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    • Overview:
      After Russia, the Ukrainian republic was far and away the most important economic component of the former Soviet Union, producing more than three times the output of the next-ranking republic. Its fertile black soil generated more than one-fourth of Soviet agricultural output, and its farms provided substantial quantities of meat, milk, grain, and vegetables to other republics. Likewise, its diversified heavy industry supplied equipment and raw materials to industrial and mining sites in other regions of the former USSR. In early 1992, the Ukrainian government liberalized most prices and erected a legal framework for privatization, but widespread resistance to reform within the government and the legislature soon stalled reform efforts and led to some backtracking. Loose monetary and fiscal policies pushed inflation to hyperinflationary levels in late 1993. Greater monetary and fiscal restraint lowered inflation in 1994, but also contributed to an accelerated decline in industrial output. Since his election in July 1994, President KUCHMA has developed - and parliament has approved - a comprehensive economic reform program, maintained financial discipline, and reduced state controls over prices, the exchange rate, and foreign trade. Implementation of KUCHMA's economic agenda will encounter considerable resistance from parliament, entrenched bureaucrats, and industrial interests and will contribute to further declines in output and rising unemployment which will sorely test the government's ability to stay the course on reform in 1995.

    • National product:
      GDP - purchasing power parity - $189.2 billion (1994 estimate as extrapolated from World Bank estimate for 1992)

    • National product real growth rate:
      -19% (1994 est.)

    • National product per capita:
      $3,650 (1994 est.)

    • Inflation rate (consumer prices):
      14% per month (1994)

    • Unemployment rate:
      0.4% officially registered; large number of unregistered or underemployed workers

    • Budget:


        $NA, including capital expenditures of $NA

    • Exports:
      $11.8 billion (1994)

        coal, electric power, ferrous and nonferrous metals, chemicals, machinery and transport equipment, grain, meat

        FSU countries, China, Italy, Switzerland

    • Imports:
      $14.2 billion (1994)

        energy, machinery and parts, transportation equipment, chemicals, textiles

        FSU countries, Germany, Poland, Czech Republic

    • External debt:
      $7.5 billion (yearend 1994)

    • Industrial production:
      growth rate -28% (1994 est.); accounts for 50% of GDP

    • Electricity:

        54,380,000 kW

        182 billion kWh

        consumption per capita:
        3,200 kWh (1994)

    • Industries:
      coal, electric power, ferrous and nonferrous metals, machinery and transport equipment, chemicals, food-processing (especially sugar)

    • Agriculture:
      accounts for about 25% of GDP; grain, vegetables, meat, milk, sugar beets

    • Illicit drugs:
      illicit cultivator of cannabis and opium poppy; mostly for CIS consumption; limited government eradication program; used as transshipment point for illicit drugs to Western Europe

    • Economic aid:
      $550 million economic aid and $350 million to help disassemble the atomic weapons from the US in 1994

    • Currency:
      Ukraine withdrew the Russian ruble from circulation on 12 November 1992 and declared the karbovanets (plural karbovantsi) sole legal tender in Ukrainian markets; Ukrainian officials claim this is an interim move toward introducing a new currency - the hryvnya - possibly in mid-1995

    • Exchange rates:
      karbovantsi per 1$US - 107,900 (end December 1994), 130,000 (April 1994)

    • Fiscal year:
      calendar year

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