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Ukraine Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Ukraine Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

Economy - overview:
After Russia, the Ukrainian Republic was the most important economic component of the former Soviet Union, producing about four 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 unique equipment, such as, large diameter pipes and vertical drilling apparatus, and raw materials to industrial and mining sites in other regions of the former USSR.Shortly after independence in August 1991, 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. Output by 1999 had fallen to less than 40% of the 1991 level. Outside institutions - particularly the IMF encouraged Ukraine to quicken the pace and scope of reforms to foster economic growth. Ukrainian Government officials eliminated most tax and customs privileges in a March 2005 budget law, bringing more economic activity out of Ukraine's large shadow economy. From 2000 until mid-2008, Ukraine's economy was buoyant despite political turmoil between the prime minister and president. The economy contracted nearly 15% in 2009, among the worst economic performances in the world. In April 2010, Ukraine negotiated a price discount on Russian gas imports in exchange for extending Russia's lease on its naval base in Crimea.Ukraine’s oligarch-dominated economy grew slowly from 2010 to 2013, but remained behind peers in the region and among Europe’s poorest. After former President YANUKOVYCH fled the country during the Revolution of Dignity, Ukraine’s economy fell into crisis because of Russia’s annexation of Crimea, military conflict in the east of the country, and a trade war with Russia, resulting in a 17% decline in GDP, inflation at nearly 60%, and dwindling foreign currency reserves. The international community began efforts to stabilize the Ukrainian economy, including a March 2014 IMF assistance package of $17.5 billion, of which Ukraine has received four disbursements, most recently in April 2017, bringing the total disbursed as of that date to approximately $8.4 billion. Ukraine has made significant progress on reforms designed to make the country prosperous, democratic, and transparent. But more improvements are needed, including fighting corruption, developing capital markets, and improving the business environment to attract foreign investment, and privatizing state-owned enterprises.Russia’s occupation of Crimea in March 2014 and ongoing aggression in eastern Ukraine have hurt economic growth. With the loss of a major portion of Ukraine’s heavy industry in Donbas and ongoing violence, Ukraine’s economy contracted by 6.6% in 2014 and by 9.8% in 2015, but The Ukrainian economy returned to low growth in in 2016 and 2017, reaching 2.3% and 2.0%, respectively, as key reforms took hold. It also redirected trade activity towards the EU following the implementation of a bilateral Deep and Comprehensive Free Trade Agreement, displacing Russia as Ukraine’s largest trading partner. A prohibition on commercial trade with separatist-controlled territories in early 2017 has not impacted Ukraine’s key industrial sectors as much as expected, largely because of favorable external conditions. Amid positive economic developments, Ukraine returned to international debt markets in September 2017, issuing a $3 billion sovereign bond.

GDP (purchasing power parity):
$366.4 billion (2017 est.) $359 billion (2016 est.) $350.9 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 51

GDP (official exchange rate):
$104.1 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2% (2017 est.) 2.3% (2016 est.) -9.8% (2015 est.)
country comparison to the world: 152
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$8,700 (2017 est.) $8,500 (2016 est.) $8,200 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 146

Gross national saving:
17.7% of GDP (2017 est.) 17.5% of GDP (2016 est.) 15.7% of GDP (2015 est.)
country comparison to the world: 103
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 65%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 18.7%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 14%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 2%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 47.9%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -47.4% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 14%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 27.8%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 58.7% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
grain, sugar beets, sunflower seeds, vegetables; beef, milk

Industries:
coal, electric power, ferrous and nonferrous metals, machinery and transport equipment, chemicals, food processing

Industrial production growth rate:
3.6% (2017 est.)
country comparison to the world: 79
[see also: Industrial production growth rate country ranks ]

Labor force:
17.99 million (2017 est.)
country comparison to the world: 36
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 5.8%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 26.5%
[see also: Labor force - by occupation - industry country ranks ]
services: 67.8% (2014)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
9.5% (2017 est.) 9.3% (2016 est.)
note: officially registered workers; large number of unregistered or underemployed workers
country comparison to the world: 132
[see also: Unemployment rate country ranks ]

Population below poverty line:
24.1% (2010 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 3.8%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 22.5% (2011 est.)

