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Ukraine Economy Profile 2017

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Economy - overviewAfter 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. After former President YANUKOVYCH fled the country during the Revolution of Dignity, 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 legislative framework.

Russia’s occupation of Crimea in March 2014 and on-going 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 14.3% in 2015, but grew by 2.3% in 2016 as key reforms took hold. After the EU and Ukraine enacted the Deep and Comprehensive Free Trade Area and Russia imposed a series of trade restrictions, the EU replaced Russia as Ukraine’s largest trading partner. Analysts predict approximately 2% growth in 2017, but a new prohibition on commercial trade with separatist-controlled territories will have an uncertain effect on Ukraine’s key industrial sectors.
GDP (purchasing power parity)$352.6 billion (2016 est.)
$344.6 billion (2015 est.)
$402.1 billion (2014 est.)
note: data are in 2016 dollars
GDP (official exchange rate)$87.2 billion (2016 est.)
GDP - real growth rate2.3% (2016 est.)
-14.3% (2015 est.)
-6.6% (2014 est.)
GDP - per capita (PPP)$8,200 (2016 est.)
$8,100 (2015 est.)
$8,900 (2014 est.)
note: data are in 2016 dollars
Gross national saving14.3% of GDP (2016 est.)
15% of GDP (2015 est.)
9.5% of GDP (2014 est.)
GDP - composition, by end usehousehold consumption: 69.3%
government consumption: 20.3%
investment in fixed capital: 13.3%
investment in inventories: 0.5%
exports of goods and services: 55.9%
imports of goods and services: -59.3% (2016 est.)
GDP - composition by sectoragriculture: 14.4%
industry: 26.3%
services: 59.3%
(2016 est.)
Population below poverty line24.1% (2010 est.)
Labor force18.04 million (2016 est.)
Labor force - by occupationagriculture: 5.8%
industry: 26.5%
services: 67.8%
(2014)
Unemployment rate10% (2016 est.)
9.1% (2015 est.)
note: officially registered workers; large number of unregistered or underemployed workers
Unemployment, youth ages 15-24total: 23.1%
male: 23.7%
female: 22.4% (2014 est.)
Household income or consumption by percentage sharelowest 10%: 3.8%
highest 10%: 22.5% (2011 est.)
Distribution of family income - Gini index24.6 (2013)
28.2 (2009)
Budgetrevenues: $27.8 billion
expenditures: $30.87 billion
note: this is the planned, consolidated budget (2016 est.)
Taxes and other revenues31.9% of GDP (2016 est.)
Budget surplus (+) or deficit (-)-3.5% of GDP (2016 est.)
Public debt78.2% of GDP (2016 est.)
79.4% of GDP (2015 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)
Inflation rate (consumer prices)13.5% (2016 est.)
48.7% (2015 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
Central bank discount rate22% (23 December 2015)
7.5% (31 January 2012)
Commercial bank prime lending rate18.5% (31 December 2016 est.)
21.82% (31 December 2015 est.)
Stock of narrow money$19.81 billion (31 December 2016 est.)
$19.68 billion (31 December 2015 est.)
Stock of broad money$78.02 billion (31 December 2014 est.)
$113.4 billion (31 December 2013 est.)
Stock of domestic credit$60.72 billion (31 December 2016 est.)
$62.77 billion (31 December 2015 est.)
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.)
Agriculture - productsgrain, sugar beets, sunflower seeds, vegetables; beef, milk
Industriescoal, electric power, ferrous and nonferrous metals, machinery and transport equipment, chemicals, food processing
Industrial production growth rate2% (2016 est.)
Current Account Balance-$3.367 billion (2016 est.)
-$251 million (2015 est.)
Exports$33.97 billion (2016 est.)
$35.5 billion (2015 est.)
Exports - commoditiesferrous and nonferrous metals, fuel and petroleum products, chemicals, machinery and transport equipment, foodstuffs
Exports - partnersRussia 12.7%, Turkey 7.3%, China 6.3%, Egypt 5.5%, Italy 5.2%, Poland 5.2% (2015)
Imports$38.3 billion (2016 est.)
$38.94 billion (2015 est.)
Imports - commoditiesenergy, machinery and equipment, chemicals
Imports - partnersRussia 20%, Germany 10.4%, China 10.1%, Belarus 6.5%, Poland 6.2%, Hungary 4.2% (2015)
Reserves of foreign exchange and gold$16.01 billion (31 December 2016 est.)
$13.3 billion (31 December 2015 est.)
Debt - external$127.7 billion (31 December 2016 est.)
$119.8 billion (31 December 2015 est.)
Stock of direct foreign investment - at home$65.95 billion (31 December 2016 est.)
$60.95 billion (31 December 2015 est.)
Stock of direct foreign investment - abroad$7.983 billion (31 December 2016 est.)
$7.183 billion (31 December 2015 est.)
Exchange rateshryvnia (UAH) per US dollar -
25.26 (2016 est.)
21.8447 (2015 est.)
21.8447 (2014 est.)
11.8867 (2013 est.)
7.99 (2012 est.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on July 9, 2017

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