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{{Short description|None}} {{Use dmy dates|date=October 2021}} {{Infobox economy | country = Ukraine | image = Міст Патона з нічною архітектурною підсвіткою та панорама Лівого берега.jpg | image_size = 310px | caption = [[Kyiv]], the financial capital of [[Ukraine]] | currency = [[Ukrainian hryvnia]] | year = calendar year | organs = [[GUAM]], [[WTO]], [[Commonwealth of Independent States Free Trade Area|CISFTA]], [[Deep and Comprehensive Free Trade Area|DCFTA]] ([[European Union|EU]]), [[Organization of the Black Sea Economic Cooperation|BSEC]] | group = {{plainlist| * [[Developing country]]<ref name="DEVGROUP">{{cite web |url=https://www.imf.org/external/pubs/ft/weo/2019/01/weodata/weoselco.aspx?g=2200&sg=All+countries+%2f+Emerging+market+and+developing+economies |title=World Economic Outlook Database, April 2019 |publisher=[[International Monetary Fund]] |website=IMF.org |access-date=29 September 2019}}</ref> * [[List of countries by GNI (nominal) per capita|Upper-middle income economy]]<ref>{{cite web |url=https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups |title=World Bank Country and Lending Groups |publisher=[[World Bank]] |website=datahelpdesk.worldbank.org |access-date=29 September 2019}}</ref>}} | population = {{increase}} 32,860,000 (2025)<ref name="imfUA"/> | gdp = {{plainlist| * $205.742 billion (nominal, 2025 est.)<ref name="imfUA">{{cite web |url=https://www.imf.org/en/Publications/WEO/weo-database/2025/October/weo-report?c=926,&s=NGDP_RPCH,NGDPD,PPPGDP,NGDPDPC,PPPPC,PCPIPCH,&sy=2022&ey=2029&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1 |title=World Economic Outlook Database, January 2025 |publisher=[[International Monetary Fund]] |website=IMF.org}}</ref> * $690.06 billion ([[Purchasing power parity|PPP]], 2025 est.)<ref name="imfUA"/>}} | gdp rank = {{plainlist| * [[List of countries by GDP (nominal)|55th (nominal, 2025)]] * [[List of countries by GDP (PPP)|45th (PPP, 2025)]]}} | growth = {{plainlist| * {{color|red|−28.8%}} (2022) * {{color|blue|+5.3%}} (2023) * {{color|blue|+3.5%}} (2024) * {{color|blue|+2.0%}} (2025)<ref name="imfUA"/>}} | per capita = {{plainlist| * $6,261 (nominal, 2025 est.)<ref name="imfUA"/> * $21,000 (PPP, 2025 est.)<ref name="imfUA"/>}} | per capita rank = {{plainlist| * [[List of countries by GDP (nominal) per capita|108th (nominal, 2025)]] * [[List of countries by GDP (PPP) per capita|88th (PPP, 2025)]]}} | inflation = 12.6% (2025 est.)<ref name="imfUA"/> | sectors = {{plainlist| * [[Primary sector of the economy|agriculture]]: 12.2% * [[Secondary sector of the economy|industry]]: 28.6% * [[Tertiary sector of the economy|services]]: 60% * (2017 est.)<ref name="CIAWFUP"/>}} | poverty = {{plainlist| * {{decreasePositive}} 1.3% (2018)<ref>{{cite web |title=Poverty headcount ratio at national poverty lines (% of population) – Ukraine |url=https://data.worldbank.org/indicator/SI.POV.NAHC?locations=UA&name_desc=false |website=data.worldbank.org |publisher=World Bank |access-date=24 January 2020}}</ref> * {{increaseNegative}} 0.4% on less than $3.20/day (2020f)<ref name="WorEur">{{cite book |title=Europe Central Asia Economic Update, Spring 2020: Fighting COVID-19 |date=2020 |publisher=[[World Bank]] |location=Washington, DC |isbn=978-14648-1-564-5 |pages=77{{ndash}}78 |url=https://openknowledge.worldbank.org/handle/10986/33476}}</ref>}} | gini = {{decreasePositive}} 25.6 {{color|green|low}} (2020, [[World Bank]])<ref>{{cite web|url=https://data.worldbank.org/indicator/SI.POV.GINI |title=GINI index (World Bank estimate) – Ukraine |publisher=[[World Bank]] |website=data.worldbank.org |access-date=12 August 2021}}</ref> | hdi = {{plainlist| * {{decrease}} 0.734 {{color|green|high}} (2022)<ref name="hdi">{{cite web |url=https://hdr.undp.org/data-center/specific-country-data#/countries/UKR |title=Human Development Index (HDI) |publisher=[[Human Development Report|HDRO (Human Development Report Office)]] [[United Nations Development Programme]] |website=hdr.undp.org |access-date=11 December 2019}}</ref> ([[List of countries by Human Development Index|100th]]) * {{decrease}} 0.676 {{color|darkorange|medium}} [[List of countries by inequality-adjusted HDI|IHDI]] (2022, [[List of countries by inequality-adjusted Human Development Index|63rd]])<ref name="hdi"/>}} | cpi = {{increase}} 36 out of 100 points (2023, [[Corruption Perceptions Index|104th rank]]) | labor = {{plainlist| * {{decrease}} 20,203,893 (2019)<ref>{{cite web |url=https://data.worldbank.org/indicator/SL.TLF.TOTL.IN?locations=UA&name_desc=false |title=Labor force, total – Ukraine |publisher=[[World Bank]] & [[International Labour Organization|ILO]] |website=data.worldbank.org |access-date=7 September 2020}}</ref> * {{increase}} 57.1% employment rate (2018)<ref>{{cite web |url=https://data.worldbank.org/indicator/SL.EMP.TOTL.SP.NE.ZS?locations=UA&name_desc=false |title=Employment to population ratio, 15+, total (%) (national estimate) – Ukraine |publisher=[[World Bank]] |website=data.worldbank.org |access-date=16 October 2019}}</ref>}} | occupations = {{plainlist| * agriculture 5.8% * industry 26.5% * services 67.8% * (2014)<ref name="CIAWFUP"/>}} | unemployment = {{IncreaseNegative}} 9.8% (2021)<ref name="imfUA"/> | average gross salary = [[List of European countries by average wage|₴25,732 / €582 / $591]] monthly<ref>{{cite web|url=https://index.minfin.com.ua/labour/salary/average/|script-title=uk:Средняя зарплата в Украине в апреле 2025 года составит 25,732 грн.|trans-title=The average salary in Ukraine in April 2025 was UAH 25,732.|website=index.minfin.com.ua|language=uk}}</ref> | average net salary = [[List of European countries by average wage|₴20,328 / €459 / $467 ]] monthly<ref name="Wor">{{cite web |script-title=uk:Середня зарплата в Україні |url=https://www.work.ua/salary-all/ |publisher=Work.ua |access-date=20 April 2025 |page=|trans-title= Average salary in Ukraine |language=uk}}</ref><ref>{{cite web | url=https://taxsummaries.pwc.com/ukraine/individual/taxes-on-personal-income | title=Ukraine – Individual – Taxes on personal income }}</ref> | industries = coal, electric power, ferrous and nonferrous metals, machinery and transport equipment, chemicals, food processing | exports = {{increase}} $41.7 billion (2024)<ref name=UkraineTrade/> | export-goods = [[ferrous]] and nonferrous metals, fuel and petroleum products, chemicals, machinery and transport equipment, food products | export-partners = {{Tree list}} *{{nowrap|{{flag|European Union}} 59.5%}} **{{flag|Poland}} 11.3% **{{flag|Spain}} 6.9% **{{flag|Germany}} 6.8% *{{flag|China}} 5.7% *{{flag|Turkey}} 5.3% (2024)<ref name="UkraineTrade">{{cite web |title=Ukraine's foreign trade in goods |url =https://ukrstat.gov.ua/operativ/operativ2024/zd/ztt/arh_ztt2024_e.html |publisher= |access-date=3 March 2025}}</ref> {{Tree list/end}} | imports = {{increase}} $70.7 billion (2024)<ref name=UkraineTrade/> | import-goods = energy (mainly [[Natural gas in Ukraine|natural gas]]),<ref name=UkNGOSW15713/> machinery and equipment, chemicals | import-partners = {{Tree list}} *{{nowrap|{{flag|European Union}} 50.3%}} **{{flag|Poland}} 11.3% **{{flag|Spain}} 6.9% **{{flag|Germany}} 6.8% *{{flag|China}} 20.3% *{{flag|Turkey}} 6.0% (2024)<ref name=UkraineTrade/> {{Tree list/end}} | current account = {{decrease}} −$3.752 billion (2018 est.)<ref name="CIAWFUP"/><ref>{{Cite web|url=http://www.ukrstat.gov.ua/operativ/operativ2018/zd/oet/oet_u/oet1218_u.htm|script-title=uk:Регіональні обсяги зовнішньої торгівлі товарами у січні–листопаді 2018 року|trans-title=Regional volumes of foreign trade in goods in January–November 2018|website=www.ukrstat.gov.ua|language=uk}}</ref><ref>{{Cite web|url=http://www.ukrstat.gov.ua/operativ/operativ2018/zd/oep/oep_u/oep04_18_u.html|script-title=uk:Регіональні обсяги зовнішньої торгівлі послугами1 за 9 місяців 2018 року|trans-title=Regional volumes of foreign trade in services1 for 9 months of 2018|language=uk|website=www.ukrstat.gov.ua}}</ref> | FDI = {{plainlist| * {{increase}} $67.22 billion (31 December 2017 est.)<ref name="CIAWFUP"/> * {{decrease}} Abroad: $7.59 billion (31 December 2017 est.)<ref name="CIAWFUP"/>}} | debt = {{increaseNegative}} 94% of GDP (2024)<ref>{{Cite web |title= General government gross debt|url=https://www.imf.org/external/datamapper/GGXWDG_NGDP@WEO/OEMDC/ADVEC/WEOWORLD |access-date=2024-06-25 |website=www.imf.org}}</ref> | gross external debt = {{DecreasePositive}} $47.9 billion (Apr 2018)<ref name="bank.gov.ua">https://www.bank.gov.ua/control/en/publish/category?cat_id=44466 {{Webarchive|url=https://web.archive.org/web/20180618175850/https://www.bank.gov.ua/control/en/publish/category?cat_id=44466 |date=18 June 2018 }}, [[National Bank of Ukraine]] Retrieved 18 June 2018.</ref> | gross internal debt = {{DecreasePositive}} $28.9 billion (Apr 2018)<ref name="bank.gov.ua"/> | revenue = ₴1.1 trillion / €37 bil. / $39 bil. (2017)<ref name="cost.ua">{{Cite web |url=http://cost.ua/en/budget/ |title=Budget of Ukraine |access-date=17 February 2016 |archive-url=https://web.archive.org/web/20151125124857/http://cost.ua/en/budget/ |archive-date=25 November 2015 |url-status=dead }}</ref> | expenses = ₴1.1 tril. / €38 bil. / $41 bil. (2017)<ref name="cost.ua"/> | credit = {{plainlist| * [[Standard & Poor's]]:<ref>{{cite web|url=https://countryeconomy.com/ratings/ukraine|title=Rating: Ukraine Credit Rating 2023|publisher=countryeconomy.com|access-date=12 April 2023}}</ref><ref>{{cite web|url=https://news.yahoo.com/p-cuts-ukraines-foreign-currency-143500489.html|title=S&P cuts Ukraine's foreign currency rating to CCC due to debt restructuring plan|publisher=Yahoo! News|date=7 April 2023}}</ref><ref>{{cite web|url=https://english.nv.ua/business/s-p-cuts-ukraine-s-foreign-currency-rating-to-ccc-due-to-debt-restructuring-plan-50316376.html|title=S&P cuts Ukraine's foreign currency rating to CCC due to debt restructuring plan|publisher=The New Voice of Ukraine|date=7 April 2023}}</ref> * CCC+/C {{decrease}} (Domestic) * CCC (Foreign) * Outlook: Negative * [[Moody's]]:<ref>{{Cite web|url=https://www.moodys.com/research/Moodys-downgrades-Ukraines-ratings-to-Ca-with-a-stable-outlook--PR_472790|title=Moody's downgrades Ukraine's ratings to Ca with a stable outlook|publisher=Moody's|date=10 February 2023}}</ref> * Ca {{decrease}} * Outlook: Stable * [[Fitch Group|Fitch]]:<ref>{{cite web|url=https://www.fitchratings.com/research/sovereigns/fitch-affirms-ukraine-at-cc-20-01-2023|date=20 January 2023|publisher=Fitch Ratings|title=Fitch Affirms Ukraine at 'CC'}}</ref> * CC * Outlook: N/A * Scope Ratings:<ref>{{Cite web|url=https://www.scoperatings.com/ratings-and-research/rating/EN/177670|title = Scope affirms Ukraine's long-term issuer rating in foreign currency at SD}}</ref> * SD * Outlook: N/A}} | reserves = {{Decrease}} $40.507 billion (1 Mar 2024 est.)<ref>{{Cite web |title=National Bank of Ukraine |url=https://bank.gov.ua/en/news/all/mijnarodni-rezervi-ukrayini-zrosli-uprodovj-2023-roku-na-42-ta-perevischili-405-mlrd-dol-ssha |access-date=5 January 2024 |archive-date=5 January 2024 |archive-url=https://web.archive.org/web/20240105125737/https://bank.gov.ua/en/news/all/mijnarodni-rezervi-ukrayini-zrosli-uprodovj-2023-roku-na-42-ta-perevischili-405-mlrd-dol-ssha |url-status=live}}</ref> | aid = ''recipient'': $0.4 billion (2006); [[International Monetary Fund]] Extended Funds Facility: $2.2 billion (1998) | cianame = ukraine | spelling = US }} {{Update|reason=The information in this article is outdated since the [[Russian invasion of Ukraine]] where its economy has significantly deteriorated|date=December 2024}} The '''economy of Ukraine''' is a [[Developing country|developing]],<ref name="DEVGROUP"/> [[List of countries by GNI (nominal) per capita|upper-middle income]], [[mixed economy]]. It grew rapidly from 2000 until 2008 when the [[Great Recession]] began worldwide and [[2008–2009 Ukrainian financial crisis|reached Ukraine]]. The economy recovered in 2010 and continued improving until 2013. The Russian incursion in Ukraine caused a severe economic decline from 2014 to 2015, with the country's gross domestic product in 2015 barely surpassing half of what it was 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 Soviet Socialist Republic|Ukrainian SSR]]. GDP growth was recorded for the first time in 2000, and continued for eight years.<ref name="NBU">{{cite web|url=http://www.bank.gov.ua/Engl/Macro/|title=Macroeconomic indicators|url-status=dead|archive-url=https://web.archive.org/web/20100825201211/http://www.bank.gov.ua/Engl/Macro/ |archive-date=25 August 2010 |publisher=[[National Bank of Ukraine]]}}</ref> 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, such as rich farmlands,<ref>{{cite press release|url= http://www.blackseagrain.net/data/news/ukraine-becomes-worlds-third-biggest-grain-exporter-in-2011-minister|title= Ukraine becomes world's third biggest grain exporter in 2011 – minister|publisher= Black Sea Grain|date= 20 January 2012|access-date= 3 September 2015|url-status= dead|archive-url= https://web.archive.org/web/20140304083329/http://www.blackseagrain.net/data/news/ukraine-becomes-worlds-third-biggest-grain-exporter-in-2011-minister|archive-date= 4 March 2014}}</ref><ref>{{cite web|url= https://www.wto.org/english/res_e/publications_e/wtr13_e.htm|title= World Trade Report 2013|publisher= World Trade Organisation|access-date= 26 January 2014}}</ref> a well-developed industrial base, highly trained labour, and a good education system.<ref name="UE The Underachiever"/> It also has important [[mineral]] resources.<ref>{{Cite web |last=Liventseva |first=Hanna |date=2022-05-17 |title=THE MINERAL RESOURCES OF UKRAINE |url=https://www.icog.es/TyT/index.php/2022/05/the-mineral-resources-of-ukraine/ |access-date=2023-03-17 |website=Tierra y Tecnología |language=es}}</ref> In October 2013, the Ukrainian economy lapsed into a [[recession]].<ref name=Reuters171013/> The previous summer, Ukrainian exports to [[Russia]] substantially declined due to [[Ukraine–European Union relations#Russian reaction|stricter border and customs control]] by Russia.<ref name="rsbcdue">{{multiref2 | 1 = {{cite web|url=http://www.kyivpost.com/content/ukraine/russia-sets-off-trade-war-to-prevent-ukraine-from-signing-agreement-with-eu-says-udar-328366.html|title=Russia sets off trade war to prevent Ukraine from signing agreement with EU, says UDAR|publisher=[[Kyiv Post]]|date=14 August 2013}} | 2 = {{cite news|title=Ukraine Leader Ignores Putin Warning on EU Path|url=https://www.voanews.com/a/reu-ukraine-ignores-putin-warning-eu/1736436.html|access-date=1 September 2013|newspaper=Voice of America|date=24 August 2013|archive-url=https://web.archive.org/web/20160304055619/http://www.voanews.com/content/reu-ukraine-ignores-putin-warning-eu/1736436.html|archive-date=4 March 2016|url-status=live}} | 3 = {{cite news|title=Russia hits at Ukraine with chocolate war|url=http://www.euractiv.com/europes-east/russia-hits-ukraine-chocolate-wa-news-529804|access-date=1 September 2013|newspaper=EurActiv|date=14 August 2013}} | 4 = {{cite news |title=Trading insults |url=https://www.economist.com/news/europe/21583998-trade-war-sputters-tussle-over-ukraines-future-intensifies-trading-insults |access-date=1 September 2013 |newspaper=[[The Economist]] |date=24 August 2013 |page=|url-access=registration}} | 5 = {{cite news|title=Putin warns Ukraine against EU pact|url=http://euobserver.com/foreign/121189|access-date=1 September 2013|newspaper=euobserver|date=23 August 2013|archive-url=https://web.archive.org/web/20130827160310/http://euobserver.com/foreign/121189|archive-date=27 August 2013|url-status=dead}} | 6 = {{cite news|title=Ukraine PM tells Russia to accept "reality" of EU trade deal|url=https://www.reuters.com/article/us-ukraine-russia-azarov-idUSBRE97R0JM20130828|access-date=1 September 2013|newspaper=Reuters|date=28 August 2013}} | 7 = {{cite news|title=Putin 'deserves medal' for pushing Ukraine towards EU|url=http://www.euractiv.com/europes-east/putin-deserved-medal-pushing-ukr-news-530038|access-date=1 September 2013|newspaper=Euractiv|date=30 August 2013}} | 8 = {{cite news|title=О комплексе мер по вовлечению Украины в евразийский интеграционный процесс|url=http://gazeta.zn.ua/internal/o-komplekse-mer-po-vovlecheniyu-ukrainy-v-evraziyskiy-integracionnyy-process-_.html|access-date=1 September 2013|newspaper=Зеркало недели. Украина|date=16 August 2013|archive-date=30 August 2013|archive-url=https://web.archive.org/web/20130830084935/http://gazeta.zn.ua/internal/o-komplekse-mer-po-vovlecheniyu-ukrainy-v-evraziyskiy-integracionnyy-process-_.html|url-status=dead}} | 9 = {{Cite web|url=https://www.theatlantic.com/international/archive/2013/08/does-russia-have-a-secret-plan-for-ukraine/278894/|title=Does Russia Have a Secret Plan for Ukraine?