Ukraine Economy - 2023

Economic overview

lower middle-income non-EU Eastern European economy; major wheat producer; industrial and energy exporter; big fiscal reallocations toward defenses; seeking $2 billion in monthly US wartime aid to combat Russia; mass war-related emigration and homelessness

Real GDP (purchasing power parity)

$535.579 billion (2021 est.)

$517.968 billion (2020 est.)

$538.164 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

3.4% (2021 est.)

-3.75% (2020 est.)

3.2% (2019 est.)

Real GDP per capita

$12,900 (2021 est.)

$12,400 (2020 est.)

$12,800 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$155.082 billion (2019 est.)

Inflation rate (consumer prices)

9.36% (2021 est.)

2.73% (2020 est.)

7.89% (2019 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

Credit ratings

Fitch rating: B (2019)

Moody's rating: B3 (2020)

Standard & Poors rating: B (2019)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 12.2% (2017 est.)

industry: 28.6% (2017 est.)

services: 60% (2017 est.)

GDP - composition, by end use

household consumption: 66.5% (2017 est.)

government consumption: 20.4% (2017 est.)

investment in fixed capital: 16% (2017 est.)

investment in inventories: 4.7% (2017 est.)

exports of goods and services: 47.9% (2017 est.)

imports of goods and services: -55.6% (2017 est.)

Agricultural products

maize, wheat, potatoes, sunflower seed, sugar beets, milk, barley, soybeans, rapeseed, tomatoes

Industries

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

Industrial production growth rate

2.57% (2021 est.)

Labor force

20.463 million (2021 est.)

Labor force - by occupation

agriculture: 5.8%

industry: 26.5%

services: 67.8% (2014)

Unemployment rate

8.88% (2021 est.)

9.13% (2020 est.)

8.19% (2019 est.)

note: officially registered workers; large number of unregistered or underemployed workers

Youth unemployment rate (ages 15-24)

total: 16.5%

male: 16.3%

female: 16.7% (2021 est.)

Population below poverty line

1.1% (2019 est.)

Gini Index coefficient - distribution of family income

25.6 (2020 est.)

Average household expenditures

on food: 42.2% of household expenditures (2018 est.)

on alcohol and tobacco: 7.7% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 4.2%

highest 10%: 21.6% (2015 est.)

Budget

revenues: $60.602 billion (2019 est.)

expenditures: $63.742 billion (2019 est.)

note: this is the planned, consolidated budget

Budget surplus (+) or deficit (-)

-1.5% (of GDP) (2017 est.)

Public debt

58.72% of GDP (2020 est.)

48.33% of GDP (2019 est.)

56.91% of GDP (2018 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)

Taxes and other revenues

19.15% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

-$3.249 billion (2021 est.)

$5.267 billion (2020 est.)

-$4.124 billion (2019 est.)

Exports

$81.504 billion (2021 est.) note: data are in current year dollars

$60.707 billion (2020 est.) note: data are in current year dollars

$63.556 billion (2019 est.) note: data are in current year dollars

Exports - partners

Russia 9%, China 8%, Germany 6%, Poland 6%, Italy 5%, Turkey 5% (2019)

Exports - commodities

corn, sunflower seed oils, iron and iron products, wheat, insulated wiring, rapeseed (2019)

Imports

$84.175 billion (2021 est.) note: data are in current year dollars

$63.085 billion (2020 est.) note: data are in current year dollars

$76.067 billion (2019 est.) note: data are in current year dollars

Imports - partners

China 13%, Russia 12%, Germany 10%, Poland 9%, Belarus 7% (2019)

Imports - commodities

refined petroleum, cars, packaged medicines, coal, natural gas (2019)

Reserves of foreign exchange and gold

$30.967 billion (31 December 2021 est.)

$29.138 billion (31 December 2020 est.)

$25.317 billion (31 December 2019 est.)

Debt - external

$117.41 billion (2019 est.)

$114.449 billion (2018 est.)

Exchange rates

hryvnia (UAH) per US dollar -

27.286 (2021 est.)

26.958 (2020 est.)

25.846 (2019 est.)

27.2 (2018 est.)

26.597 (2017 est.)

NOTE: The information regarding Ukraine on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Ukraine 2023 information contained here. All suggestions for corrections of any errors about Ukraine 2023 should be addressed to the CIA or the source cited on each page.