Economy of Ukraine

Economy of Ukraine
Statistics
Office buildings in Kiev
Currency	1 Hryvnia (₴) = 100 kopiykas
Fiscal year	Calendar year
Trade organizations	GUAM and WTO
GDP	$93 billion (2015, nominal) $341 billion (2015, PPP)
GDP rank	44th (PPP)
GDP growth	1.5% (2016)
GDP per capita	$2,109 (2015) (nominal) $7,990 (2015) (PPP)
GDP by sector	agriculture 9.9%, industry 29.6%, services 60.5% (2013 est.)
Inflation (CPI)	13.9% (CPI, 2016)
Population below poverty line	24.3% (2015)
Labor force	22 million (2015 est.)
Labor force by occupation	agriculture 5.6%, industry 26.0%, services 68.4% (2012)
Unemployment	12% (2015)
Average gross salary	UAH62,000/€2,500/$2,800, yearly (2016-05)
Average net salary	UAH50,000/€2,700/2,900, yearly (2016-05)
Main industries	coal, electric power, ferrous and nonferrous metals, machinery and transport equipment, chemicals, food processing
Ease-of-doing-business rank	80th (2017)
External
Exports	$58,2 billion (2014)
Export goods	ferrous metals and nonferrous metals, fuel and petroleum products, chemicals, machinery and transport equipment, food products
Main export partners	European Union (37.3%) (2016)
Imports	$58,3 billion (2014 est.)
Import goods	energy (mainly natural gas),machinery and equipment, chemicals
Main import partners	European Union (43.8%) (2016)
Gross external debt	$127 billion (18 Sept 2015)
Public finances
Public debt	88% of GDP (2015)
Revenues	UAH0.8 tril./€27 bil./$30 bil.(2015)
Expenses	UAH0.9 tril./€30 bil./$33 bil. (2015)
Economic aid	recipient: $0.4 billion (2006); International Monetary Fund Extended Funds Facility $2.2 billion (1998)
Credit rating	Standard & Poor's: BB- (Domestic) B+ (Foreign) B+ (T&C Assessment) Outlook: Stable Moody's: Caa3 Outlook: Stable Fitch: B- Outlook: Stable
Foreign reserves	US$13billion (31 December 2015 est.)
Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars.

$93 billion (2015, nominal)

$2,109 (2015) (nominal)

The economy of Ukraine is an emerging free market. Like other post-Soviet states, its gross domestic product fell sharply for 10 years following the collapse the Soviet Union in 1991. However, it grew rapidly from 2000 until 2008 when the Great Recession began worldwide and reached Ukraine as the 2008-2009 Ukrainian financial crisis. The economy recovered in 2010, but since 2013 the Ukrainian economy has been suffering from a severe downturn.

The depression during the 1990s included hyperinflation and a fall in economic output to less than half of the GDP of the preceding Ukrainian SSR. GDP growth was recorded for the first time in 2000, and continued for eight years. This growth was halted by the global financial crisis of 2008, but the Ukrainian economy recovered and achieved positive GDP growth in the first quarter of 2010. By October 2013, the Ukrainian economy lapsed into another recession. The previous summer Ukrainian export to Russia was substantially worsened due to stricter border and customs control by Russia. The early 2014 annexation of Crimea by Russia, and the War in Donbass that started in the spring of 2014 severely damaged Ukraine's economy and severely damaged two of the more industrial oblasts. In 2013, Ukraine saw zero growth in GDP. Ukraine's economy shrank by 6.8% in 2014, and this continued with a 12% decline in GDP in 2015. In January 2016 the World Bank expected Ukraine to experience an economic growth rate of 1% in 2016, which if true will end the recession.

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