|publisher=[[The Atlantic]]|date=21 August 2013}} | 10 = {{cite web|url=http://ukrainianweek.com/Politics/86079|title=Caught in a Zeitnot|url-status=live|archive-url=https://web.archive.org/web/20160210013156/http://ukrainianweek.com/Politics/86079 |archive-date=10 February 2016|publisher=[[The Ukrainian Week]]|date=6 August 2013|author=Kramar Oleksandr}} }}</ref> The early 2014 [[Annexation of Crimea by the Russian Federation|annexation of Crimea]] by Russia, and the [[war in Donbas]] that started in the spring of 2014 severely damaged Ukraine's economy<ref name=stnstaue/> and two of Ukraine's most industrial regions.<ref name=AJstnste/> In 2013, Ukraine saw zero GDP growth.<ref name=AJstnste>{{cite web|url=http://america.aljazeera.com/articles/2014/9/28/east-ukraine-reconstruction.html|title=Amid staggering destruction, eastern Ukraine looks to rebuild|publisher=[[Al Jazeera Media Network|Al Jazeera]]|date=28 September 2014}}</ref> Ukraine's economy shrank by 6.8% in 2014,<ref name="Yahoo">{{cite web|url=https://news.yahoo.com/ukraine-economy-contract-8-2014-world-bank-090334656.html|publisher=Yahoo|title=Ukraine economy expected to shrink 8%|date=2 October 2014}}</ref><ref>{{cite web|url=http://www.rferl.mobi/a/26911697.html|title=Ukraine's Economy Contracted By 6.8 Percent In 2014|work=Radio Free Europe/Radio Liberty |publisher=[[RFE/RL]]|date=20 March 2015}}</ref> and this continued with a 12% decline in GDP in 2015.<ref name="radiosvoboda.org">{{cite web|url=http://www.radiosvoboda.org/content/news/27335309.html|title=Ukraine conflict taking heavy toll on economy says IMF|work=Радіо Свобода |publisher=[[Radio Svoboda]]|date=30 October 2015 |last1=Свобода |first1=Радіо }}</ref> In April 2017, the [[World Bank]] stated that Ukraine's economic growth rate was 2.3% in 2016, ending the recession.<ref name="ukraine-economic-update-spring-2017">{{cite web|url=http://www.worldbank.org/en/news/press-release/2017/04/04/ukraine-economic-update-spring-2017|title=Ukraine's Economy is Recovering Modestly Despite Significant Headwinds|publisher=[[World Bank]]|date=4 April 2017}}</ref> Despite these improvements, Ukraine remains one of [[List of sovereign states in Europe by GDP (PPP) per capita|the poorest countries in Europe]],<ref>{{cite web | url=https://data.worldbank.org/indicator/NY.GDP.PCAP.CD?most_recent_value_desc=true | title=GDP per capita (Current US$) | Data }}</ref> which some have attributed to high [[Corruption in Ukraine|corruption]] levels<ref>{{cite web |url=https://www.theguardian.com/news/2015/feb/04/welcome-to-the-most-corrupt-nation-in-europe-ukraine |title=Welcome to Ukraine, the most corrupt nation in Europe |work=[[The Guardian]] |date=6 February 2015 |access-date=3 March 2021 |last=Bullough |first=Oliver|quote="Since 1991, officials, members of parliament and businessmen have created complex and highly lucrative schemes to plunder the state budget. The theft has crippled Ukraine. The economy was as large as Poland’s at independence, now it is a third of the size. Ordinary Ukrainians have seen their living standards stagnate, while a handful of oligarchs have become billionaires."}}</ref> and the slow pace of [[economic liberalization|economic liberalisation]] and [[Reform|institutional reform]].<ref>{{Cite web |title=Ukraine: Can meaningful reform come out of conflict? |url=https://www.bruegel.org/policy-brief/ukraine-can-meaningful-reform-come-out-conflict |access-date=2023-03-17 |website=Bruegel {{!}} The Brussels-based economic think tank |language=en}}</ref><ref>{{Cite web |last=Pikulicka-Wilczewska |first=Agnieszka |date=2017-07-19 |title=Why the reforms in Ukraine are so slow? |url=https://neweasterneurope.eu/2017/07/19/why-the-reforms-in-ukraine-are-so-slow/ |access-date=2023-03-17 |website=New Eastern Europe – A bimonthly news magazine dedicated to Central and Eastern European affairs |language=en-GB}}</ref><ref>{{Cite web |title=The slow-reform trap |url=https://www.bruegel.org/blog-post/slow-reform-trap |access-date=2023-03-17 |website=Bruegel {{!}} The Brussels-based economic think tank |language=en}}</ref><ref>{{Cite web |date=November 8, 2000 |title=Ukraine Country Assistance Evaluation |url=https://www.oecd.org/countries/ukraine/35290615.pdf }}</ref> The [[Russian invasion of Ukraine|Russian Invasion of Ukraine]] in 2022 further deteriorated the country's economy. ==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]]<ref> {{cite book | last1 = Kaplan | first1 = Temma | title = Democracy: A World History | url = https://books.google.com/books?id=-LxPBQAAQBAJ | series = New Oxford World History | location = New York | publisher = Oxford University Press | date = 2014 | access-date = 9 November 2018 | isbn = 9780199929962 | quote = Greece consisted of discrete enclaves on which agriculture was difficult and residents turned to the sea for their livelihood. [...] Athens could not have survived without grain from Ukraine, one reason that Athens feared Persian movements toward the Dardanelles, the Bosporus, and the Black Sea, and maybe the main reason Athens extended so many rights of participatory democracy to lower-class male citizens who served in its navy. }} </ref> as well as for early [[modern Europe]].<ref> {{cite book | last1 = Havrylyshyn | first1 = Oleh | chapter = Nature of the Economy before Independence | title = The Political Economy of Independent Ukraine: Slow Starts, False Starts, and a Last Chance? | url = https://books.google.com/books?id=QY_LDQAAQBAJ | series = Studies in Economic Transition | location = London | publisher = Springer | date = 2016 | page = 18 | isbn = 9781137576903 | access-date = 9 November 2018 | quote = From the mid-1500s one saw the second historical period of European orientation as 'increasing demand for grain on the European markets [led to] Ukraine earning its reputation as the breadbasket of Europe'. | author1-link = :uk:Олег Гаврилишин }} </ref> The maintenance of trade corridors – the [[route from the Varangians to the Greeks]] and [[Turkish Straits#Straits Question|access through the Straits]] to the Mediterranean world – became important. Mineral resources encouraged industrialisation – notably in the [[Donbas]] – from the 19th century onwards.<ref> {{cite book | last1 = Havrylyshyn | first1 = Oleh | chapter = Nature of the Economy before Independence | title = The Political Economy of Independent Ukraine: Slow Starts, False Starts, and a Last Chance? | url = https://books.google.com/books?id=QY_LDQAAQBAJ | series = Studies in Economic Transition | location = London | publisher = Springer | date = 2016 | page = 24 | isbn = 9781137576903 | access-date = 9 November 2018 | quote = In the 1860s and 1870s a major shift in economic structure began as czarist policy turned to promote modern industrialization [...]. [...] A huge government-supported program of railroad building began, followed by policies to attract foreign investors to develop metallurgy in the coal- and iron-rich areas of the South-East. }} </ref> The lack of secure borders meant repeated interruptions in economic development. [[Eurasian nomads|Steppe nomads]] and other conquerors – [[Cumans]], [[Mongol invasion of Kievan Rus'|Mongols]], [[Crimean Tatars|Tatars]] for example, sometimes saw plundering as more important than fostering economic development. In the 16th to 18th centuries, the wastelands of the [[Wild Fields]] left much of Ukraine as an area of tentatively militarised outposts, prior to tsarist Russia's extension of its power into the region in the 17th and 18th centuries. ===Soviet period: 1917 to 1991=== {{for|the history of Ukraine's economy in Soviet times|Ukrainian Soviet Socialist Republic#Economy}} ===1991 to 2000=== On 24 August 1991, Ukraine [[Declaration of Independence of Ukraine|established its independence]] from the [[Soviet Union]].<ref>{{cite web|url= http://gska2.rada.gov.ua:7777/site/postanova_eng/Rres_Declaration_Independence_rev12.htm|archive-url= https://web.archive.org/web/20070930203430/http://gska2.rada.gov.ua:7777/site/postanova_eng/Rres_Declaration_Independence_rev12.htm|archive-date=30 September 2007|title= Verkhovna Rada of Ukraine Resolution On Declaration of Independence of Ukraine|access-date= 12 September 2007|date= 24 August 1991|work= [[Verkhovna Rada| Verkhovna Rada of Ukraine]]}}</ref> The new state's economy suffered huge output declines and soaring inflation in the following years.<ref name="TE Mar 5th 2014">{{cite web|url=https://www.economist.com/blogs/freeexchange/2014/03/ukraine-and-russia|title=Why is Ukraine's economy in such a mess?|publisher=[[The Economist]]|date=5 Mar 2014}}</ref> 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 this was catastrophic for the economy because it undid decades of hard-fought economic progress and people became poorer.<ref name="TE Mar 5th 2014"/> Huge output declines and soaring inflation was at the time common to most [[Post-Soviet states|former Soviet republics]], but Ukraine was among the hardest hit by these problems.<ref name="TE Mar 5th 2014"/> In response to hyperinflation the [[National Bank of Ukraine]] replaced the national currency, the [[Ukrainian karbovanets|karbovanets]], with the [[Ukrainian hryvnia|hryvnia]] in September 1996 and pledged to keep it stable in relation to the U.S. dollar.<ref name="TE Mar 5th 2014"/><ref>President's Decree dated 26 August 1996, published on 29 August</ref> The currency remained unstable through the late 1990s, particularly during the [[1998 Russian financial crisis]].<ref name="TE Mar 5th 2014"/> Deep recession during the 1990s led to a relatively high [[Poverty|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 that: "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."<ref>{{Cite web|url=http://web.worldbank.org/archive/website01022A/WEB/0__CON-3.HTM|title=Economic Analysis and Evaluation – Publications & Reports|website=web.worldbank.org}}</ref> The [[United Nations|UN]] noted that Ukraine had overcome absolute poverty, and that there was only relative poverty in 2009.<ref name="UN">{{cite web|url=http://hdr.undp.org/en/media/HDR_2009_EN_Complete.pdf|title=Human Development Report 2009|date=January 2009 |publisher=HDR 2009 Statistical Tables}}</ref> ===2000 to 2014=== {{main| 2008–09 Ukrainian financial crisis}} Ukraine stabilised by the early 2000s.<ref name="TE Mar 5th 2014"/> The year 2000 saw the first year of economic growth since Ukraine's independence.<ref name="UE The Underachiever">{{cite web|url=http://carnegieendowment.org/2012/03/09/underachiever-ukraine-s-economy-since-1991|archive-url=https://web.archive.org/web/20121004084742/http://carnegieendowment.org/2012/03/09/underachiever-ukraine-s-economy-since-1991|url-status=dead|archive-date=4 October 2012|title=The Underachiever: Ukraine's Economy Since 1991|publisher=[[Carnegie Endowment for International Peace]]|date=9 March 2012}}</ref> The economy continued to grow thanks to a 50% growth in exports between 2000 and 2008<ref name="UE The Underachiever"/> – mainly exports from the traditional industries of metals, metallurgy, engineering, chemicals, and food.<ref name="UE The Underachiever"/> 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.<ref name="UE The Underachiever"/> [[Monetization|Monetisation]] also helped to drive the [[Economic expansion|economic boom]] Ukraine experienced between 2000 and 2008.<ref name="UE The Underachiever"/> 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%.<ref name="TE Mar 5th 2014"/> In 2006 and 2007, credit growth averaged 73%.<ref name="TE Mar 5th 2014"/> 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.<ref name="TE Mar 5th 2014"/> The ratio of credit to GDP grew extremely fast – from 7% to almost 80% over just several{{quantify|date=November 2018}} years.<ref name="UE The Underachiever"/> From 2000 to 2007, Ukraine's real growth averaged 7.4%.<ref name="UE The Underachiever"/> This growth was driven by domestic demand: orientation toward consumption, other structural change, and financial development.<ref name="UE The Underachiever"/> Domestic demand grew in constant prices by almost 15% annually.<ref name="UE The Underachiever"/> It was supported by expansionary—[[Procyclical and countercyclical variables|procyclical]]—fiscal policy.<ref name="UE The Underachiever"/> Ukraine benefited from very low labour costs, slightly lower tariffs, and high prices of its main export goods, but at the same time faced notably higher non-tariff barriers.<ref name="UE The Underachiever"/> 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]].<ref name="UE The Underachiever"/><ref>{{cite book|url=https://books.google.com/books?id=2zJdAgAAQBAJ&dq=Ukraine+below+world+market+prices+for+natural+gas&pg=PA34|title=Unconventional Gas Reservoirs: Evaluation, Appraisal, and Development|author=M. Rafiqul Islam|publisher=[[Gulf Publishing Company]]|date=7 November 2014|isbn=978-0128003909|page=34}}</ref><ref name="UE The Underachiever B"/><ref> {{cite news | title = Ukraine and Russia reach gas deal | work= [[BBC News]] | date = 4 January 2006 | url = http://news.bbc.co.uk/1/hi/world/europe/4579648.stm | access-date = 17 December 2008}} </ref> [[2008–2009 Ukrainian financial crisis|Ukraine suffered severely]] in the [[Great Recession|economic crisis of 2008]]. Because of it Ukraine experienced a drought in capital flows.<ref name="TE Mar 5th 2014"/> The hryvnia, which had been pegged at a rate of 5:1 to the U.S. dollar, was devalued to 8:1, and was stabilised at that ratio until the beginning of 2014.<ref name=VhaUSdGF>{{cite web|url=https://www.google.com/finance/quote/USD-UAH|title=US Dollar ($) ⇨ Ukrainian Hryvnia (UAH)]|publisher=[[Google Finance]]}}</ref> In 2008, Ukraine's economy ranked [[List of countries by GDP (nominal)|45th in the world]] according to 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%.<ref>{{cite web|url=http://www.ukrinform.ua/eng/order/?id=178325|title=Unemployment lower in Ukraine against EU countries|url-status=dead|archive-url=https://web.archive.org/web/20110716162846/http://www.ukrinform.ua/eng/order/?id=178325 |archive-date=16 July 2011 |publisher=[[UKRINFORM]]|date=12 January 2009}}</ref> The final official unemployment rates for 2009 and 2010 were 8.8% and 8.4%,<ref name="CIAFactbook"/> although the [[The World Factbook|CIA World Factbook]] notes a "large number of unregistered or underemployed workers".<ref name="CIAFactbook"/> Ukraine's GDP fell by 15% in 2009.