Economy of Ukraine

Economy of Ukraine

OVERVIEW: Ukraine has many of the components of a major European economy - rich farmlands, a well-developed industrial base, highly trained labor, and a good education system. At present, however, the economy remains in poor condition. Ukraine's economy is ranked 45th in the world according to 2008 GDP (nominal) with the total nominal GDP of 399.866 billion USD (2007 est.), and 8,624 USD GDP per capita (2007 est.).Ukraine is relatively rich in natural resources, particularly in mineral deposits. Although oil and natural gas reserves in the country are largely exhausted, it has other important energy sources, such as coal, hydroelectricity and nuclear fuel raw materials. Ukraine has a major ferrous metal industry, producing cast iron, steel and pipes. Ukraine is a major producer of grain, sugar, meat and milk products. Ukraine encourages foreign trade and investment. Total foreign direct investment in Ukraine is approximately $17.4 billion (17.4 G$) as of April 2007. Much reform is still needed, in order to stabilize the investment climate.

GDP growth: 6.9% (2007)

GDP per capita: $8,624 (2007 est.)

GDP by sector: agriculture (9.2%), industry (32.6%), services (58.2%) (2007 est.)

Labor force: 21.63 million (2007 est.)

Labor force by occupation: agriculture 25%, industry 20%, services 55% (2007)

Unemployment: 2.5% officially, 7% according to the ILO (2007)

Distribution of family income - Gini index: 31 (2007)

Inflation rate (consumer prices): 25.2% (2008 est.)

Budget: revenues $34.2 billion (2007 est.); expenses $34.7 billion; note - this is the consolidated budget (2007 est.)

Agriculture – products: barley, maize, potatoes, rice, soybeans, sugar beets, wheat; beef, veal, lamb, pork, chicken; fish; milk products; forest products.

Industries: coal, ferrous and nonferrous metals, chemicals, food processing (especially sugar), oil, mining, railway (locomotives, carriages, tank-cars, etc.), road construction and transportation (ships, aircraft, cars, city transport) equipment, machinery for agriculture, metal-cutting machine tools, instrumentation.

Industrial production growth rate: -5% (2007 est.)

Electricity - production: 183.6 billion kWh (2007 est.)

Electricity - consumption: 150.1 billion kWh (2007 est.)

Oil - production: 102,400 bbl/day (2007 est.)

Oil - consumption: 344,000 bbl/day (2006 est.)

Natural gas - production: 21.05 billion cu m (2007 est.)

Natural gas - consumption: 66.32 billion cu m (2007 est.)

Exports: $67.72 billion (2007 est.)

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

Export partners: Russia 21.3%, Turkey 7.1%, Italy 6.4% , United States 4.1%

Imports: $85.53 billion in 2007

Imports - commodities: energy, machinery and equipment, chemicals

Imports - partners: Russia 27.4%, Germany 10.5%, China 8.6%, Poland 7.1%, Turkmenistan 4.7% (2008)

Currency: 1 Hryvnia (UAH)

Fiscal year: Calendar year

Mining/quarrying: marketable iron ore, 55.88 million tons; manganese,930,000 tons; rock salt, 2.29 million tons; granite,  marble.