in public administration, is a government office where multiple services are offered, allowing customers to access these services in a centralized location rather than in different places. The term originated in the United States ...

for investors and to deliver investment consulting services. Ukraine signed a shale gas exploration deal with

Royal Dutch Shell Shell plc is a British multinational oil and gas company headquartered in London, England. Shell is a public limited company with a primary listing on the London Stock Exchange (LSE) and secondary listings on Euronext Amsterdam and the New Yo ...

on 25 January 2013. The $10 billion deal was the largest

foreign direct investment A foreign direct investment (FDI) is an investment in the form of a controlling ownership in a business in one country by an entity based in another country. It is thus distinguished from a foreign portfolio investment by a notion of direct co ...

ever for Ukraine.Ukraine set to sign landmark $10 billion shale gas deal with Shell

(24 January 2013)
Shell for shale: Ukraine signs major deal

Euronews Euronews (styled on-air in lowercase as euronews) is a European television news network, headquartered in Lyon, France. The network began broadcasting on 1 January 1993 and covers world news from a European perspective. The majority of Eurone ...

(25 January 2013)
UPDATE 1-Ukraine signs landmark $10 bln shale gas deal with Shell

(24 January 2013) 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. The 10 Richest Expats in Ukraine by KyivPost In 2016, foreign direct investment in Ukraine's economy amounted to $3.8 billion in 2016, which was almost twice more than in 2015.

Monetary policy and banking

Stock exchange

Insurance business and companies

Legal environment and economic support

Background

Since the late 1990s, 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 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 globa ...

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 The European Free Trade Association (EFTA) is a regional trade organization and free trade area consisting of four List of sovereign states and dependent territories in Europe, European states: Iceland, Liechtenstein, Norway and Switzerlan ...

(EFTA). According to the

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 an ...

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 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 g ...

, lack of transparency, and favoritism". In reports by

in 2010 and 2011 respectively, a "double taxation avoidance" treaty with

Cyprus Cyprus ; tr, Kıbrıs (), officially the Republic of Cyprus,, , lit: Republic of Cyprus is an island country located south of the Anatolian Peninsula in the eastern Mediterranean Sea. Its continental position is disputed; while it is geo ...

signed in 1982 by the Soviet Union has cost Ukraine billions of US dollars of

tax revenues Tax revenue is the income that is collected by governments through taxation. Taxation is the primary source of government revenue. Revenue may be extracted from sources such as individuals, public enterprises, trade, royalties on natural resourc ...

. The 2014

Lustration in Ukraine In Ukraine, lustration ( ua, люстрація, ''lyustratsiya,'' Russian: люстра́ция, ''ljustrácija'') refers to the removal from public office of civil servants who served under Ukrainian President Viktor Yanukovych. This measure wa ...

has been criticized as it might have adverse economic effects. On 29 May 2014 Ukraine entered into the

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 (which are separate pa ...

, that reached its full application on 1 September 2017.

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 Moldova ( , ; ), officially the Republic of Moldova ( ro, Republica Moldova), is a Landlocked country, landlocked country in Eastern Europe. It is bordered by Romania to the west and Ukraine to the north, east, and south. The List of states ...

and

Belarus Belarus,, , ; alternatively and formerly known as Byelorussia (from Russian ). officially the Republic of Belarus,; rus, Республика Беларусь, Respublika Belarus. is a landlocked country in Eastern Europe. It is bordered by R ...

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 Askania-Nova ( uk, Асканія-Нова) is a Ukrainian nature reserve located in Kherson Oblast, Ukraine, within the dry Taurida steppe near Oleshky Sands and active member of the UNESCO Man and the Biosphere Programme. It is also a resea ...

, in 1921 and has programs to breed

endangered species An endangered species is a species that is very likely to become extinct in the near future, either worldwide or in a particular political jurisdiction. Endangered species may be at risk due to factors such as habitat loss, poaching and inv ...

. Ukraine has a

Ministry of Environment An environmental ministry is a national or subnational government agency politically responsible for the environment and/or natural resources. Various other names are commonly used to identify such agencies, such as Ministry of the 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

1+1 Media Group 1 (one, unit, unity) is a number representing a single or the only entity. 1 is also a numerical digit and represents a single unit of counting or measurement. For example, a line segment of ''unit length'' is a line segment of length 1. ...

– media * 4AGames – Technology *

– Industrials *

APEKS-BANK APEKS-BANK was a Ukrainian bank registered with the National Bank of Ukraine on 18 November 2009. The Bank was established as an open joint stock company with authorized capital of ₴80 million. In 2014, increasing of the authorized capital of ...

– Financials *

ATB-Market ATB-Market LLC ( uk, АТБ-Маркет) 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. The company’s shops operate in the "soft ...

– Consumer Services * BG Capital – Financials *

Bogdan group Bogdan Corporation ( uk, Корпорація «Богдан» Korporatsiia Bohdan) — is a leading Ukrainian automobile-manufacturing group, including several car- and bus-makers of the country. Its most popular model is the Bogdan Isuzu-powe ...

– Industrials *

Chumak Chumak ( uk , чумак) was a historical and traditional wagon-based trading occupation in the territory of modern Ukraine in the late Medieval and early Modern periods of history.Proskurova, S. Chumak-occupation (ЧУМАЦТВО)'. Encyc ...

– Consumer goods *

Ciklum Ciklum is an international software development and IT outsourcing company founded in Denmark in 2002. It is headquartered in London, United Kingdom. The company has software development centers and branch offices in the United Kingdom, United ...

– IT * DTEK – Oil & Gaz, Basic Materials, Utilities * EKTA – Technology *

Electron The electron ( or ) is a subatomic particle with a negative one elementary electric charge. Electrons belong to the first generation of the lepton particle family, and are generally thought to be elementary particles because they have no kn ...