Distribution of family income - Gini index:
24.6 (2013) 28.2 (2009)
country comparison to the world: 146
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $35.6 billion
[see also: Budget - revenues country ranks ]
expenditures: $38.91 billion
[see also: Budget - expenditures country ranks ]
note: this is the planned, consolidated budget (2017 est.)

Taxes and other revenues:
34.2% of GDP (2017 est.)
country comparison to the world: 59
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-3.2% of GDP (2017 est.)
country comparison to the world: 118
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
89% of GDP (2017 est.) 81% of GDP (2016 est.)
note: the total public debt of $64.5 billion consists of: domestic public debt ($23.8 billion); external public debt ($26.1 billion); and sovereign guarantees ($14.6 billion)
country comparison to the world: 27
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
12.8% (2017 est.) 13.9% (2016 est.)
note: Excluding the temporarily occupied territories of the Autonomous Republic of Crimea, the city of Sevastopol and part of the anti-terrorist operation zone
country comparison to the world: 208
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
22% (23 December 2015) 7.5% (31 January 2012)
country comparison to the world: 5
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
16.5% (31 December 2017 est.) 19.24% (31 December 2016 est.)
country comparison to the world: 31
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$22.43 billion (31 December 2017 est.) $19.49 billion (31 December 2016 est.)
country comparison to the world: 68
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$45.55 billion (31 December 2017 est.) $40.54 billion (31 December 2016 est.)
country comparison to the world: 71
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$69.99 billion (31 December 2017 est.) $61.65 billion (31 December 2016 est.)
country comparison to the world: 61
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$20.71 billion (31 December 2012 est.) $25.56 billion (31 December 2011 est.) $39.46 billion (31 December 2010 est.)
country comparison to the world: 66
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$3.409 billion (2017 est.) -$3.779 billion (2016 est.)
country comparison to the world: 169
[see also: Current account balance country ranks ]

Exports:
$36.85 billion (2017 est.) $33.56 billion (2016 est.)
country comparison to the world: 56
[see also: Exports country ranks ]

Exports - commodities:
ferrous and nonferrous metals, fuel and petroleum products, chemicals, machinery and transport equipment, foodstuffs

Exports - partners:
Russia 9.9%, Egypt 6.2%, Poland 6.1%, Turkey 5.7%, Italy 5.3%, India 5.2%, China 5.1% (2016)

Imports:
$44.42 billion (2017 est.) $40.57 billion (2016 est.)
country comparison to the world: 54
[see also: Imports country ranks ]

Imports - commodities:
energy, machinery and equipment, chemicals

Imports - partners:
Russia 13.1%, China 12%, Germany 11%, Belarus 7.1%, Poland 6.9%, US 4.3% (2016)

Reserves of foreign exchange and gold:
$21.8 billion (31 December 2017 est.) $15.54 billion (31 December 2016 est.)
country comparison to the world: 58
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$125.3 billion (31 December 2017 est.) $121.1 billion (31 December 2016 est.)
country comparison to the world: 46
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$71.15 billion (31 December 2017 est.) $64.95 billion (31 December 2016 est.)
country comparison to the world: 53
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$8.983 billion (31 December 2017 est.) $7.983 billion (31 December 2016 est.)
country comparison to the world: 63
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
hryvnia (UAH) per US dollar - 26.71 (2017 est.) 25.5513 (2016 est.) 25.5513 (2015 est.) 21.8447 (2014 est.) 11.8867 (2013 est.)


NOTE: 1) The information regarding Ukraine on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Ukraine Economy 2018 information contained here. All suggestions for corrections of any errors about Ukraine Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






This page was last modified 28-Feb-18
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