<ref name="TE Mar 5th 2014"/> The Ukrainian economy recovered in the first quarter of 2010<ref name=UkrEcoQ12010>{{cite web|url=http://www.unian.net/eng/news/news-377569.html|title=Ukraine – Macroeconomic situation – April 2010|publisher=[[UNIAN]]|date=19 May 2010}}</ref> due to the recovery of the world economy and increasing prices for metals.<ref name="UE The Underachiever B">{{cite web|url=http://carnegieendowment.org/2012/04/02/reforming-ukrainian-economy-under-yanukovych-first-two-years|archive-url=https://web.archive.org/web/20140403054626/http://carnegieendowment.org/2012/04/02/reforming-ukrainian-economy-under-yanukovych-first-two-years|url-status=dead|archive-date=3 April 2014|title=Reforming the Ukrainian Economy under Yanukovych: The First Two Years|publisher=[[Carnegie Endowment for International Peace]]|date=2 April 2012}}</ref> Ukraine's real GDP growth in 2010 was 4.3%, leading to a per capita [[Purchasing power parity|PPP]] GDP of US$6,700.<ref name="CIAFactbook">{{cite web|url=https://www.cia.gov/the-world-factbook/countries/ukraine/|title=Ukraine Economy – GDP real growth rate.|date=22 December 2024 |publisher=[[CIA World Factbook]]}}</ref> In 2011, Ukrainian politicians estimated that 40% of Ukraine's economy was a [[Black market|shadow economy]].<ref name=shadow1>{{cite web|url=http://www.feg.org.ua/en/news/foundation_press/262.html|script-title=uk:К сожалению, запрашиваемая страница не существует.|trans-title=N. Korolevskaya: Ukraine Needs a Single Anti-Corruption Project|url-status=live<!--as of 23 Sep 2024-->|archive-url=https://web.archive.org/web/20160303233026/http://www.feg.org.ua/en/news/foundation_press/262.html |archive-date=3 March 2016 |publisher=[[Foundation for Effective Governance]]}}</ref><ref name=shadow2>{{cite web|url=http://www.interfax.com.ua/eng/main/88030/|title=Azarov: Shadow trade accounts for 40% of domestic market|url-status=dead|archive-url=https://web.archive.org/web/20120609121541/http://www.interfax.com.ua/eng/main/88030/ |archive-date=9 June 2012 |publisher=[[Interfax Ukraine]] |date=7 December 2011}}</ref> In the summer of 2013, Ukrainian exports to Russia fell substantially due to [[Ukraine–European Union relations#Russian reaction|Russia's stricter customs controls]].<ref name=rsbcdue/> By October 2013, the Ukrainian economy had become stuck in recession.<ref name=Reuters171013>{{cite web|url=https://www.reuters.com/article/us-emerging-ukraine-debt-idUSBRE99G06F20131017 |title=Big debts and dwindling cash: Ukraine tests creditors' nerves|publisher=[[Reuters]]|date=17 October 2013}}</ref> [[Moody's Investors Service|Moody's]] downgraded Ukraine's credit rating to [[Moody's#Global Credit Research|Caa1]] (poor quality and very high credit risk) in September 2013.<ref name=Reuters171013/><ref name="Moody's Definitions">{{cite web |url= http://www.moodys.com/ratings-process/Ratings-Definitions/002002 |title= Ratings Definitions |year= 2011 |work= moodys.com |publisher= [[Moody's Investors Service]] |access-date= 30 August 2011}}</ref><ref name="IOSCO 03">{{cite web |url= http://www.fsa.go.jp/inter/ios/20030930/05.pdf |title= Report on the Activities of Credit Rating Agencies |date= September 2003 |publisher= The Technical Committee of the [[International Organization of Securities Commissions]] |access-date= 1 December 2011}}</ref> At the time, [[Swap (finance)#Swap market|swap market]]s rated Ukraine's [[Probability of default|default probability]] over the next five years at 50%.<ref name=Reuters171013/> In 2013, Ukraine saw no growth in GDP.<ref name=AJstnste/> ===Post-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{{#tag:ref|In April 2014 [[2014 pro-Russian unrest in Ukraine|pro-Russian protest]] escalated into the war in Donbas between the [[Government of Ukraine|Ukrainian government]] and the [[Separatism|separatist forces]] of the self-declared [[Donetsk People's Republic]] and [[Luhansk People's Republic]].<ref name=stnstaue>{{cite news|url= https://www.yahoo.com/news/kiev-government-deploy-troops-ukraines-east-232441379.html?ref=gs|title= Ukraine to deploy troops to quash pro-Russian insurgency in the east|work= Yahoo News Canada|date= 14 April 2014|agency= Associated Press|last= Leonard|first= Peter|access-date= 26 October 2014|url-status= dead|archive-url= https://web.archive.org/web/20140414125950/https://ca.news.yahoo.com/ukraine-special-forces-sent-eastern-city-retake-buildings-082049113.html|archive-date= 14 April 2014|df= dmy}}</ref><ref>{{cite news|url= http://www.kyivpost.com/content/ukraine/armed-pro-russian-insurgents-in-luhansk-say-they-are-ready-for-police-raid-343167.html|title= Armed pro-Russian insurgents in Luhansk say they are ready for police raid|work= Kyiv Post|date= 12 April 2014|last= Grytsenko|first= Oksana}}</ref>|group= nb}} Ukraine's economy shrank by 6.8% in 2014.<ref name=stnstaue/> It had been expected to decline by 8%.<ref name="Yahoo"/> A Ukrainian government report stated early in February 2016 that Ukraine's economy had shrunk by 10.4% in 2015.<ref>{{cite web|url=http://uatoday.tv/business/ukraine-s-government-report-economy-down-10-4-in-2015-583213.html|title=Ukraine's Government Report: Economy down 10.4% in 2015|publisher=[[Ukraine Today]]|date=2 February 2016}}</ref> For 2015, the National Bank of Ukraine had expected a further decline of 11.6%, and the World Bank anticipated a 12% shrinkage.<ref name="radiosvoboda.org"/> The World Bank forecast growth of 1% in 2016.<ref name="uatoday.tv">{{cite web|url=http://uatoday.tv/news/world-bank-keeps-its-forecast-for-ukraine-s-economy-growth-at-1-per-cent-569125.html|title=World Bank keeps its forecast for Ukraine's economy growth at 1 per cent|publisher=[[Ukraine Today]]|date=11 January 2016}}</ref> Early in February 2014, the National Bank of Ukraine changed the hryvnia into a fluctuating/floating currency in an attempt to meet [[International Monetary Fund|IMF]] requirements and to try to enforce a stable price for the currency in the [[Foreign exchange market|Forex market]].<ref>{{cite news|url= http://www.bank.gov.ua/control/uk/publish/article?art_id=5454079&cat_id=55838|script-title= uk:7 лютого 2014 року Національний банк України вводить в обіг пам'ятну монету 'Визволення Нікополя від фашистських загарбників'|trans-title= 7 February 2014 the National Bank of Ukraine will introduce a commemorative coin 'Liberation of Nikopol from fascist invaders' into circulation|language= uk|date= 7 February 2014|url-status= dead|archive-url= https://web.archive.org/web/20140221230812/http://www.bank.gov.ua/control/uk/publish/article?art_id=5454079&cat_id=55838|archive-date= 21 February 2014|df= dmy|access-date= 5 February 2016}}</ref> In 2014 and 2015, the hryvnia lost about 70% of its value against the U.S. dollar.<ref name=VhaUSdGF/><ref>{{cite web|url=https://www.bbc.com/news/world-europe-35483171|title=Ukraine teeters a few steps from chaos|publisher=[[BBC News]]|date=5 February 2016}}</ref> The IMF agreed to a [[Ukraine and the International Monetary Fund|four-year loan programme]] worth about $17.5 billion in eight tranches over 2015 and 2016, subject to conditions which involved economic reforms.<ref name="ut-20160513">{{cite news |url= http://uatoday.tv/politics/ukraine-may-get-1-7-bln-from-imf-by-mid-year-moody-s-647646.html |title= Ukraine may get USD 1.7 bln from IMF by mid-year – Moody's |publisher= Ukraine Today |date= 13 May 2016 |access-date= 20 May 2016}}</ref> 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.<ref name="kp-20160514">{{cite news |url= https://www.kyivpost.com/article/content/ukraine-politics/what-ukraine-must-do-to-get-another-17-413635.html |title= What Ukraine must do to get another $1.7 billion IMF loan |newspaper= Kyiv Post |date= 14 May 2016 |access-date= 20 May 2016}}</ref><ref name="reuters-20160518">{{cite news |url= http://uk.reuters.com/article/uk-ukraine-crisis-imf-idUKKCN0Y92JB |archive-url= https://web.archive.org/web/20160519120357/http://uk.reuters.com/article/uk-ukraine-crisis-imf-idUKKCN0Y92JB |url-status= dead |archive-date= 19 May 2016 |title= Ukraine, IMF agree terms to resume financial support – IMF |author= Alessandra Prentice |work= Reuters |date= 18 May 2016 |access-date= 20 May 2016}}</ref> Some western analysts believed that large foreign loans were not encouraging reform, but enabling the corrupt extraction of funds out of the country.<ref name="wp-20160505">{{cite news |url= https://www.washingtonpost.com/news/monkey-cage/wp/2016/05/05/how-western-aid-enables-graft-addiction-in-ukraine/ |title= How Western aid enables graft addiction in Ukraine |author= Neil A. Abrams, [[M. Steven Fish]] |newspaper= Washington Post |date= 5 May 2016 |access-date= 20 May 2016}}</ref> 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 [[17 December 2013 Russian–Ukrainian action plan|December 2013 Ukrainian–Russian action plan]].<ref name=PaymentMoratorium>{{cite news|first= Nataliya|last= Vasileva|url= https://www.yahoo.com/news/ukraine-says-wont-repay-russian-debt-due-weekend-112007020.html?ref=gs|title= Ukraine won't repay $3 billion Russian debt due this weekend|agency= [[AP News]]|location= Moscow|date= 18 December 2015|access-date= 4 February 2016|url-status= live|archive-url= https://web.archive.org/web/20160311162705/http://bigstory.ap.org/article/3266e1c4ee134eebacb860fb07b1ad06/ukraine-says-it-wont-repay-russian-debt-due-weekend|archive-date= 11 March 2016|df= dmy}}</ref> The turnover of retail trade in Ukraine in 2014 shrank by 8.6% (from 2013) and shrank by 20.7% in 2015 (from 2014).<ref>{{cite web|url=http://www.unian.info/economics/1241782-ukraine-sees-207-decline-in-retail-trade-in-2015.html|title=Ukraine sees 20.7% decline in retail trade in 2015|publisher=[[UNIAN]]|date=20 January 2016}}</ref> Ukraine saw a 30.9% decline in exports in 2015,<ref name="RUTtwpsp"/> mainly because of a sharp decline in production output in [[Donetsk Oblast]] and in [[Luhansk Oblast]] (the two regions of the Donbas).<ref name="RUTtwpsp"/> These two regions were responsible for 40.6% of the total export-decline rate.<ref name="RUTtwpsp"/> Before the war they had been two of the more industrial [[oblasts of Ukraine]].<ref name=AJstnste/> According to the [[Ministry of Economy (Ukraine)|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.<ref name="RUTtwpsp"/> On 31 December 2015, Ukraine's public debt stood at 79% of its GDP.<ref name="pdu2015"/> It had shrunk $4.324 billion in 2015 to end up at $65.488 billion.<ref name="pdu2015"/> But calculated in hryvnia, the debt had grown by 42.78%.<ref name="pdu2015">{{Cite web|url=https://www.unian.info/economics/1263757-ukraines-public-debt-at-79-of-gdp-by-end-of-2015-finance-ministry.html|title=Ukraine's public debt at 79% of GDP by end of 2015 – Finance Ministry|website=www.unian.info|date=12 February 2016 }}</ref> In 2015, the [[Ministry of Social Policy of Ukraine]] rated 20–25% of Ukrainian households as poor.<ref>{{cite web|url=http://www.ua.undp.org/content/ukraine/en/home/presscenter/pressreleases/2015/09/22/how-to-overcome-poverty-in-ukraine.html|title=How to overcome poverty in Ukraine|url-status=dead|archive-url=https://web.archive.org/web/20181109153725/http://www.ua.undp.org/content/ukraine/en/home/presscenter/pressreleases/2015/09/22/how-to-overcome-poverty-in-ukraine.html |archive-date=9 November 2018 |publisher=[[UNDP]]|access-date=22 September 2015}}</ref> $2.526 billion entered the Ukrainian economy via remittances in 2015, 34.9% less than in 2014.<ref name=tfU4316/> $431 million was sent from Ukraine to elsewhere using remittances.<ref name=tfU4316>{{cite web|url=http://www.unian.info/economics/1282938-money-flow-from-ukrainian-migrant-workers-halves-to-25-bln.html|title=Money flow from Ukrainian migrant workers halves to $2.5 bln|publisher=[[UNIAN]] |date=4 March 2016}}</ref> In January 2016, [[Bloomberg L.P.|Bloomberg]] rated Ukraine's economy as the 41st most innovative in the world,<ref>{{cite web|url=https://www.bloomberg.com/news/articles/2016-01-19/these-are-the-world-s-most-innovative-economies|title=These Are the World's Most Innovative Economies|work=Bloomberg |date=19 January 2016 |publisher=Bloomberg Business}}</ref> down from 33rd in January 2015.<ref>{{cite web|url=https://www.bloomberg.com/visual-data/best-and-worst//most-innovative-countries|title=Most Innovative: Countries|work=Bloomberg |publisher=Bloomberg Business}}</ref> In May 2016, the IMF mission chief for Ukraine, Ron van Rood, stated that [[Corruption in Ukraine|reduction of corruption]] was a key test for continued international support.<ref name="reuters-20160518"/> In February 2016, historian [[Andrew Wilson (historian)|Andrew Wilson]] assessed progress in reducing corruption as poor as of 2016.<ref name="nw-20160214">{{cite news |url= http://europe.newsweek.com/corruption-stalling-ukraine-optimistic-revolution-425477 |title= Corruption was Stalling Ukraine's Optimistic Revolution |author= Andrew Wilson |newspaper= Newsweek |date= 14 February 2016 |access-date= 17 February 2016}}</ref> [[Aivaras Abromavičius]], Ukraine's then-Minister of Economy and Trade, resigned in February 2016, citing ingrained corruption.<ref name="guardian-20160204">{{cite news |url= https://www.theguardian.com/world/2016/feb/04/economic-minister-resignation-ukraine-crisis-aivaras-abromavicius |title= Economic minister's resignation plunges Ukraine into new crisis |author= Alec Luhn |newspaper= The Guardian |date= 4 February 2016 |access-date= 16 March 2016}}</ref> In October of the same year, a survey of potential foreign investors conducted by Dragon Capital identified corruption and lack of trust in the judiciary as the largest obstacles to investment.<ref name="euronews-20161011">{{cite news |url= http://www.euronews.com/2016/10/11/ukraine-sets-sights-on-foreign-investment |title= Ukraine sets sights on foreign investment |newspaper= euronews |date= 11 October 2016 |access-date= 11 October 2016}}</ref> Late in July 2016, the [[State Statistics Service of Ukraine]] reported that, compared with June 2015, [[real wages]] had increased by 17.3%.<ref>{{Cite web|url=https://www.unian.info/economics/1442903-real-wages-in-ukraine-grow-by-72-in-june.html|title=Real wages in Ukraine grow by 7.2% in June|website=www.unian.info|date=29 July 2016 }}</ref> 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.<ref>{{Cite web|url=https://www.unian.info/economics/1443222-ukraine-posts-406-mln-surplus-in-balance-of-payments-in-h1.html|title=Ukraine posts $406 mln surplus in balance of payments in H1|website=www.unian.info|date=29 July 2016 }}</ref> 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.<ref name=iSSS6117>{{cite web|url=http://en.interfax.com.ua/news/economic/395236.html |title=State Statistics Service: Inflation in Ukraine in 2016 slows down to 12.4%|publisher= [[Interfax-Ukraine]] |date=6 January 2017}}</ref> ''[[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.<ref>{{cite news|url= https://www.economist.com/blogs/freeexchange/2016/01/lviv-not-donetsk|title= The Ukrainian economy is not terrible everywhere|newspaper= The Economist}}</ref> The economy of Ukraine has overcome{{when|date=November 2018}} 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.<ref>{{Cite web|url= http://en.clc.co.ua/management-and-legal-support-for-business-activity-in-ukraine/|title= Investing in Ukraine|last= Thor|first= Anatoliy|date= 14 May 2017}}</ref> In 2016, for the first time since 2010, the economy grew by more than 2%.<ref name="ukraine-economic-update-spring-2017"/> A 2017 World Bank statement projected growth of 2% in 2017, of 3.5% in 2018, and of 4% in 2019 and 2020.