Ukraine Economy - 2024

Economic overview

lower middle-income non-EU Eastern European economy; key wheat, corn, and industrials exporter; emerging electronics producer; war-related massive labor shortages and displacement, as well as environmental destruction of agricultural areas; critical humanitarian and military aid recipient; large inflation and poverty increases; wartime data collection inconsistencies for Western areas

Real GDP (purchasing power parity)

$379.893 billion (2022 est.)
$535.579 billion (2021 est.)
$517.968 billion (2020 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

$10,700 (2022 est.)
$12,900 (2021 est.)
$12,400 (2020 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: CC (2022)

Moody's rating: Ca (2023)

Standard & Poors rating: CCC (2023)

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

sunflower seed, maize, wheat, rapeseed, barley, poultry meats, soybeans

Industries

industrial machinery, ferrous and nonferrous metals, automotive and aircraft components, electronics, chemicals, textiles, mining, construction

Industrial production growth rate

2.57% (2021 est.)

Labor force

20.463 million (2021 est.)

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% (2021 est.)

male: 16.3%

female: 16.7%

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.)

Remittances

9.03% of GDP (2021 est.)
9.71% of GDP (2020 est.)
10.26% of GDP (2019 est.)

Budget

revenues: $29 billion (2021 est.)

expenditures: $35.75 billion (2021 est.)

Budget surplus (+) or deficit (-)

-5.5% (of GDP) (2021 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

$8.005 billion (2022 est.)
-$3.249 billion (2021 est.)
$5.267 billion (2020 est.)

Exports

$56.909 billion (2022 est.)
$81.504 billion (2021 est.)
$60.707 billion (2020 est.)

note: data are in current year dollars

Exports - partners

China 12%, Poland 7%, Turkey 6%, Russia 5%, Italy 5% (2021)

Exports - commodities

corn, sunflower seed oils, iron/iron products, wheat, insulated wiring, rapeseed (2021)

Imports

$83.863 billion (2022 est.)
$84.175 billion (2021 est.)
$63.085 billion (2020 est.)

note: data are in current year dollars

Imports - partners

China 14%, Russia 11%, Poland 9%, Germany 9%, Belarus 6% (2021)

Imports - commodities

refined petroleum, cars, natural gas, packaged medicines, coal, broadcasting equipment (2021)

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 -

Exchange rates:
27.286 (2021 est.)
26.958 (2020 est.)
25.846 (2019 est.)
27.2 (2018 est.)
26.597 (2017 est.)