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 accounted for 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 eastern part 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 progress on reforms designed to make the country prosperous, democratic, and transparent, including creation of a national anti-corruption agency, overhaul of the banking sector, establishment of a transparent VAT refund system, and increased transparency in government procurement. But more improvements are needed, including fighting corruption, developing capital markets, improving the business environment to attract foreign investment, privatizing state-owned enterprises, and land reform. The fifth tranche of the IMF program, valued at $1.9 billion, was delayed in mid-2017 due to lack of progress on outstanding reforms, including adjustment of gas tariffs to import parity levels and adoption of legislation establishing an independent anti-corruption court.

Russia’s occupation of Crimea in March 2014 and ongoing Russian 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, the economy contracted by 6.6% in 2014 and by 9.8% in 2015, but it returned to low growth in in 2016 and 2017, reaching 2.3% and 2.0%, respectively, as key reforms took hold. Ukraine also redirected trade activity towards the EU following the implementation of a bilateral Deep and Comprehensive Free Trade Agreement, displacing Russia as its 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. Ukraine returned to international debt markets in September 2017, issuing a $3 billion sovereign bond.

GDP (purchasing power parity):
$369.6 billion (2017 est.)
$360.5 billion (2016 est.)
$351.9 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 50
[see also: GDP country ranks ]

GDP (official exchange rate):
$112.1 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2.5% (2017 est.)
2.4% (2016 est.)
-9.8% (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 135
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$8,800 (2017 est.)
$8,500 (2016 est.)
$8,300 (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 146
[see also: GDP - per capita country ranks ]

Gross national saving:
18.9% of GDP (2017 est.)
20.2% of GDP (2016 est.)
17.7% of GDP (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 105
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 66.5% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 20.4% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 16% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 4.7% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 47.9% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -55.6% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 12.2% (2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 28.6% (2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 60% (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:
3.1% (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 100
[see also: Industrial production growth rate country ranks ]

Labor force:
17.99 million (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 34
[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:
9.2% (2017 est.)
9.3% (2016 est.)
note: officially registered workers; large number of unregistered or underemployed workers
country comparison to the world (CIA rank, may be based on non-current data): 133
[see also: Unemployment rate country ranks ]

Population below poverty line:
3.8% (2016 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 4.2%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 21.6% (2015 est.)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
25.5 (2015)
28.2 (2009)
country comparison to the world (CIA rank, may be based on non-current data): 151
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: 29.82 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 31.55 billion (2017 est.)
note: this is the planned, consolidated budget

Taxes and other revenues:
26.6% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 108
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-1.5% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 92
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
71% of GDP (2017 est.)
81.2% 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 (CIA rank, may be based on non-current data): 48
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
14.4% (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 (CIA rank, may be based on non-current data): 210
[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 (CIA rank, may be based on non-current data): 3
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
16.38% (31 December 2017 est.)
19.24% (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 30
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$21.92 billion (31 December 2017 est.)
$19.49 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 67
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$21.92 billion (31 December 2017 est.)
$19.49 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 68
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$63.63 billion (31 December 2017 est.)
$61.65 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 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 (CIA rank, may be based on non-current data): 62
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$2.088 billion (2017 est.)
-$1.394 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 166
[see also: Current account balance country ranks ]

Exports:
$39.69 billion (2017 est.)
$33.56 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 54
[see also: Exports country ranks ]

Exports - partners:
Russia 9.2%, Poland 6.5%, Turkey 5.6%, India 5.5%, Italy 5.2%, China 4.6%, Germany 4.3% (2017)

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

Imports:
$49.06 billion (2017 est.)
$40.5 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 53
[see also: Imports country ranks ]

Imports - commodities:
energy, machinery and equipment, chemicals

Imports - partners:
Russia 14.5%, China 11.3%, Germany 11.2%, Poland 7%, Belarus 6.7%, US 5.1% (2017)

Reserves of foreign exchange and gold:
$18.81 billion (31 December 2017 est.)
$15.54 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 61
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$130 billion (31 December 2017 est.)
$121.1 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 45
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$67.22 billion (31 December 2017 est.)
$64.95 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 54
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$7.59 billion (31 December 2017 est.)
$7.983 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 68
[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.)