<ref>{{cite web|url=http://en.interfax.com.ua/news/economic/452534.html|title=World Bank affirms Ukraine's GDP growth forecast for 2017 at 2%|publisher=[[Interfax-Ukraine]]|date=3 October 2017}}</ref><ref>{{cite web|url=https://economics.unian.info/2338558-world-bank-ukraines-economy-may-grow-35-in-2018.html|title=World Bank: Ukraine's economy may grow 3.5% in 2018|publisher=[[UNIAN]]|date=10 January 2018}}</ref> Inflation in Ukraine in 2017 was 13.7% (12.4% in 2016).<ref name="UNIAN2337517">{{cite web|url=https://economics.unian.info/m/2337517-growth-of-consumer-prices-in-ukraine-accelerates-to-almost-14-in-2017-statistics.html|title=Growth of consumer prices in Ukraine accelerates to almost 14% in 2017|publisher=[[UNIAN]]|date=9 January 2018}}</ref> 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|National Security and Defence 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.<ref name=bl-20190220>{{cite news |url=https://www.bloomberg.com/opinion/articles/2019-02-20/eastern-europe-feeds-on-a-shrinking-ukraine |title=Eastern Europe Feeds on a Shrinking Ukraine |last=Bershidsky |first=Leonid |publisher=Bloomberg |date=20 February 2019 |access-date=24 June 2019}}</ref><ref name=wilsoncenter-20190514>{{cite web |url=https://www.wilsoncenter.org/blog-post/losing-brains-and-brawn-outmigration-ukraine-0 |title=Losing Brains and Brawn: Outmigration from Ukraine |last=Kiryukhin |first=Denys |publisher=Woodrow Wilson International Center for Scholars |date=14 May 2019 |access-date=24 June 2019}}</ref> In Q1 2019, China became Ukraine's largest trading partner, replacing Russia.<ref name="eu191001" /><ref name="kyivpost200216" /> In Q3 of 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; favourable price situation on selected world commodity markets for domestic exports and others.<ref>{{Cite web|url=https://www.kmu.gov.ua/en/news/realnij-vvp-u-iii-kvartali-zris-na-42-derzhstat|title=Cabinet of Ministers of Ukraine – State Statistics Service: Real GDP growth in Q3 made up 4.2%|website=www.kmu.gov.ua}}</ref> Ukraine made its largest payment on debt in 2019 at $1.1 billion.<ref>{{Cite web|url=https://www.unian.info/economics/10672101-ukraine-making-largest-payment-on-debt-in-2019-at-1-1-bln.html|title=Ukraine making largest payment on debt in 2019 at $1.1 bln|website=www.unian.info|date=3 September 2019 }}</ref> 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.<ref>{{Cite web|url=https://www.kmu.gov.ua/en/news/kreditnij-rejting-idr-ukrayini-pidvishcheno-z-b-do-b,|title=Credit rating (07 September 2019)}}</ref> Ukraine moved up seven positions in the annual World Bank Doing Business 2020 report.<ref>{{Cite web|url=https://www.kmu.gov.ua/en/news/ukrayina-pidnyalasya-odrazu-na-7-punktiv-v-rejtingu-doing-business-2020-ta-posila-64-misce-sered-190-krayin|title=Cabinet of Ministers of Ukraine – Ukraine improved 7 positions and is ranked #64 (out of 190 States) in World Bank Doing Business 2020 report|website=www.kmu.gov.ua}}</ref> Prudent macroeconomic management helped reduce inflation and interest rates in 2019. Inflation eased to 4.1% at the end of 2019 and 2.4% in February 2020.{{citation needed|date=December 2023}} In 2020, Ukraine's GDP fell by 4.4%, due to the [[COVID-19 pandemic]].<ref>{{Cite web|title=Ukraine's GDP fell by 4.4 pct in 2020: Ukrainian national bank – Xinhua {{!}} English.news.cn|url=http://www.xinhuanet.com/english/2021-01/22/c_139689983.htm|access-date=26 May 2021|website=www.xinhuanet.com|archive-date=7 March 2021|archive-url=https://web.archive.org/web/20210307063405/http://www.xinhuanet.com/english/2021-01/22/c_139689983.htm|url-status=dead}}</ref> On 27 October 2020, the [[Constitutional Court of Ukraine]] ruled that anti-corruption legislation, including the mandatory electronic declaration of income, was unconstitutional.<ref name=unian-20201113>{{cite news |url=https://www.unian.info/politics/ambassador-maasikas-imf-eu-financial-aid-visa-free-travel-depend-on-fighting-corruption-11218355.html |title=Ambassador Maasikas: IMF, EU financial aid, visa-free travel depend on fighting corruption |website=UNIAN |date=13 November 2020 |access-date=27 November 2020}}</ref> President [[Volodymyr Zelenskyy]] warned that if the [[Verkhovna Rada|Ukrainian 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.<ref name=reuters-20201102>{{cite news |url=https://www.reuters.com/article/us-ukraine-politics-imf-idUSKBN27I2JN |title=Back me or put IMF loans and EU visa-free deal at risk, Ukraine's president warns |last1=Zinets |first1=Natalia |last2=Polityuk |first2=Pavel |publisher=Reuters |date=2 November 2020 |access-date=27 November 2020}}</ref><ref name=intellinews-20201114>{{cite news |url=https://www.intellinews.com/nbu-says-no-imf-tranche-for-ukraine-this-year-196579/ |title=NBU says no IMF tranche for Ukraine this year |website=bne IntelliNews |location=Berlin |date=14 November 2020 |access-date=27 November 2020}}</ref> 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.<ref>{{cite web|url=https://www.atlanticcouncil.org/blogs/ukrainealert/imf-puts-ukraine-on-pause-over-corruption-concerns/|title=IMF puts Ukraine on pause over corruption concerns|date=16 February 2021|archive-url=https://archive.today/20210216161016/https://www.atlanticcouncil.org/blogs/ukrainealert/imf-puts-ukraine-on-pause-over-corruption-concerns/|archive-date=16 February 2021|url-status=live}}</ref> On 21 July 2022, Ukraine devalued the Ukrainian hryvnia by 25% against the U.S. dollar due to the economic impact of [[Russian invasion of Ukraine|ongoing Russian invasion of Ukraine]], to eliminate currency speculation and to improve the international competitiveness of business. The previous day it requested a two-year payment freeze on international bonds; in 2020 it had $130 billion of external debt.<ref name=reuters-20220721>{{cite news |url=https://www.reuters.com/markets/rates-bonds/ukraines-central-bank-devalues-hryvnia-by-25-against-us-dollar-2022-07-21/ |title=Ukraine devalues hryvnia currency by 25% against U.S. dollar |last1=Zinets |first1=Natalia |last2=Vasovic |first2=Aleksandar |publisher=Reuters |date=21 July 2022 |access-date=1 September 2022}}</ref> When the 2022 Russian invasion began, Ukraine's economy was predicted by the IMF to shrink by up to 35%.<ref>{{cite web|url=https://www.theguardian.com/business/2022/mar/14/ukraine-economy-shrink-2022-imf-russia-war|title=Ukraine economy could shrink by up to 35% in 2022, says IMF|work=[[The Guardian]]|date=14 March 2022|access-date=31 March 2022|last=Elliott|first=Larry}}</ref> Despite improvements, as in Moldova [[corruption in Ukraine]] remains an obstacle to [[Accession of Ukraine to the European Union|joining the EU]]; the country was rated 104th out of 180 in the [[Corruption Perceptions Index]] for 2023.<ref>{{Cite web |date=2024-01-30 |title=CPI 2023 for Eastern Europe & Central Asia: Autocracy & weak justice… |url=https://www.transparency.org/en/news/cpi-2023-eastern-europe-central-asia-autocracy-weak-justice-systems-widespread-enabling-corruption |access-date=2024-01-31 |website=Transparency.org |language=en}}</ref> ==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 1992–2023. Inflation below 5% is in green.<ref>{{Cite web |title=Report for Selected Countries and Subjects |url=https://www.imf.org/en/Publications/WEO/weo-database/2023/October/weo-report |access-date=2024-02-26 |website=IMF |language=en}}</ref> {{static row numbers}}{{sticky header}} {| class="wikitable sortable sticky-header" style="text-align:center;" !Year !GDP<br /><small>(in bn. US$PPP)</small> !GDP per capita<br /><small>(in US$ PPP)</small> !GDP<br /><small>(in bn. US$nominal)</small> !GDP per capita<br /><small>(in US$ nominal)</small> !GDP growth<br /><small>(real)</small> !Inflation rate<br /><small>(in %)</small> !Unemployment<br /><small>(in %)</small> !Government debt<br /><small>(in % of GDP)</small> |- |1992 |331.1 |6,382.7 |22.2 |427.9 |n/a |n/a |n/a |n/a |- |1993 |{{Decrease}}290.8 |{{Decrease}}5,623.0 |{{Increase}}35.0 |{{Increase}}677.3 |{{Decrease}}-14.2% |{{IncreaseNegative}}4734.9% |n/a |n/a |- |1994 |{{Decrease}}229.0 |{{Decrease}}4,463.7 |{{Increase}}38.0 |{{Increase}}741.0 |{{Decrease}}-22.9% |{{IncreaseNegative}}891.2% |n/a |n/a |- |1995 |{{Decrease}}205.3 |{{Decrease}}4,034.9 |{{Increase}}38.3 |{{Increase}}752.3 |{{Decrease}}-12.2% |{{IncreaseNegative}}376.7% |{{DecreasePositive}}14.8% |n/a |- |1996 |{{Decrease}}188.1 |{{Decrease}}3,732.6 |{{Increase}}46.1 |{{Increase}}914.3 |{{Decrease}}-10.0% |{{IncreaseNegative}}80.2% |{{DecreasePositive}}10.0% |n/a |- |1997 |{{Decrease}}185.6 |{{Decrease}}3,714.5 |{{Increase}}51.9 |{{Increase}}1,037.9 |{{Decrease}}-3.0% |{{IncreaseNegative}}15.9% |{{DecreasePositive}}9.8% |{{DecreasePositive}}28.9% |- |1998 |{{Decrease}}184.2 |{{Increase}}3,716.9 |{{Decrease}}43.3 |{{Decrease}}874.3 |{{Decrease}}-1.9% |{{IncreaseNegative}}10.6% |{{IncreaseNegative}}11.3% |{{IncreaseNegative}}46.5% |- |1999 |{{Increase}}186.4 |{{Increase}}3,794.6 |{{Decrease}}32.7 |{{Decrease}}665.0 |{{Decrease}}-0.2% |{{IncreaseNegative}}22.7% |{{IncreaseNegative}}11.9% |{{IncreaseNegative}}59.0% |- |2000 |{{Increase}}201.8 |{{Increase}}4,147.7 |{{Decrease}}32.3 |{{Decrease}}664.4 |{{Increase}}5.9% |{{IncreaseNegative}}28.2% |{{DecreasePositive}}11.5% |{{DecreasePositive}}43.8% |- |2001 |{{Increase}}224.5 |{{Increase}}4,654.7 |{{Increase}}37.9 |{{Increase}}784.9 |{{Increase}}8.8% |{{IncreaseNegative}}12.0% |{{DecreasePositive}}10.8% |{{DecreasePositive}}36.7% |- |2002 |{{Increase}}240.1 |{{Increase}}5,021.3 |{{Increase}}42.3 |{{Increase}}885.3 |{{Increase}}5.3% |{{Increase}}0.8% |{{DecreasePositive}}9.6% |{{DecreasePositive}}33.6% |- |2003 |{{Increase}}268.1 |{{Increase}}5,651.9 |{{Increase}}50.1 |{{Increase}}1,055.9 |{{Increase}}9.5% |{{IncreaseNegative}}5.2% |{{DecreasePositive}}9.1% |{{DecreasePositive}}29.4% |- |2004 |{{Increase}}307.8 |{{Increase}}6,535.5 |{{Increase}}64.8 |{{Increase}}1,374.8 |{{Increase}}11.8% |{{IncreaseNegative}}9.0% |{{DecreasePositive}}8.6% |{{DecreasePositive}}24.8% |- |2005 |{{Increase}}327.3 |{{Increase}}7,001.6 |{{Increase}}86.0 |{{Increase}}1,839.5 |{{Increase}}3.1% |{{IncreaseNegative}}13.5% |{{DecreasePositive}}7.2% |{{DecreasePositive}}17.7% |- |2006 |{{Increase}}363.1 |{{Increase}}7,813.6 |{{Increase}}107.8 |{{Increase}}2,319.3 |{{Increase}}7.6% |{{IncreaseNegative}}9.1% |{{DecreasePositive}}6.8% |{{DecreasePositive}}14.8% |- |2007 |{{Increase}}403.5 |{{Increase}}8,734.2 |{{Increase}}143.3 |{{Increase}}3,101.4 |{{Increase}}8.2% |{{IncreaseNegative}}12.8% |{{DecreasePositive}}6.4% |{{DecreasePositive}}12.3% |- |2008 |{{Increase}}420.2 |{{Increase}}9,142.8 |{{Increase}}181.3 |{{Increase}}3,944.7 |{{Increase}}2.2% |{{IncreaseNegative}}25.2% |{{IncreaseNegative}}6.4% |{{IncreaseNegative}}20.4% |- |2009 |{{Decrease}}359.1 |{{Decrease}}7,842.9 |{{Decrease}}117.1 |{{Decrease}}2,557.3 |{{Decrease}}-15.1% |{{IncreaseNegative}}15.9% |{{IncreaseNegative}}8.8% |{{IncreaseNegative}}35.4% |- |2010 |{{Increase}}378.3 |{{Increase}}8,296.0 |{{Increase}}136.0 |{{Increase}}2,982.8 |{{Increase}}4.1% |{{IncreaseNegative}}9.4% |{{DecreasePositive}}8.1% |{{IncreaseNegative}}40.6% |- |2011 |{{Increase}}407.2 |{{Increase}}8,959.2 |{{Increase}}163.2 |{{Increase}}3,589.6 |{{Increase}}5.5% |{{IncreaseNegative}}8.0% |{{DecreasePositive}}7.9% |{{DecreasePositive}}36.9% |- |2012 |{{Increase}}426.0 |{{Increase}}9,388.8 |{{Increase}}175.7 |{{Increase}}3,872.5 |{{Increase}}0.2% |{{Increase}}0.6% |{{DecreasePositive}}7.5% |{{IncreaseNegative}}37.5% |- |2013 |{{Increase}}486.4 |{{Increase}}10,749.4 |{{Increase}}179.6 |{{Increase}}3,968.9 |{{Increase}}0% |{{DecreasePositive}}-0.3% |{{DecreasePositive}}7.2% |{{IncreaseNegative}}40.5% |- |2014 |{{Decrease}}462.0 |{{Increase}}10,804.3 |{{Decrease}}130.6 |{{Decrease}}3,053.6 |{{Decrease}}-6.6% |{{IncreaseNegative}}12.1% |{{IncreaseNegative}}9.3% |{{IncreaseNegative}}70.3% |- |2015 |{{Decrease}}435.5 |{{Decrease}}10,224.9 |{{Decrease}}90.5 |{{Decrease}}2,124.3 |{{Decrease}}-9.8% |{{IncreaseNegative}}48.7% |{{DecreasePositive}}9.1% |{{IncreaseNegative}}79.5% |- |2016 |{{Increase}}475.7 |{{Increase}}11,215.9 |{{Increase}}93.3 |{{Increase}}2,200.0 |{{Increase}}2.4% |{{IncreaseNegative}}13.9% |{{IncreaseNegative}}9.5% |{{IncreaseNegative}}79.5% |- |2017 |{{Increase}}504.2 |{{Increase}}11,942.8 |{{Increase}}112.1 |{{Increase}}2,655.7 |{{Increase}}2.4% |{{IncreaseNegative}}14.4% |{{IncreaseNegative}}9.7% |{{DecreasePositive}}71.6% |- |2018 |{{Increase}}534.2 |{{Increase}}12,725.0 |{{Increase}}130.9 |{{Increase}}3,118.3 |{{Increase}}3.5% |{{IncreaseNegative}}10.9% |{{DecreasePositive}}9.0% |{{DecreasePositive}}60.4% |- |2019 |{{Increase}}561.2 |{{Increase}}13,447.4 |{{Increase}}154.0 |{{Increase}}3,690.1 |{{Increase}}3.2% |{{IncreaseNegative}}7.9% |{{DecreasePositive}}8.5% |{{DecreasePositive}}50.5% |- |2020 |{{Decrease}}547.3 |{{Decrease}}13,213.6 |{{Increase}}156.6 |{{Increase}}3,780.1 |{{Decrease}}-3.7% |{{Increase}}2.7% |{{IncreaseNegative}}9.2% |{{IncreaseNegative}}60.5% |- |2021 |{{Increase}}591.5 |{{Increase}}14,427.9 |{{Increase}}199.8 |{{Increase}}4,874.3 |{{Increase}}3.4% |{{IncreaseNegative}}9.4% |{{IncreaseNegative}}9.8% |{{DecreasePositive}}48.9% |- |2022 |{{Decrease}}449.0 |{{Decrease}}12,886.2 |{{Decrease}}160.5 |{{Decrease}}4,606.8 |{{Decrease}}-29.1% |{{IncreaseNegative}}20.2% |{{IncreaseNegative}}24.5% |{{IncreaseNegative}}78.5% |- |2023 |{{Increase}}474.8 |{{Increase}}14,304.9 |{{Increase}}173.4 |{{Increase}}5,224.6 |{{Increase}}2.0% |{{IncreaseNegative}}17.7% |{{DecreasePositive}}19.4% |{{IncreaseNegative}}88.2% |} ===Trade=== Until recently, Russia{{#tag:ref|Both [[Russian SSR|Russia]] and [[Ukrainian SSR|Ukraine]] were part of the [[Soviet Union]] since 1922 till [[Declaration of Independence of Ukraine|Ukraine declared its independence from the Soviet Union on 24 August 1991]], and before 1917 they were both part of the [[Russian Empire]].<ref>{{cite book|url=https://books.google.com/books?id=BNUtdVrw6lIC&dq=16+July+1991+Ukrainian+state+sovereignty.&pg=PA722|title=A History of Ukraine: The Land and Its Peoples|author=Paul Robert Magocsi|author-link=Paul Robert Magocsi|publisher=[[University of Toronto Press]]|date=2010|isbn=978-1442610217|pages=563/564 & 722/723}}</ref>|group=nb}} was Ukraine's largest trading partner with 25.7% of exports and 32.4% of imports in 2012.<ref name="World Trade Organisation">{{Cite web |url=http://stat.wto.org/CountryProfile/WSDBCountryPFView.aspx?Country=UA&Language=F |title=WTO Trade Profile Ukraine |access-date=23 January 2014 |archive-url=https://web.archive.org/web/20140221165901/http://stat.wto.org/CountryProfile/WSDBCountryPFView.aspx?Country=UA&Language=F |archive-date=21 February 2014 |url-status=dead }}</ref> In 2012, 24.9% of exports and 30.9% of imports were to and from the EU.<ref name="World Trade Organisation"/> In 2013, 35.9% of Ukrainian exports went to [[Commonwealth of Independent States|CIS]] countries, including eight countries other than Ukraine. Simultaneously, exports to EU countries was 26.6% of all exports.