- Industrials *

Epicentre K Epicentr K ( uk, Епіцентр К, Epitsentr 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 ...

– Consumer services *

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 ...

– Financials * FED – Aerospace industry * Ferreexpo – Basic Materials * FOM-Ukraine – Industrials * Fozzy Group – Consumer services * Galnaftogaz – Oil & Gas *

GSC Game World GSC Game World is a Ukrainian video game developer based in Prague. Founded in Kyiv in 1995 by Sergiy Grygorovych, it is best known for the ''Cossacks'' and ''S.T.A.L.K.E.R.'' series of games. GSC Game World was the first company in Ukraine to ...

– Technology *

Hromadske.ua Hromadske ( uk, Громадське; lit. ''Public'') is a digital broadcasting station in Ukraine that commenced operations on 22 November 2013. The station was announced in June 2013 by 15 journalists, before commencing operations on 22 Novemb ...

– Media * Industrial Union of Donbas – Industrials * InvestUkraine – Industrials *

Kryukiv Railway Car Building Works Kriukiv Railway Car Manufacturing Plant ( uk, Крюківський вагонобудівний завод, КВБЗ; KVBZ) is a large industrial company in Kremenchuk, Ukraine, manufacturing locomotives and multiple unit trains. History Th ...

- Industrials *

– Telecommunications *

Kuznya na Rybalskomu Kuznia na Rybalskomu ( uk, "Кузня на Рибальському") is a ship building and arms industry, armament company in Kyiv, Ukraine. Situated on the Dnieper River and presently concentrating on river ships, the company is also able to ...

– Shipbuilding, arms industry * Lifecell – Telecommunications * METRO Cash&Carry – Consumer services * MHP – Consumer goods * Motor Sich – Industrials *

Nemiroff Nemiroff is a Ukrainian vodka brand, one of the world's largest producers of alcohol. The products are sold in more than 80 countries. The company is one of the top3 world leaders in supplying vodka to duty-free shops (Duty Free). The brand is ...

– Consumer goods *

Naftogaz Naftogaz of Ukraine ( uk, НАК "Нафтогаз України", ''Naftogaz Ukrayiny''; literally "Petro-Gas of Ukraine") is the largest national oil and gas company of Ukraine. It is a state-owned company

– Oil & Gas * Nibulon – Agriculture & Shipbuilding * Obolon – Consumer goods * Oschadbank – banking * PrivatBank – banking *

Roshen Roshen Confectionery Corporation ( uk, Кондитерська корпорація «Роше́н», Kondyterska korporatsiya "Roshen") is a Ukrainian confectionery manufacturing group. It operates facilities in the Ukrainian cities of Kyiv, ...

– Consumer goods * SCM Holdings – Financials *

SoftServe SoftServe, Inc., founded in 1993 in Lviv, Ukraine, is a technology company specializing in consultancy services and software development. SoftServe provides services in the fields of big data, Internet of things, cloud computing, DevOps, e- ...

– IT * Ukraine International Airlines – Consumer services * Ukrainian Automobile Corporation – Consumer goods * Ukrainian Railways – Consumer services, Industrials *

Ukrnafta Ukrnafta is a Ukrainian petroleum, oil and natural gas extracting company, the largest producer of oil and gas in the country. Ukrnafta is also an operator of a gas filling station network in Ukraine nationwide. In 2006, the company conducted some ...

– Oil & Gas * Ukroboronprom * Ukrtelecom – Telecommunications * Vodafone Ukraine – Telecommunications *

WOG ''Wog'' is a racial slur in Australian English and British English applied to people from the Mediterranean region such as Southern Europeans and North Africans. In British English, it more typically refers to people from the Indian subcontinen ...

– Oil & Gas, Consumer services * Pivdenmash – Industrials * Zaporizhstal – Basic materials * ZAZ – Consumer goods

Facts and figures

Household income or consumption by percentage share: * ''lowest 10%:'' 3.4% (2006) * ''highest 10%:'' 25.7% (2006) Poverty rate: 4% in 2018 (below US$5.5/day). Industrial production growth rate: 6% (2007 est.), 6.5 (2008) 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:'' (2006) * ''consumption:'' (2006) * ''exports:'' (2004) * ''imports:'' (2004) * ''proved reserves:'' (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

Notes

References

External links

Ministry of Economic Development and Trade website (en)

State Agency for Investment and National Projects website (en)

How to go broke owning monopolies
by

(18 March 2010)
World Bank Summary Trade Statistics Ukraine 2012

Growth Strategy of Ukraine's Economy
{{World Trade Organization *

Ukraine Ukraine ( uk, Україна, Ukraïna, ) is a country in Eastern Europe. It is the second-largest European country after Russia, which it borders to the east and northeast. Ukraine covers approximately . Prior to the ongoing Russian inv ...

History

Before 1917

Soviet period: 1917 to 1991

1991 to 2000

2000 to 2014

After Euromaidan: 2014 to present

Economic data

Main economic indicators

Trade

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

Natural resources

Ukrainian economy in graphics

Sectors

Industries

Mining and production

= Iron and steel

Chemical industry

Defense industry

Fuel and energy complex

= Fuel industry

Automotive industry

Aircraft and aerospace industry

Shipbuilding

Agriculture

Information technology

Infrastructure

Maritime

Communications

Tourism

Shopping tourism

Recreational tourism and sightseeing

Financing, banking, investments

Investments

International financial institutions

Foreign direct investment

Monetary policy and banking

Stock exchange

Insurance business and companies

Legal environment and economic support

Background

Foreign workers

Environmental issues

Chernobyl

Major Ukrainian companies

Facts and figures

See also

Notes

References

External links