<ref>{{cite web|url=http://www.ukrinform.ua/eng/news/structure_of_ukrainian_exports_invariable_in_2013_315190|title=Structure of Ukrainian exports invariable in 2013|url-status=dead|archive-url=https://web.archive.org/web/20131225022420/http://www.ukrinform.ua/eng/news/structure_of_ukrainian_exports_invariable_in_2013_315190 |archive-date=25 December 2013|date=24 December 2013}}</ref><ref>{{Cite web |url=http://atlas.media.mit.edu/explore/tree_map/hs/export/ukr/show/all/2012/ |title=Export destinations of Ukraine (2012) |access-date=17 March 2015 |archive-date=27 December 2014 |archive-url=https://web.archive.org/web/20141227223117/http://atlas.media.mit.edu/explore/tree_map/hs/export/ukr/show/all/2012/ |url-status=dead }}</ref><ref>{{Cite web|url=http://www.bloomberg.com/visual-data/best-and-worst//ukraines-biggest-trading-partners-countries|title=Ukraine's Biggest Trading Partners: Countries – Bloomberg Best (and Worst)|website=[[Bloomberg News]]|date=17 March 2015|archive-url=https://web.archive.org/web/20150317011708/http://www.bloomberg.com/visual-data/best-and-worst//ukraines-biggest-trading-partners-countries|archive-date=17 March 2015}}</ref> In 2015 the EU became Ukraine's largest trading partner, accounting for more than a third of its trade.<ref>{{Cite web|url=http://ec.europa.eu/trade/policy/countries-and-regions/countries/ukraine/|title=Ukraine – Trade – European Commission|date=17 March 2015|archive-url=https://web.archive.org/web/20150317011655/http://ec.europa.eu/trade/policy/countries-and-regions/countries/ukraine/|archive-date=17 March 2015}}</ref> In 2015, Ukrainian exports to Russia had fallen to 12.7%.<ref name="RUTtwpsp">{{cite web|url=http://www.unian.info/economics/1245654-ukraine-sees-309-decline-in-exports-in-11-months-of-2015.html|title=Ukraine sees 30.9% decline in exports in 11 months of 2015|publisher=[[UNIAN]]|date=25 January 2016}}</ref> In 2017, 14.5% of Ukraine's imports came from Russia.<ref name="CIAWFUP">{{cite web |url=https://www.cia.gov/the-world-factbook/countries/ukraine/ |title=The World Factbook |publisher=[[Central Intelligence Agency]] |website=CIA.gov |access-date=23 March 2019}}</ref> In 2017, Ukrainian exports to Russia stood at 9%.<ref name="UNIAN2325981b"/> In 2017, 40% of Ukraine's exports went to the EU and 15% to CIS countries.<ref name="UNIAN2325981b">{{Cite web|url=https://www.unian.info/economics/2325981-weeks-balance-thorny-road-to-bright-economic-future.html|title=Year's balance: thorny road to bright economic future|website=www.unian.info|date=30 December 2017 }}</ref> Overall, Ukraine increased its exports by 20% in 2017.<ref name="UNIAN2325981b"/> The growth of imports was faster than the rate of export growth.<ref name="UNIAN2325981b"/> 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.<ref name="RUTtwpsp"/><ref name="uniant30316">{{cite web|url=http://www.unian.info/economics/1304596-export-of-ukrainian-goods-and-services-to-eu-down-by-25-in-2015.html|title=Export of Ukrainian goods and services to EU down by 25% in 2015|publisher=[[UNIAN]]|date=30 March 2016}}</ref> Exports from Ukraine in 2015 decreased by 29.3% to $38.135 billion. Imports were 31.1% down, to $37.502 billion.<ref name="uniant30316"/> 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.<ref name="UNIAN2325981b"/> In 2019, China replaced Russia as the largest single-nation trading partner with Ukraine achieved $50.06 billion in export and $60.78 billion in import.<ref name="eu191001">{{cite web|url=https://emerging-europe.com/news/china-becomes-ukraines-largest-trading-partner/ |title=China becomes Ukraine's largest trading partner |website=Emerging Europe |date=1 October 2019 |first=Dominik |last=Istrate }}</ref><ref name="kyivpost200216">{{cite web|url=https://archive.kyivpost.com/business/china-russia-germany-top-list-of-ukraines-trade-partners-in-2019.html#:~:text=The%20leading%20trade%20partners%20were,6.3%25%20more%20than%20in%202018. |title= China, Russia, Germany top list of Ukraine's trade partners in 2019 |website=Kyiv Post |date=16 February 2020 |first=Artur |last=Korniienko }}</ref> Ukraine was the leading agricultural goods provider in the Chinese market.<ref>{{cite web|url=https://thediplomat.com/2019/10/why-china-is-setting-its-sights-on-ukraine/#:~:text=In%202018%2C%20China%20was%20the,almost%2014%20percent%20outpacing%20Russia. |title=Why China is Setting its Sights on Ukraine |website=The Diplomat |date=4 October 2019 |first1=Valbona |last1=Zeneli |first2=Nataliia |last2=Haluhan}}</ref> [[Natural gas in Ukraine|Natural gas]] is Ukraine's biggest import and the main cause of the country's structural trade deficit.<ref name=UkNGOSW15713>{{cite web|first=Arkadiusz|last=Sarna|url=http://www.osw.waw.pl/en/publikacje/osw-commentary/2013-07-15/kyiv-s-gas-strategy-closer-cooperation-gazprom-or-a-genuine-div|title=Kyiv's gas strategy: closer cooperation with Gazprom or a genuine diversification|publisher=[[Centre for Eastern Studies]]|date=15 July 2013|url-status=dead|archive-url=https://web.archive.org/web/20131023132057/http://www.osw.waw.pl/en/publikacje/osw-commentary/2013-07-15/kyiv-s-gas-strategy-closer-cooperation-gazprom-or-a-genuine-div|archive-date=23 October 2013}}</ref> Exports of Ukrainian goods in 2024 reached US$41.73 billion.<ref name=UkraineTrade/> ===List of major private owned companies, not considering banks and insurance companies=== {| class="wikitable sortable plainrowheads" style="text-align:center;" |- ! Rank ! Company ! Home city ! Revenue (₴M), 2020 ! Profit (₴M), 2020 |- | 1. || [[Metinvest]] ||[[Mariupol]] || 309,302 || 12,960 |- | 2. || [[ATB-Market]] ||[[Dnipro]] || 123,864|| 5,769 |- | 3. || [[Kernel Holding|Kernel]]||[[Kyiv]] || 118,667 || 5,553 |- | 4. || [[DTEK]] ||[[Kyiv]]|| 116,046 || −13,895 |- | 5. || [[Fozzy Group]]|| [[Kyiv]] || 80,167 || n/d |- | 6. || [[ArcelorMittal Kryvyi Rih]] || [[Kryvyi Rih]] || 63,497 || 741 |- | 7. || [[Tedis Ukraine]] || [[Odesa]] || 54,845 || 244 |- | 8. || [[PrJSC MHP|Mironivsky Hliboproduct]]||[[Kyiv]] || 51,516 || −3,547 |- | 9. || [[Epicentr K]] ||[[Kyiv]] || 50,382 || 3,171 |- | 10. || [[Ferrexpo]] || [[Horishni Plavni]] || 45,828 || 17,118 |- | 11. || [[Zaporizhstal]] || [[Zaporizhzhia]] || 45,631 || −3,678 |- | 12. || [[BaDM]] || [[Lviv]] || 41,816 || 1,112 |- | 13. || [[Optima-Pharm]]||[[Kyiv]] || 37,248 || 338 |- | 14. || [[Ukrnafta]]||[[Kyiv]] || 35,535 || 4,269 |- | 15. || [[Ukrtatnafta]] || [[Kremenchuk]] || 34,327 || 42 |} Source:<ref>{{Cite web |date=2020-10-01 |title=100 найбільших приватних компаній України 2020 — Forbes.ua |url=https://forbes.ua/ratings/100-naybilshikh-privatnikh-kompaniy-ukraini-02112020-408 |access-date=2022-03-01 |website=forbes.ua |language=uk}}</ref> The 2016 Ranking of the Top 500 companies of [[Central Europe|Central]] and [[Eastern Europe]] by Deloitte has come up with specific features of Ukraine's economy. More than 50% of the biggest Ukrainian companies are therefore owned by local investors whereas for the whole region this number accounts only to 15,4%. Deloitte explains the difference with the low investment attractiveness for foreign investors. Furthermore, the biggest Ukrainian companies feature a considerable higher average headcount (35’600 vs. 6’600 employees) and lower productivity (EUR 47’000 revenue per employee vs. EUR 207’000 for the whole region).<ref>{{Cite web |date=2020-10-01 |title=An era of digital transformation |url=https://www2.deloitte.com/ua/en/pages/press-room/research/ce-top-500-2016.html |access-date=2023-03-08 |website=deloitte.com}}</ref> ===Natural resources=== {{see also|Natural gas in Ukraine|Coal in Ukraine}} Ukraine is relatively rich in natural resources, particularly in mineral deposits. Although oil and natural gas reserves in Ukraine are largely exhausted,<ref name=UkNGOSW15713/> it has other important energy sources, such as coal, hydroelectricity, and nuclear-fuel raw materials.<ref>{{cite web|last1=Hajda|first1=Lubomyr|title=Ukraine|url=https://www.britannica.com/place/Ukraine|website=Encyclopædia Britannica|publisher=Encyclopædia Britannica, inc.|access-date=1 March 2018}}</ref> ===Ukrainian economy in graphics=== <gallery mode="packed" heights="130px"> File:GDP PPP Poland.svg|GDP ([[Purchasing power parity|PPP]]) of Ukraine File:GDP PPP per capita CIS.svg|Ukraine's GDP (PPP) per capita File:Population of Ukraine from 1950z.svg|Ukraine's population from 1950 File:Ukr world GNI percapita.PNG|[[List of countries by GNI (nominal) per capita|2022 GNI per capita]]:<br />{{legend|#008000|Ukraine (3 000 $)}} {{legend|#0000FF|Higher GNI per capita compared to Ukraine}} {{legend|#FF8040|Lower GNI per capita compared to Ukraine}} File:Averagemonthlysalary.png|Average monthly salary in November 2021 (ranks by region) </gallery> ==Sectors== {{Update section|date=January 2016}} ===Industries=== [[File:Zenit-2 rocket ready for launch.jpg|thumb|A [[Zenit-2]], produced by the former [[PA Pivdenmash|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.<ref>{{Cite web|url=http://www.usndt.com.ua/industry.htm|archiveurl=https://web.archive.org/web/20101231025730/http://www.usndt.com.ua/industry.htm|url-status=dead|title=Industry of Ukraine|archivedate=31 December 2010}}</ref> Industry accounted for 26% of GDP in 2012. Ukraine has a massive high-tech industrial base, including electronics, armaments, and space programme.<ref>{{Cite web |title=Ukraine - Resources, Power, Economy {{!}} Britannica |url=https://www.britannica.com/place/Ukraine/Resources-and-power |access-date=2024-04-12 |website=www.britannica.com |language=en}}</ref> ====Mining and production==== Ukraine is one of the world's most important mineral producing countries,<ref>{{Cite web |date=2020-05-08 |title=Mining - UkraineInvest |url=https://ukraineinvest.gov.ua/en/industries/mining/ |access-date=2024-04-12 |language=en-US}}</ref> 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.<ref>{{Cite web |title=Ukraine Critical Minerals Portfolio |url=https://www.geo.gov.ua/wp-content/uploads/presentations/en/critical-minerals-portfolio.pdf |access-date=April 13, 2024 |publisher=Ministry of Ecology and Natural Resources of Ukraine, Ukrainian Geological Survey}}</ref> 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 its oil and 20 percent of its gas consumption, respectively. Ukraine contains natural gas reserves of {{convert|39.6|e9cuft|abbr=off}}, but only about 20 percent of Ukraine's demand is met by domestic production. Deposits of iron ore (estimated at 28 billion tons),<ref>{{Cite web |last=kgi-admin |date=2023-03-24 |title=Iron ore production in the Ukraine and major projects |url=https://www.mining-technology.com/data-insights/iron-ore-in-the-ukraine/ |access-date=2024-04-12 |website=Mining Technology |language=en-US}}</ref> 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. Ukraine increased oil and gas production in 2023 up to 18.7 bcm.<ref>{{Cite web |title=Ukraine increased gas production by 0.9% - up to 18.7 bcm in 2023 — EXPRO Consulting |url=https://expro.com.ua/en/tidings/ukraine-increased-gas-production-by-09-up-to-187-bcm-in-2023 |access-date=2024-04-10 |website=expro.com.ua |language=en}}</ref> In 2019, Ukraine was the 7th largest world producer of iron ore,<ref>{{Cite web|url=https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-iron-ore.pdf|title=USGS Iron Ore Production Statistics}}</ref> the world's 8th largest producer of [[manganese]],<ref>{{Cite web|url=https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-manganese.pdf|title=USGS Manganese Production Statistics}}</ref> 6th largest producer of [[titanium]],<ref>{{Cite web|url=https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-titanium-minerals.pdf|title=USGS Titanium Production Statistics}}</ref> and 7th largest producer worldwide of [[graphite]].<ref>{{Cite web|url=https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-graphite.pdf|title=USGS Graphite Production Statistics}}</ref> Ukraine was the world's 9th largest producer of [[uranium]] in 2018.<ref>{{Cite web|url=https://www.world-nuclear.org/information-library/nuclear-fuel-cycle/mining-of-uranium/world-uranium-mining-production.aspx|title=World Uranium Mining – World Nuclear Association|website=www.world-nuclear.org}}</ref> Before the [[Russian invasion of Ukraine|2022 escalation of the war with Russia]] Ukraine supplied about 50% of the world's [[Neon|neon gas]] and 40% of its [[krypton]], both of which are needed for the production of semiconductors.<ref>{{cite web|title=Low on gas: Ukraine invasion chokes supply of neon needed for chipmaking|date=4 March 2022|work=Financial Times|url=https://arstechnica.com/gadgets/2022/03/low-on-gas-ukraine-invasion-chokes-supply-of-neon-needed-for-chipmaking/}}</ref> It is estimated that over 90% of U.S. semiconductor-grade neon supplies were imported from Ukraine.<ref>{{cite web|title=Russia could hit U.S. chip industry, White House warns|work=Reuters|author1=Alexandra Alper|author2=Alexandra Alper|date=11 February 2022|access-date=9 March 2022|url=https://www.reuters.com/technology/white-house-tells-chip-industry-brace-russian-supply-disruptions-2022-02-11/}}</ref> =====Iron and steel===== {{Further|Metal production in Ukraine}} Ukraine is rich in mineral deposits, including iron ore (of which it once produced 50 percent of the entire Soviet output), manganese ore (of which it produced 40 percent of world output during the Soviet era), mercury, titanium,<ref>{{cite web|url=http://www.unian.info/economics/1719371-ukraines-2016-exports-of-titanium-ore-up-571-on-year.html|title=Ukraine's 2016 exports of titanium ore up 57.1% on year|publisher=[[UNIAN]]|date=12 January 2017}}</ref> 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]], [[ArcelorMittal Kryvyi Rih|Kryvorizhstal]], AzovStal, [[Illich Steel and Iron Works|Ilyich Steel & Iron Works]], and others. As of 2012, Ukraine is the world's [[List of countries by steel production|tenth largest steel producer]] (according to the [[World Steel Association]]). ====Chemical industry==== Another important branch was the country's [[chemical industry]] which included the production of [[Coke (fuel)|coke]], [[mineral fertilizer]]s,<ref>{{Cite web |date=2020-05-12 |title=Chemicals - UkraineInvest |url=https://ukraineinvest.gov.ua/en/industries/chemicals/ |access-date=2024-04-12 |language=en-US}}</ref> and [[sulfuric acid]]. Production of coke dropped tremendously due to the [[Russo-Ukrainian War]].<ref>{{Cite web |title=Coke production in Ukraine fell by 59% in 2022 — Infographic — GMK Center |url=https://gmk.center/en/infographic/coke-production-in-ukraine-fell-by-59-in-2022/ |access-date=2024-04-12 |website=GMK |date=17 February 2023 |language=en-US}}</ref> ====Defence industry==== {{Further|Defense industry of Ukraine}} [[File:BM Oplot, Kyiv 2018, 04.jpg|thumb|A [[T-84|BM Oplot]], produced by [[Kharkiv Morozov Machine Building Design Bureau|KMDB]]]] [[Defense industry of Ukraine|Ukraine's defence industry]] is organised around [[Ukrainian Defense Industry|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.<ref name="Interfax-Ukraine"/> The signing of recent large contracts may put Ukraine into 6th place among biggest arms traders, after the United States, Russia, France, Germany, and Israel.<ref name="Interfax-Ukraine">{{cite web|url=http://www.kyivpost.com/news/nation/detail/60596/|title=Ukraine may become world's sixth biggest arms trader|publisher=[[Kyiv Post]]|date=2010-02-27}}</ref> The output of Ukrainian defence plants grew 58% in 2009, with largest growth reported by aircraft builders (77%) and ship builders (71%).<ref name="Interfax-Ukraine"/> In 2013, Ukraine's defence sector manufactured a total of [[Ukrainian hryvnia|₴]]11.7 billion worth of goods, ₴10 billion of which were exported. In the first 9 months of 2014 Ukraine's defence sector produced a record ₴13 billion worth of goods. The increase was largely due to government orders for the war in Donbas.<ref>{{cite web|url=http://www.ukrinform.ua/rus/news/ukroboronprom_za_9_mesyatsev_izgotovil_produktsii_bolshe_chem_za_ves_proshliy_god_1676552|publisher=Ukrinform|title=Укроборонпром за 9 месяцев изготовил продукции больше, чем за весь прошлый год|access-date=21 October 2014|archive-url=https://web.archive.org/web/20150810202336/http://www.ukrinform.ua/rus/news/ukroboronprom_za_9_mesyatsev_izgotovil_produktsii_bolshe_chem_za_ves_proshliy_god_1676552|archive-date=10 August 2015|url-status=dead}}</ref> ====Fuel and energy complex==== {{See also|Natural gas in Ukraine|Energy in Ukraine}}Due to Ukraine's large population and its significant energy consumption, it is one of the largest energy markets on the [[Europe|European continent]]. Ukraine's location at the intersection of Europe, Russia, the Black Sea, and the Caspian Sea provides its ample natural resources such as coal, oil, natural gas, as well as significant potential for hydro and biomass energy.<ref name=":0">{{Cite web |last=[[International Energy Agency]] |date=April 2022 |title=Ukraine energy profile |url=https://www.iea.org/reports/ukraine-energy-profile |access-date=16 May 2022 |publisher=IEA}}</ref> Ukraine relies heavily on imports for natural gas and oil products. It is a key transit site for European imports of Russian gas.<ref name=":0" /><ref name=":1">{{Cite web |last=[[International Energy Agency]] |date=19 Jan 2020 |title=Ukraine – Countries & Regions |url=https://www.iea.org/countries/ukraine |access-date=16 May 2022 |publisher=IEA}}</ref> Ukraine transits more natural gas than any other country.<ref name=":0" /> Prior to the full-scale Russian invasion of Ukraine in 2022, economic crises, Russia's closure of its market, and the Russo-Ukrainian War 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 favoured 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.<ref name=":1" /> =====Fuel industry===== Ukraine remains heavily reliant on oil product and gas imports.<ref name=":0" /> Russia ranks as Ukraine's principal supplier of oil, and Russian firms own and/or operate the majority of Ukraine's refining capacity. Natural gas imports come from Russia – which delivers its own gas, as well as the gas from Turkmenistan.{{Citation needed|date=May 2022}} Ukraine has been a key transit point for [[Russia in the European energy sector|EU imports of Russian gas]],<ref name=":1" /> 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]].<ref name=":0" /> Since the [[Russia–Ukraine gas disputes|2014 Russia–Ukraine gas disputes]], the latter's dependence on Russian gas supplies has dramatically affected its economics and foreign policy.{{Citation needed|date=May 2022}} Ukraine was independent in its electricity supply, and exported electricity to Russia and other countries of Eastern Europe. This was achieved through a wide use of nuclear power and hydroelectricity. Its energy strategy intended a gradual decreasing of gas- and oil-based generation in favour of nuclear power, as well as [[Energy conservation|energy saving]] measures including lower industrial gas consumption. Reform of the still inefficient and opaque energy sector was a major objective of the International Monetary Fund (IMF) and World Bank programs with Ukraine.{{Citation needed|date=May 2022}} 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 [[Energy policy of the European Union|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.<ref>{{Cite web|url=http://www.inogate.org/|title=INOGATE|website=www.inogate.org}}</ref> ====Automotive industry==== {{see also|Automotive industry in Ukraine}} [[File:LAZ-5208DL (Lviv - Kyiv).jpg|thumb|A LAZ-5208DL built by Lviv Bus Factory]] [[File:LvivCityCenterJuly.JPG|thumb|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 Corporation|Bogdan]], [[KrAZ]], [[Eurocar]], Electron, and [[Lviv Bus Factory|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 [[ZAZ Zaporozhets|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 [[Chery A13|ZAZ Forza]] (a re-badged Chinese Chery A13) and the [[Chevrolet Aveo|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 (bus model)|Bogdan]] buses (re-badged Isuzu models) are used as the primary small buses in most Ukrainian cities.<ref>{{Cite web |date=2021-08-04 |title=Bogdan Corporation - Ukrainian National Automobile Manufacturer |url=https://bogdan.ua/en/main/ |access-date=2024-04-12 |language=en-US}}</ref> LAZ used to be one of the major bus manufacturers in Ukraine. It manufactured city buses, coach buses, trolley buses, and special purpose buses. The company has been defunct since 2014. The Lviv-based company Electrontrans is an enterprise of a full-scale production, specialising 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.<ref>{{Cite web |url=http://zik.ua/ua/news/2013/05/24/410451 |title=Низькопідлоговий трамвай ось-ось завершать. У червні він уже може поїхати Львовом<!-- Bot generated title --> |access-date=4 February 2016 |archive-date=16 October 2015 |archive-url=https://web.archive.org/web/20151016080929/http://zik.ua/ua/news/2013/05/24/410451 |url-status=dead }}</ref> ====Aircraft and aerospace industry==== [[File:Antonov An-225 Beltyukov-1.jpg|thumb|The Antonov An-225 ''Mriya'' was the largest aircraft in the world prior to its destruction in 2022.]] Ukraine is one of nine countries with a full cycle of [[aerospace]] hardware engineering and production.<ref>{{Cite web |title=Aircraft and airspace industry of Ukraine (2007) |url=http://ukrexport.gov.ua/eng/economy/brief/ukr/203.html |access-date=2024-11-14 |website=ukrexport.gov.ua}}</ref> 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]]s.{{citation needed|date=March 2015}}<ref>{{Cite web |date=1 November 2011 |title=Paper says Ukraine, Russia reducing rivalry over arms markets |url=https://proxy1.library.jhu.edu/login?url=https://www.proquest.com/wire-feeds/paper-says-ukraine-russia-reducing-rivalry-over/docview/901200738 |access-date=6 September 2024}}</ref> In March 2007, the Cabinet of Ministers of Ukraine created the state aircraft building concern Aviation of Ukraine (SACAU), which is governed by the [[Ministry of Industrial Policy (Ukraine)|Ministry of Industrial Policy]]. Production of [[Antonov An-148|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-glider]]s and [[paraglider]]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%.<ref name="guardian-20160309">{{cite news |url=https://www.theguardian.com/world/2016/mar/09/ukraine-needs-russia-nicolai-petro |title=Why Ukraine needs Russia more than ever |author=Nicolai Petro |newspaper=The Guardian |date=9 March 2016 |access-date=7 September 2016}}</ref> 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.<ref>{{cite web|url=http://uatoday.tv/society/ukrainian-aircraft-corporation-set-up-on-the-basis-of-antonov-670283.html|title=Ukrainian Aircraft Corporation set up on the basis of Antonov|publisher=UA Today|access-date=19 October 2016}}</ref> In 2018, Antonov was working on two cargo planes: the [[Antonov An-178|An-178]],<ref>{{cite web|url=http://uatoday.tv/techandscience/newest-antonov-plane-presented-at-ukraine-avia-fest-748415.html|title=Antonov presented first production An-178 at Ukraine Avia Fest|publisher=UA Today|access-date=19 October 2016}}</ref> a cargo version of the [[An-158]], and the [[Antonov/Taqnia An-132|An-132]]D, a redesigned version of the [[Antonov An-32|An-32]].<ref>{{cite web|url=http://uatoday.tv/techandscience/ukraine-s-manufacturer-antonov-presents-new-cargo-aircraft-an-132-598834.html|title=Ukraine's manufacturer Antonov presents new cargo aircraft AN-132|publisher=UA Today|access-date=19 October 2016}}</ref> The An-132 was developed jointly with Saudi's Taqnia Aeronautics Company, featuring western avionics and engines. The roll out and first flight was due at the beginning of January 2017. The space rocket industry in Ukraine has been managed by the [[State Space Agency of Ukraine]] since 1992. The agency included 30 enterprises, scientific research institutes, and design offices. [[KB Pivdenne|Pivdenne Design Bureau]] was in general responsible for creating the [[Zenit-3SL]] carrier rocket. In 2013, The National Space Agency of Ukraine was involved in cooperation with American [[Rockwell International|Rockwell Int.]], as well as the [[Sea Launch]] project.<ref>{{Cite web |url=http://www.ukrexport.gov.ua/eng/economy/ukr/203.html |title=Aircraft and airspace industry of Ukraine |access-date=2 October 2013 |archive-url=https://web.archive.org/web/20131005003529/http://www.ukrexport.gov.ua/eng/economy/ukr/203.html |archive-date=5 October 2013 |url-status=dead }}</ref> Yuzhnoye SDO was the designer and manufacturer of the initial [[Multistage rocket|first stage core]] of the U.S. [[Northrop Grumman Innovation Systems|Orbital ATK]] [[Antares (rocket)|Antares]] rocket.<ref>{{cite news |title=none|work=Space News |first=Chris |last=Bergin |page=12 |date=25 February 2008}}</ref> ====Shipbuilding==== {{main|Shipbuilding in Ukraine}} [[File:Minerva underway in Black Sea Krasnodarskiy Kray Sochi 8 October 2015 (cropped).jpg|thumb|[[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: [[Motorboat|powerboats]], [[barge]]s, [[bulk carrier]]s (dry cargo ship), [[tanker (ship)|tankers]], liquefied gas carriers, etc.<ref name="shipbuilding">{{Cite web|url=http://www.mayger.ua/en/market-review/shipbuilding-in-ukraine-investments-and-government-support/|title=MAYGER Development & Consulting – Shipbuilding in Ukraine: Investments and Government Support|website=www.mayger.ua|date=31 July 2006 }}</ref><ref name="auto1">{{Cite web |url=http://ukrexport.gov.ua/eng/economy/brief/ukr/201.html |title=Shipbuilding of Ukraine (2007) |access-date=28 November 2013 |archive-url=https://web.archive.org/web/20131203002925/http://ukrexport.gov.ua/eng/economy/brief/ukr/201.html |archive-date=3 December 2013 |url-status=dead }}</ref> 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 [[shipyard]]s 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 and 2006, in line with the wider Ukrainian economic expansion at the time.<ref name="shipbuilding"/><ref name="auto1"/> State support and the opening of [[free economic zone]]s, foremost at enterprises based in [[Mykolaiv]] were a crucial recent development in Ukraine's shipbuilding industry. Within the Mykolaiv Special Economic Zone, enterprises like [[Okean Shipyard|Damen Shipyards Okean]], [[Black Sea Shipyard|Chornomorskyi (Black Sea) Shipbuilding Plant]] (defunct since 2021), [[Mykolayiv Shipyard|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.<ref name="shipbuilding"/><ref name="auto1"/> ===Agriculture=== [[File:T 150 K front.JPG|thumb|A Ukrainian T-150K tractor built by the [[Kharkiv Tractor Plant]]]] [[File:Typical agricultural landscape of Kherson Oblast.jpg|thumb|[[Flag of Ukraine|Ukraine's flag]] resembles the nation's farmlands.]] [[File:Мала Гора поблизу Берегова - виноградний рай.jpg|thumb|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.<ref name="rferl.org">{{Cite news|title=Ukraine Allows Farmland Sales For First Time Since Independence|url=https://www.rferl.org/a/ukraine-agriculture-farmland-economy-/31336984.html|access-date=2 July 2021|newspaper=Radio Free Europe/Radio Liberty|date=2 July 2021 |language=en}}</ref> 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.<ref>{{cite news|url=http://www.nationmaster.com/country-info/profiles/Ukraine/Agriculture/All-stats|publisher=Nation Master|title=Ukraine Agriculture Stats|access-date=4 October 2014|archive-url=https://web.archive.org/web/20181108144144/http://www.nationmaster.com/country-info/profiles/Ukraine/Agriculture/All-stats|archive-date=8 November 2018|url-status=dead}}</ref><ref>{{cite news|url=http://www.indexmundi.com/agriculture/?commodity=corn|publisher=Index Mundi|title=Corn Production by Country in 1000 MT}}</ref> In 2011, Ukraine was the world's largest producer of [[sunflower oil]],<ref name="UkrInform">{{cite web|url=http://www.blackseagrain.net/about-ukragroconsult/news-bsg/german-expert-sunflower-oil-grows-in-price-in-ukraine-due-to-its-low-world-reserves|title=German expert: Sunflower oil grows in price in Ukraine due to its low world reserves|url-status=dead|archive-url=https://web.archive.org/web/20110723025406/http://www.blackseagrain.net/about-ukragroconsult/news-bsg/german-expert-sunflower-oil-grows-in-price-in-ukraine-due-to-its-low-world-reserves |archive-date=23 July 2011|publisher=UkrAgroConsult – BlackSeaGrain}}</ref> a major global producer of grain and sugar, and a potential global player on meat and dairy markets. It was one of the largest producers of nuts. Ukraine produced more natural [[honey]]<ref>{{Cite web|url=http://www.fao.org/faostat/en/#data|title=FAOSTAT|website=www.fao.org}}</ref> than any other European country and was one of the world's largest honey producers. An estimated 1.5% of its population was involved in honey production, therefore Ukraine had the highest honey per capita production rate in the world.<ref>{{cite news|url=http://wnu-ukraine.com/news/economy-business/?id=3326|publisher=WNU|title=Ukraine Produces World's Greatest Amount of Honey Per Capita|date=August 2013|access-date=4 October 2014|archive-url=https://web.archive.org/web/20180118064636/http://wnu-ukraine.com/news/economy-business/?id=3326|archive-date=18 January 2018|url-status=dead}}</ref> Because Ukraine possesses 30% of the world's richest [[Chernozem|black soil]], making its agricultural industry have huge potential. At the beginning of the 21st century, Ukraine's agricultural industry was highly profitable, generating profit margins of 40–60%.<ref name="UkrAgroConsult" /> Analysts indicated that the sector had the potential to increase its output by up to four times.<ref name="Kra">{{cite news |last1=Kramer |first1=Andrew E. |date=31 August 2008 |title=Russia's Collective Farms – Hot Capitalist Property |url=https://www.nytimes.com/2008/08/31/business/worldbusiness/31food.html |url-access=subscription |access-date=20 December 2023 |work=[[New York Times]] |page=}}</ref> Ukraine was 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.<ref>{{cite news|url=http://www.ft.com/cms/s/0/79bc2174-0276-11e2-8cf8-00144feabdc0.html |archive-url=https://ghostarchive.org/archive/20221210/http://www.ft.com/cms/s/0/79bc2174-0276-11e2-8cf8-00144feabdc0.html |archive-date=10 December 2022 |url-access=subscription|newspaper=Financial Times|title=Ukraine agrees $3bn loan-for-corn deal|date=19 September 2012}}</ref><ref>{{cite news|url=https://www.bloomberg.com/news/2014-01-06/china-rejecting-u-s-corn-as-first-shipment-from-ukraine-arrives.html|publisher=Bloomberg|title=China Rejecting U.S. Corn as First Shipment From Ukraine Arrives|newspaper=Bloomberg.com|date=6 January 2014}}</ref> In 2014, Ukraine's total grain crop was estimated to be a record 64 million metric tons. In 2014, Ukraine lost control over portions of several regions to Russia, followed by the start of [[Russo-Ukrainian War|the war]] in Donbas and the [[annexation of Crimea by the Russian Federation]],{{#tag:ref|[[Crimea]] is currently [[Annexation of Crimea by the Russian Federation|under dispute by Russia and Ukraine]].<ref name="Reuters">{{cite news|last=Gutterman |first=Steve |url=https://www.reuters.com/article/us-ukraine-crisis-idUSBREA1Q1E820140318 |title=Putin signs Crimea treaty, will not seize other Ukraine regions |date=18 March 2014 |agency=Reuters.com |access-date=26 March 2014}}</ref>|group=nb}} hence the actual available crop yield was closer to 60.5 million metric tons. Due to the decline of the metallurgy industry, which was previously Ukraine's top export category, agricultural products have become Ukraine's largest export category as a result of the war in Donbas.<ref>{{cite web|url=http://www.agriculture.com/markets/analysis/corn/ukraine-grain-expts-to-rise_9-ar45735|publisher=Agriculture.com|title=Ukraine Grain Exports To Rise|date=21 October 2014|access-date=23 October 2014|archive-date=25 February 2022|archive-url=https://web.archive.org/web/20220225052420/https://www.agriculture.com/markets/analysis/corn/ukraine-grain-expts-to-rise_9-ar45735|url-status=dead}}</ref> Since at least 2011, farmland was remaining as the only major asset in Ukraine that was not [[Privatization|privatised]].<ref name="UkrAgroConsult">{{cite web|url=http://www.blackseagrain.net/about-ukragroconsult/news-temp/vessels-loaded-with-grain-began-leaving-ukrainian-ports-1|title=Ukraine: Land market, formation, development trends – Farmland now remains almost the only big asset that is not actually privatized yet|url-status=dead|archive-url=https://web.archive.org/web/20110225200726/http://www.blackseagrain.net/about-ukragroconsult/news-temp/vessels-loaded-with-grain-began-leaving-ukrainian-ports-1 |archive-date=25 February 2011|publisher=[[Black Sea Grain]]}}</ref> In March 2020, the Ukrainian parliament lifted a ban on the sale of farmland.<ref>{{cite web|url=https://www.reuters.com/article/us-ukraine-imf/imf-praises-ukraines-decisions-on-land-reform-banking-law-idUSKBN21M07Y|title=IMF praises Ukraine's decisions on land reform, banking law|publisher=[[Reuters]]|date=4 April 2020}}</ref><ref>{{cite web|url=https://www.atlanticcouncil.org/blogs/ukrainealert/imf-finally-confirms-new-5-billion-program-for-ukraine/|title=IMF finally confirms new $5 billion program for Ukraine|author=Anders Åslund|author-link=Anders Åslund|publisher=[[Atlantic Council]]|date=10 June 2020}}</ref> The land market was fully opened for the first time independence on 1 July 2021.<ref>{{cite web|url=https://www.rferl.org/a/ukrainian-lawmakers-sack-finance-health-ministers-fail-to-approve-replacements/30517755.html|title=Ukraine Lawmakers Approve Key Legislation With Eye On IMF Funds|publisher=[[Radio Free Europe]]|date=31 March 2020}}</ref><ref name="rferl.org"/> [[File:Agricultural_output_Ukraine.svg|thumb|Agricultural output of Ukraine since 1961, in 2015 US$]] Ukraine also produces some [[Ukrainian wine|wine]], mostly in the South-Western regions. {{clear left}} In 2018: * It was the 5th largest world producer of [[maize]] ({{convert|35.8|e6MT|abbr=off}}), after the U.S., China, Brazil, and Argentina; * It was the 8th largest world producer of [[wheat]] ({{convert|24.6|e6MT|abbr=off}}); * It was the 3rd largest world producer of [[potato]]es ({{convert|22.5|e6MT|abbr=off}}), second only to China and India; * It was the world's largest producer of [[sunflower seed]] ({{convert|14.1|e6MT|abbr=off}}); * It was the 7th largest world producer of [[sugar beet]]s ({{convert|13.9|e6MT|abbr=off}}), which is used to produce sugar and [[ethanol]]; * It was the 7th largest world producer of [[barley]] ({{convert|7.3|e6MT|abbr=off}}); * It was the 7th largest world producer of [[rapeseed]] ({{convert|2.7|e6MT|abbr=off}}); * It was the 13th largest world producer of [[tomato]]es ({{convert|2.3|e6MT|abbr=off}}); * It was the 5th largest world producer of [[cabbage]] ({{convert|1.6|e6MT|abbr=off}}), after China, India, South Korea, and Russia; * It was the 11th largest world producer of [[apple]]s ({{convert|1.4|e6MT|abbr=off}}); * It was the 3rd largest world producer of [[pumpkin]]s ({{convert|1.3|e6MT|abbr=off}}), second only to China and India; * It was the 6th largest world producer of [[cucumber]]s ({{convert|985|e3MT|abbr=off}}); * It was the 5th largest world producer of [[carrot]]s ({{convert|841|e3MT|abbr=off}}), after China, Uzbekistan, the U.S., and Russia; * It was the 4th largest world producer of [[Pea|dry peas]] ({{convert|775|e3MT|abbr=off}}), second only to Canada, Russia, and China; * It was the 7th largest world producer of [[rye]] ({{convert|393|e3MT|abbr=off}}); * It was the 3rd largest world producer of [[buckwheat]] ({{convert|137|e3MT|abbr=off}}), second only to China and Russia; * It was the 6th largest world producer of [[walnut]]s ({{convert|127|e3MT|abbr=off}}); * It produced {{convert|4.4|e6MT|abbr=off}} of [[Soybean|soy]]; * It produced {{convert|883|e3MT|abbr=off}} of [[onion]]s; * It produced {{convert|467|e3MT|abbr=off}} of [[grape]]s; * It produced {{convert|418|e3MT|abbr=off}} of [[oat]]s; * It produced {{convert|396|e3MT|abbr=off}} of [[watermelon]]s; * It produced {{convert|300|e3MT|abbr=off}} of [[cherry|cherries]]; in addition to smaller productions of other agricultural products.<ref>{{Cite web|url=http://www.fao.org/faostat/en/#data/QC/|title=FAOSTAT|website=www.fao.org}}</ref> Professionalised, scientific [[barley breeding|breeding of barley]] began in 1910 and now supplies improved [[barley cultivar|cultivars]] to the country.<ref name="Bothmer-et-al-2003">{{cite book | editor1-last=Bothmer | editor1-first=Roland von | editor2-first=Theo | editor2-last=van Hintum | editor3-first=Helmut | editor3-last=Knüpffer | editor4-first=Katuhiro | editor4-last=Sato | title=Diversity in Barley (''Hordeum vulgare'') | publisher=[[Elsevier]] | date=2003 | publication-place=[[Amsterdam]] | isbn=978-0-444-50585-9 | oclc=162130976 | pages=XIX+280}}</ref>{{rp|page=34}} ===Information technology=== [[File:UnitFactory2.jpg|thumb|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 ranked 4th in the world in number of certified IT professionals after the United States, India, and Russia.<ref name=ITUkrM2013>{{cite web|language=uk|url=http://www.unian.ua/news/562063-ukrajina-chetverta-v-sviti-za-kilkistyu-it-fahivtsiv.html|script-title=uk:Україна – четверта в світі за кількістю ІТ-фахівців|trans-title=Ukraine in fourth place in the world in the number of IT professionals|publisher=[[UNIAN]]|date=27 March 2013}}</ref> On top of that, experts recognised both the quantitative and qualitative potential of Ukrainian specialists. In 2011, the number of IT specialists working in the industry reached 25,000 people with 20% growth.<ref>{{cite web|url=http://hi-tech.org.ua/wp-content/uploads/2012/08/Exploring-Ukraine-IT-Outsourcing-Industry-20121.pdf|title=Exploring Ukraine|website=hi-tech.org|date=August 2012}}</ref> The volume of the Ukrainian IT market in 2013 was estimated to be up to 3.6 billion U.S. dollars.<ref name=ITUkrM2013/><ref>{{cite web|language=uk|url=http://www.epravda.com.ua/news/2013/03/27/368078/|script-title=uk:Обсяг українського ІТ-ринку може скласти 3,6 мільярда – звіт|trans-title=The volume of the Ukrainian IT market may amount to 3.6 billion - report|publisher=[[Ukrayinska Pravda]]|date=27 March 2013 |work=Економічна правда }}</ref> 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 centres of global companies located in Ukraine, including [[Ericsson]] Ukraine, in [[Lviv]].<ref>{{Cite web|url=http://bunews.com.ua/opinion/item/it-industry-why-ukraine-is-fast-becoming-a-leading-global-tech-powerhouse|title=IT INDUSTRY: Why Ukraine is fast becoming a leading global tech powerhouse|website=bunews.com.ua|access-date=2 October 2019|archive-date=25 January 2020|archive-url=https://web.archive.org/web/20200125160315/http://bunews.com.ua/opinion/item/it-industry-why-ukraine-is-fast-becoming-a-leading-global-tech-powerhouse|url-status=dead}}</ref><ref name="auto">{{Cite web|url=https://open4business.com.ua/share-of-it-industry-of-ukrainian-economy-is-4-of-gdp-economy-minister/|title=SHARE OF IT INDUSTRY OF UKRAINIAN ECONOMY IS 4% OF GDP – ECONOMY MINISTER|date=13 February 2019|website=Ukraine open for business|language=en-US|access-date=2 October 2019}}</ref> As for 2019, the number of IT specialists involved in the IT industry of Ukraine reached 172,000 people.<ref>{{Cite web|url=https://8allocate.com/article/ukraine-as-a-bright-spot-on-central-and-eastern-europe-software-development-scene/|title=Ukraine As a Bright Spot on Central and Eastern Europe Software Development Scene|date=14 February 2019|website=8allocate|language=en-US|access-date=2 October 2019}}</ref> The share of IT industry in Ukraine's GDP is 4%.<ref name="auto"/> According to the IT sector report of 2019, Ukraine is the largest exporter of [[Outsourcing|IT services]] in Europe, and ranks among the 25 most attractive countries for [[software development]] worldwide.<ref>{{Cite web|url=https://ain.ua/en/2019/01/30/unit-city-report-on-the-it-sector-of-ukraine/|title=UNIT.City presented a report on the IT sector of Ukraine: main figures and indicators|date=30 January 2019|website=AIN.UA|language=en-US|access-date=2 October 2019}}</ref> ===Infrastructure=== {{Further|Transport in Ukraine}} ====Maritime==== [[File:EKr1-002.jpg|thumb|An EKr-1 multiple unit built by [[Kryukiv Railway Car Building Works|Kriukiv Railway Car Building Works]]. Rail transport [[Ukrainian Railways|is heavily used in Ukraine]]]] About 100,000 Ukrainians regularly work on foreign merchant ships, one of the largest group of Ukrainian [[Migrant worker|labour migrants]] and the sixth largest number of sailors from any country.<ref name=Seas>{{cite web|url=http://www.kyivpost.com/news/nation/detail/123079/|title=High Seas Danger|publisher=[[Kyiv Post]]|date=24 February 2012}}</ref> They are attracted by the high salaries of more than $1,000 per month.<ref name=Seas/> Every major Ukrainian coastal city has a [[List of maritime colleges#Ukraine|maritime university]].<ref name=Seas/> ====Communications==== {{Main|Telecommunications in Ukraine|Internet in Ukraine}} Ukraine ranks eighth among the world's nations in terms of the Internet speed with the average download speed of 1,190 kbit/s.<ref>{{cite web|url=http://www.pandonetworks.com//company/news/pando-networks-releases-global-internet-speed-study|title=Pando Networks Releases Global Internet Speed Study|url-status=dead|archive-url=https://web.archive.org/web/20130416182754/http://www.pandonetworks.com/company/news/pando-networks-releases-global-internet-speed-study |archive-date=16 April 2013 }}</ref> Five national providers of fixed (DSL, ADSL, XDSL) internet access — [[Ukrtelecom]], Vega Telecom, Datagroup, Ukrnet, Volia, and 3 national operators of mobile internet – [[Vodafone Ukraine]], [[Kyivstar]], [[lifecell]] are currently operating in Ukraine. Every regional centre and large district centre has a number of local providers and [[home network]]s. 2011 revenues from Internet service providing in Ukraine reached ₴4.75 billion.<ref name=UkPravInt15312>{{cite web|language=uk|url=http://www.pravda.com.ua/news/2012/03/15/6960641/|script-title=uk:Більше половини українців не користуються інтернетом|trans-title=More than half of Ukrainians do not use the Internet|publisher=[[Ukrayinska Pravda]]|date=29 July 2012}}</ref> Over 16 million Ukrainians had Internet access in 2012, growing to 22 million in 2015.<ref>{{Cite web|url=https://databank.worldbank.org/home.aspx|title=DataBank |publisher=The World Bank}}</ref><ref>{{Cite web|url=https://racurs.ua/ua/n4526-polovyna-naselennya-ukrayiny-maie-dostup-v-internet.html|script-title=uk:Половина населення України має доступ в інтернет|trans-title=Half of the population of Ukraine has access to the Internet|website=racurs.ua|language=uk}}</ref> 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.<ref>{{cite web|title=Mobile cellular subscriptions (per 100 people)|url=http://data.worldbank.org/indicator/IT.CEL.SETS.P2?locations=UA&view=chart|publisher=The World Bank|access-date=19 May 2017}}</ref> ===Tourism=== {{Main|Tourism in Ukraine}} [[File:Лвов Галиција.jpg|thumbnail|Rynok square, [[Lviv]]]] In 2012, Ukraine was the 8th most popular tourism destination in Europe with 23 million visitors.<ref name=ukrstat>{{cite web|url=http://www.ukrstat.gov.ua/operativ/operativ2007/tyr/tyr_u/potoki2006_u.htm|script-title=uk:Туристичні потоки|trans-title=Tourist flows|language=uk|publisher=State Statistics Committee of Ukraine}}</ref> 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).<ref>{{Cite web|url=http://en.info-kmu.com.ua/2013-10-01-000000pm/article/4584677.html|archiveurl=https://web.archive.org/web/20131206183337/http://en.info-kmu.com.ua/2013-10-01-000000pm/article/4584677.html|url-status=dead|title=Tourism 2012|archivedate=6 December 2013}}</ref><ref>{{Cite web|url=http://www.wttc.org/site_media/uploads/downloads/ukraine2012.pdf|archiveurl=https://web.archive.org/web/20120530195708/http://wttc.org/site_media/uploads/downloads/ukraine2012.pdf|url-status=dead|title=Travel & Tourism in Ukraine|archivedate=30 May 2012}}</ref> ====Shopping tourism==== Ukraine's neighbours ([[Belarusians]], [[Hungarians]], [[Polish people|Poles]], [[Russians]], and [[Slovaks]]) are known to come to Ukraine to purchase products (such as food or gasoline) and presents that are cheaper in Ukraine than in their home countries.<ref>{{cite web|url=http://www.nrcu.gov.ua/index.php?id=148&listid=107666|title=Shopping tours gaining pace in Ukraine|url-status=dead|archive-url=https://web.archive.org/web/20110220222258/http://nrcu.gov.ua/index.php?id=148&listid=107666 |archive-date=20 February 2011|publisher=[[Radio Ukraine]]|date=23 December 2009}}</ref> ====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, Kyiv|Saint Sophia Cathedral]] or [[Chersonesus|Chersonesos]]. Officially, there are seven [[List of World Heritage Sites in Ukraine|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 [[Odesa]]. ===Financing, banking, investments=== {{See also|Banking in Ukraine|List of banks in Ukraine|The World Bank in Ukraine}} [[File:National Bank of Ukraine new.jpg|thumb|[[National Bank of Ukraine]]]] ====Investments==== {{update|section|date=December 2013}} A political crisis in the middle of 2006 was feared as a threat to economic and investment stability, however, despite the forecasts, the political situation has not scared investors. The GDP showed a good growth rate of 7% in 2007, compared to the previous year. Industrial output has increased. Car sales have soared, while the banking sector has expanded, thanks to the arrival of European banks. ====International financial institutions==== {{main|Ukraine and the International Monetary Fund|Ukraine and the World Bank}} In 1992, Ukraine became a member of the IMF and the World Bank.<ref>{{cite book|title=Ukraine: The Search for a National Identity|last=Wolchik|first=Sharon|author-link=Sharon Wolchik|publisher=[[Rowman & Littlefield]]|date=2000|isbn=0847693465|url=https://books.google.com/books?id=6Pecsk6RC4YC&dq=IMF+Ukraine+1992&pg=PA55|page=55}}</ref> It is also a member of the [[European Bank for Reconstruction and Development]]. In 2008, the country joined the [[World Trade Organization]] (WTO). Ukraine applied for WTO membership in 1993, but its accession process was stalled for 15 years. ====Foreign direct investment==== To encourage foreign trade and investment, the Ukrainian parliament approved a [[foreign direct investment|foreign investment]] law allowing foreigners to purchase businesses and property, to repatriate revenue and profits, and to receive compensation if the property is nationalised by a future government. Complex laws and regulations, poor [[corporate governance]], weak enforcement of contract law by courts, and corruption, continued to prevent direct large-scale foreign investment in Ukraine. There is a functioning [[stock market]], but portfolio investment activities have been restricted by a historic lack of protection of shareholders' rights.{{citation needed|date=December 2023}} As of April 2011, total foreign direct investment stock in Ukraine stood at $44.7 billion.<ref>{{Cite web|url=http://www.ukrstat.gov.ua/operativ/operativ2007/zd/zd_rik/zd_u/pi_07u.html|script-title=uk:Прямі інвестиції|trans-title=Direct investment|language=uk|website=www.ukrstat.gov.ua}}</ref> Statistics from [[FDi Intelligence|FDi Magazine]] show that Ukraine suffered a year on year decline in foreign direct investment between 2010 and 2013.<ref>{{cite news|url=http://www.fdiintelligence.com/Trend-Tracker/Ukraine-suffers-year-on-year-FDI-decline | work=fDiIntelligence.com | title=Ukraine suffers year-on-year FDI decline|date=13 August 2013}}</ref> State enterprise [[InvestUkraine]] was created<ref>{{Cite web|url=http://zakon.nau.ua/doc/?uid=1041.36214.0|script-title=uk:Про утворення державного підприємства "Інвест Україна"|trans-title=About the formation of the state enterprise "Invest Ukraine"|language=uk|archive-url=https://web.archive.org/web/20111006023544/http://zakon.nau.ua/doc/?uid=1041.36214.0|archive-date=6 October 2011}}</ref> under the [[State Agency for Investment and National Projects]] (''National Projects'')<ref>{{Cite web|url=http://zakon.rada.gov.ua/cgi-bin/laws/main.cgi?nreg=570-2010-%EF|script-title = uk:Всі документи бази даних "Законодавство України" (станом на 22 травня 2021 р.) / Законодавство України|trans-title=All documents of the "Legislation of Ukraine" database (as of May 22, 2021) / Legislation of Ukraine|language=uk | work=Офіційний вебпортал парламенту України }}</ref> to serve as a [[One-stop shop|one-stop stop]] for investors and to deliver investment consulting services. Ukraine signed a [[shale gas]] [[Natural gas in Ukraine|exploration deal]] with [[Shell plc|Royal Dutch Shell]] on 25 January 2013.<ref name=SGBigdealUS/> The $10 billion deal was the largest foreign direct investment ever for Ukraine.<ref name=SGBigdealUS>{{cite web|url=https://www.reuters.com/article/us-shale-ukraine-idUSBRE90N0N620130124|title=Ukraine set to sign landmark $10 billion shale gas deal with Shell|publisher=[[Reuters]]|date=24 January 2013}}</ref><ref>{{cite web|url=http://www.euronews.com/2013/01/25/shell-for-shale-ukraine-signs-major-deal/|title=Shell for shale: Ukraine signs major deal|url-status=dead|archive-url=https://web.archive.org/web/20201028005601/https://www.euronews.com/2013/01/25/shell-for-shale-ukraine-signs-major-deal |archive-date=28 October 2020|publisher=[[Euronews]]|date=25 January 2013}}</ref><ref>{{cite web|url=https://www.reuters.com/article/shale-ukraine-idUSL6N0ATER320130124|title=UPDATE 1-Ukraine signs landmark $10 bln shale gas deal with Shell|publisher=[[Reuters]]|date=24 January 2013}}</ref> 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.<ref name="KyiMost">{{cite news |title=Most Successful Expats |url=http://www.kyivpost.com//data/files/01.jpg/ |access-date=4 August 2013 |work=[[Kyiv Post]] |archive-url=https://web.archive.org/web/20130627224211/http://www.kyivpost.com//data/files/01.jpg |archive-date=27 June 2013}}</ref> In 2016, foreign direct investment in Ukraine's economy amounted to $3.8 billion in 2016, which was almost twice more than in 2015.<ref name="USNon">{{cite web |title=Foreign investment in Ukraine in 2016 estimated at $3.8 bln Foreign investment in Ukraine in 2016 estimated at $3.8 bln |url=http://www.usndt.com.ua/industry.htm |publisher=Ukrainian Society for Non-Destructive Testing |archive-url=https://web.archive.org/web/20101231025730/http://www.usndt.com.ua/industry.htm |archive-date=31 December 2010 |date=23 January 2017}}</ref> ====Monetary policy and banking==== {{empty section|date=January 2016}} ====Stock exchanges==== {{see also|Stock exchanges in Ukraine}} ====Insurance business and companies==== {{empty section|date=January 2016}} ==Legal environment and economic support== ===Background=== Since the late 1990s, the Ukrainian 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.<ref name="ElbLew">{{cite book |last1=Elborgh-Woytek |first1=Katrin |last2=Lewis |first2=Mark W. |title=Privatization in Ukraine: Challenges of Assessment and Coverage in Fund Conditionality |date=2002 |isbn=978-14519-7-162-0 |page=|chapter=Conditionality in Ukraine's funds programs |publisher=International Monetary Fund |url=https://www.elibrary.imf.org/view/journals/003/2002/007/article-A001-en.xml |quote=Throughout the 1990s, structural conditionality—including on privatization—expanded significantly in Ukraine’s programs with the Fund.}}</ref> In 2003, the IMF encouraged Ukraine to quicken the pace and scope of reforms, threatening to withdraw financial support.<ref>{{cite book|first1=Bogdan|last1=Lissovolik|url=https://www.elibrary.imf.org/view/journals/001/2003/126/article-A001-en.xml|title=Determinants of Inflation in a Transition Economy-. The Case of Ukraine|date=1 June 2003|publisher=International Monetary Fund |isbn=9781451854923}}</ref> On 24 June 2010, Ukraine's Foreign Minister [[Kostyantyn Gryshchenko|Kostyantyn Hryshchenko]] signed a free trade agreement with the [[European Free Trade Association]] (EFTA).<ref>{{cite web|url=http://www.kyivpost.com/news/nation/detail/70914/|title=Ukraine signs agreement on free trade zone with EFTA|publisher=[[Kyiv Post]]|date=24 June 2010}}</ref> According to the [[Global Competitiveness Report]] of 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 favouritism."<ref>{{cite web|url=http://www3.weforum.org/docs/WEF_GlobalCompetitivenessReport_2012-13.pdf|title=The Global Competitiveness Report 2012–2013|publisher=[[World Economic Forum]]|date=2012}}</ref> In reports by the ''[[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 U.S. dollars of [[tax revenue]]s.<ref>{{cite web|url=http://www.kyivpost.com/news/nation/detail/76040/|title=High Price Of Havens|publisher=[[Kyiv Post]]|date=29 July 2010}}</ref><ref>{{cite web|url=http://www.kyivpost.com/news/nation/detail/118501/|title=The Money Carousel|publisher=[[Kyiv Post]]|date=9 December 2011}}</ref> The 2014 campaign of [[lustration in Ukraine]] was criticised by Mark Varga, writing in ''[[The National Interest]]'' as it might have adverse economic effects.<ref>{{cite web|url=http://nationalinterest.org/feature/exposed-ukraines-massive-witch-hunt-12332?|title=Exposed: Ukraine's Massive Witch Hunt|date=26 February 2015|access-date=14 October 2017}}</ref> On 29 May 2014, Ukraine entered into the [[European Union–Ukraine Association Agreement]],<ref name="Eur">{{cite web |title=Association Agreement between the European Union and its Member States, of the one part, and Ukraine, of the other part |url=https://trade.ec.europa.eu/doclib/docs/2016/november/tradoc_155103.pdf |publisher=[[European Union]] |access-date=20 December 2023 |archive-url=https://web.archive.org/web/20161216151926/https://trade.ec.europa.eu/doclib/docs/2016/november/tradoc_155103.pdf |archive-date=16 December 2016 |page=2135 |date=29 May 2014}}</ref> that reached its full application on 1 September 2017.<ref>{{cite web|url=https://ec.europa.eu/commission/presscorner/detail/en/IP_17_3045|title=EU-Ukraine Association Agreement fully enters into force|archive-url=https://archive.today/20191014024422/https://ec.europa.eu/commission/presscorner/detail/en/IP_17_3045|archive-date=14 October 2019|url-status=live}}</ref> ===Foreign workers=== A number of foreign [[Foreign worker|guest workers]] come to work in Ukraine, mainly in seasonal farm work and construction industry, especially from neighbouring [[Moldova]] and [[Belarus]].<ref>{{cite news|url=http://mondediplo.com/2010/10/08moldova|title= Moldova's economic exiles|journal= [[Le Monde]]|archive-url=https://archive.today/20101010121625/http://mondediplo.com/2010/10/08moldova|archive-date=10 October 2010|url-status=live}}</ref> ==Environmental issues== {{Update section|date=January 2016}} Ukraine is interested in cooperating on regional environmental issues. Conservation of natural resources is a stated high priority, although implementation suffers from a lack of financial resources. Ukraine established its first nature preserve, [[Askania-Nova]], in 1921 and has programs to breed [[endangered species]].<ref>{{Cite web |title=Home |url=https://askania-nova-zapovidnik.gov.ua/en/ |access-date=2024-04-10 |website=askania-nova-zapovidnik.gov.ua |language=ru-RU}}</ref> Ukraine has a [[Ministry of Environmental Protection and Natural Resources (Ukraine)|Ministry of Environment]]<ref>{{Cite web |date=2021-07-26 |title=Ministry of Environmental Protection and Natural Resources |url=https://rdo.in.ua/en/ministry-environmental-protection-and-natural-resources |access-date=2024-04-10 |website=Reforms Delivery Office |language=en}}</ref> and has introduced a pollution fee system that levies taxes on air and water emissions and solid [[Waste management|waste disposal]]. The resulting revenues are channelled to environmental protection activities, but enforcement of this pollution fee system is lax. Industrial pollution remains a considerable problem in Ukraine. Significant environmental problems result from the [[Chernobyl disaster|Chernobyl nuclear power plant disaster]] in 1986. In accordance with its previously announced plans, Ukraine permanently closed the [[Chernobyl Nuclear Power Plant|Chernobyl Atomic Energy Station]] in December 2000.<ref>{{Cite web |title=Chernobyl Shuts Down for Good |url=https://abcnews.go.com/International/story?id=81920&page=1 |access-date=2024-04-10 |website=ABC News |language=en}}</ref> In November 2001, Ukraine withdrew an application it had made to the [[European Bank for Reconstruction and Development|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. The Russo-Ukrainian War significantly impacts the environmental situation. Thirty-six thousand tons of waste, including toxic chemicals such as [[copper]] and [[zinc]], have entered water bodies, posing dangers to human organs and the nervous system. Three million hectares of forests need to be demined, and forest fires caused by shelling occur in 30% of the country's forest area. The war has released approximately 67,532,788 tons of hazardous emissions, causing respiratory and [[Circulatory system|cardiovascular]] issues.<ref>{{Cite web |title=Two years of ecocide: uncovering Russia's destruction of Ukraine and its global consequences |url=https://rubryka.com/en/article/ekotsyd-v-ukrayini/ |access-date=2024-04-10 |website=Rubryka}}</ref> ==Ukrainian companies== In 2022, the sector with the highest number of companies registered in Ukraine is Services with 512,393 companies followed by Wholesale Trade and Manufacturing with 288,072 and 93,637 companies respectively.<ref>{{cite web | url=https://www.hithorizons.com/eu/analyses/country-statistics/ukraine | title=Industry Breakdown of Companies in Ukraine | website=HitHorizons}}</ref> {{See also|List of companies of Ukraine}} {{div col|colwidth=27em}} * [[1+1 Media Group]] – media * [[4A Games|4AGames]] – Technology * [[Antonov]] – Industrials * [[APEKS-BANK]] – Financials * [[ATB-Market]] – Consumer Services * [[BG Capital]] – Financials * [[Bogdan group]] – Industrials * [[Chumak (company)|Chumak]] – Consumer goods * [[Ciklum]] – IT * [[DTEK]] – Oil & Gaz, Basic Materials, Utilities * [[EKTA]] – Technology * [[Electron]] – Industrials * [[Epicentr K|Epicentre K]] – Consumer services * [[ESTA Holding]] – Financials * FED – Aerospace industry * [[Ferrexpo|Ferreexpo]] – Basic Materials * [[FOM-Ukraine]] – Industrials * [[Fozzy Group]] – Consumer services * [[Galnaftogaz]] – Oil & Gas * [[GSC Game World]] – Technology * [[Hromadske.TV|Hromadske.ua]] – Media * [[Industrial Union of Donbas]] – Industrials * [[InvestUkraine]] – Industrials * [[Kryukiv Railway Car Building Works]] – Industrials * [[Kyivstar]] – Telecommunications * [[Kuznia na Rybalskomu]] – Shipbuilding, arms industry * [[Lifecell]] – Telecommunications * [[Metro Cash and Carry|METRO Cash&Carry]] – Consumer services * [[Mironivsky Hliboproduct|MHP]] – Consumer goods * [[Motor Sich]] – Industrials * [[Nemiroff]] – Consumer goods * [[Naftogaz]] – Oil & Gas * [[Nibulon]] – Agriculture & Shipbuilding * [[Obolon (company)|Obolon]] – Consumer goods * [[State Savings Bank of Ukraine|Oschadbank]] – banking * [[PrivatBank]] – banking * [[Roshen]] – Consumer goods * [[SCM Holdings]] – Financials * [[SoftServe]] – IT * [[Ukraine International Airlines]] – Consumer services * [[Ukrainian Automobile Corporation]] – Consumer goods * [[Ukrainian Railways]] – Consumer services, Industrials * [[Ukrnafta]] – Oil & Gas * [[Ukroboronprom]] * [[Ukrtelecom]] – Telecommunications * [[Vodafone Ukraine]] – Telecommunications * [[WOG (gas stations)|WOG]] – Oil & Gas, Consumer services * [[PA Pivdenmash|Pivdenmash]] – Industrials * [[Zaporizhstal]] – Basic materials * [[ZAZ]] – Consumer goods {{div col end}} ==Facts and figures== {{Update section|date=January 2016}} '''Household income or consumption by percentage share:''' * ''lowest 10%:'' 3.4% (2006)<ref name="CIA World Factbook">{{Cite web|url=https://www.cia.gov/the-world-factbook/countries/ukraine/|title=Ukraine|access-date=14 May 2008|date=14 May 2008|work=[[CIA World Factbook]]}}</ref> * ''highest 10%:'' 25.7% (2006)<ref name="CIA World Factbook"/> '''Poverty rate:''' 4% in 2018 (below US$5.5/day).<ref>{{Cite web |url=https://www.sipotra.it/wp-content/uploads/2019/04/World-Bank-ECA-Economic-Update-Spring-2019.pdf |title=WorldBank ECA Economic Update Spring 2019 |access-date=18 December 2019 |archive-url=https://web.archive.org/web/20191218212234/https://www.sipotra.it/wp-content/uploads/2019/04/World-Bank-ECA-Economic-Update-Spring-2019.pdf |archive-date=18 December 2019 |url-status=dead }}</ref> '''Industrial production growth rate:''' 6% (2007 est.),<ref name="CIA World Factbook"/> 6.5 (2008)<ref name="Derzhkomstat">{{cite web|url=http://www.ukrstat.gov.ua/ |archive-url=http://webarchive.loc.gov/all/20020915155109/http://www.ukrstat.gov.ua/ |url-status=dead |archive-date=15 September 2002 |title=Ukraine |access-date=14 February 2009 |date=14 February 2009 |work=[[State Statistics Service of Ukraine]] }}</ref>{{#tag:ref|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.|group=nb}} '''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:'' {{convert|90400|oilbbl/d}} (2006) * ''consumption:'' {{convert|284600|oilbbl/d}} (2006) * ''exports:'' {{convert|214600|oilbbl/d}} (2004) * ''imports:'' {{convert|469600|oilbbl/d}} (2004) * ''proved reserves:'' {{convert|395000000|oilbbl}} (1 January 2006 est.) '''Natural gas:''' * ''production:'' 20.85 billion cubic m (2006 est.) * ''consumption:'' 73.94 billion cubic m (2006 est.) * ''exports:'' 4 billion cubic m (2006 est.) * ''imports:'' 57.09 billion cubic m (2006 est.) * ''proved reserves:'' 1.075 trillion cubic m (1 January 2006 est.) '''Agriculture – exports:''' grain, sugar beets, sunflower seeds, vegetables, beef, milk, natural honey. '''Agriculture – imports:''' seafood, pork, beef, grain. '''Exchange rates:''' hryvnia per US$1 – 22 (2015), 7.97 (2009), 5.05 (2007), 5.05 (2006), 5.13 (2005), 5.33 (May 2004), 5.30 (October 2002), 5.59 (February 2000), 5.3811 (January 2000), 4.1304 (1999), 2.4495 (1998), 1.8617 (1997), 1.8295 (1996), 1.4731 (1995) '''Minimum wage:''' ₴6,000/ ~$210 per month (from 2021 to 2001–01) '''Average salary by region''' {{Further|List of Ukrainian oblasts and territories by salary}} ==See also== * [[Industry of Ukraine]] * [[List of Ukrainian subdivisions by GDP per capita|List of Ukrainian administrative divisions by GRP per capita]] * [[List of Ukrainian subdivisions by GRP]] * [[Tourism in Ukraine]] ==Notes== {{Reflist|group=nb}} ==References== {{Reflist}} ==External links== {{commons}} * [https://www.me.gov.ua/?lang=en-GB Ukrainian Ministry of Economic Development and Trade] website * [https://wits.worldbank.org/countrysnapshot/en/UKR Trade Summary for Ukraine] from the [[World Bank]] ({{as of|2021|lc=y}}) {{Ukraine topics}} {{Economy of Europe}} {{World Trade Organization}} [[Category:Economy of Ukraine| ]] [[Category:Economic history of Ukraine|*]] [[Category:Economies of Europe by country|Ukraine]]
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