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Ukraine Economy 2014

SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES











Ukraine Economy 2014
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 31, 2014

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 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 the unique equipment (for example, large diameter pipes) and raw materials to industrial and mining sites (vertical drilling apparatus) 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. Ukraine's dependence on Russia for energy supplies and the lack of significant structural reform have made the Ukrainian economy vulnerable to external shocks. Ukraine depends on imports to meet about three-fourths of its annual oil and natural gas requirements and 100% of its nuclear fuel needs. After a two-week dispute that saw gas supplies cutoff to Europe, Ukraine agreed to 10-year gas supply and transit contracts with Russia in January 2009 that brought gas prices to "world" levels. The strict terms of the contracts have further hobbled Ukraine's cash-strapped state gas company, Naftohaz. Outside institutions - particularly the IMF - have 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, but more improvements are needed, including fighting corruption, developing capital markets, and improving the legislative framework. Ukraine's economy was buoyant despite political turmoil between the prime minister and president until mid-2008. Real GDP growth exceeded 7% in 2006-07, fueled by high global prices for steel - Ukraine's top export - and by strong domestic consumption, spurred by rising pensions and wages. A drop in steel prices and Ukraine's exposure to the global financial crisis due to aggressive foreign borrowing lowered growth in 2008. Ukraine reached an agreement with the IMF for a $16.4 billion Stand-By Arrangement in November 2008 to deal with the economic crisis, but the program quickly stalled due to the Ukrainian Government's lack of progress in implementing reforms. 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. In August 2010, Ukraine, under the YANUKOVYCH Administration, reached a new agreement with the IMF for a $15.1 billion Stand-By Agreement. Economic growth resumed in 2010 and 2011, buoyed by exports. After initial disbursements, the IMF program stalled in early 2011 due to the Ukrainian Government's lack of progress in implementing key gas sector reforms, namely gas tariff increases. Economic growth slowed in the second half of 2012 with Ukraine finishing the year in technical recession following two consecutive quarters of negative growth.

GDP (purchasing power parity):
$331.6 billion (2012 est.)
country comparison to the world: 40

$331.1 billion (2011 est.)
$314.8 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$173.9 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
0.2% (2012 est.)
country comparison to the world: 175

5.2% (2011 est.)
4.1% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$7,300 (2012 est.)
country comparison to the world: 137

$7,300 (2011 est.)
$6,900 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
10.1% of GDP (2012 est.)
country comparison to the world: 125

14.5% of GDP (2011 est.)
16.3% of GDP (2010 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 70.8%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 19.4%
investment in fixed capital: 18.9%
investment in inventories: -0.6%
exports of goods and services: 50.9%
imports of goods and services: -59.3%

(2012 est.)

GDP - composition, by sector of origin:
agriculture: 9.5%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 31.4%
services: 59.1%

(2012 est.)

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:
-2.1% (2012 est.)
country comparison to the world: 158
[see also: Industrial production growth rate country ranks ]

Labor force:
22.11 million (2012 est.)
country comparison to the world: 31
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 5.6%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 26%
services: 68.4%

(2012)

Unemployment rate:
7.5% (2012 est.)
country comparison to the world: 82

7.9% (2011 est.)
note: officially registered; large number of unregistered or underemployed workers
[see also: Unemployment rate country ranks ]

Population below poverty line:
24.1% (2010)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 3.8%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 22.5% (2011 est.)

Distribution of family income - Gini index:
28.2 (2009)
country comparison to the world: 120

29 (1999)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $55.74 billion
[see also: Budget revenues country ranks ]
expenditures: $63.37 billion
note: this is the planned, consolidated budget (2012 est.)

Taxes and other revenues:
32.1% of GDP (2012 est.)
country comparison to the world: 85
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-4.4% of GDP (2012 est.)
country comparison to the world: 154
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
36.6% of GDP (2012 est.)
country comparison to the world: 99

36.3% of GDP (2011 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)
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
0.6% (2012 est.)
country comparison to the world: 10

8% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
7.5% (31 January 2012 est.)
country comparison to the world: 19

11.97% (31 December 2010 est.)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
18.39% (31 December 2012 est.)
country comparison to the world: 36

15.95% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$40.44 billion (31 December 2012 est.)
country comparison to the world: 53

$38.93 billion (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$97.4 billion (31 December 2012 est.)
country comparison to the world: 55

$85.33 billion (31 December 2011 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$129.6 billion (31 December 2012 est.)
country comparison to the world: 48

$121 billion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$25.56 billion (31 December 2011)
country comparison to the world: 54

$39.46 billion (31 December 2010)
$16.79 billion (31 December 2009)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$-14.32 billion (2012 est.)
country comparison to the world: 179

$-10.25 billion (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$70.24 billion (2012 est.)
country comparison to the world: 51

$69.42 billion (2011 est.)
[see also: Exports country ranks ]

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

Exports - partners:
Russia 25.6%, Turkey 5.4%, Egypt 4.2% (2012)

Imports:
$89.71 billion (2012 est.)
country comparison to the world: 36

$85.67 billion (2011 est.)
[see also: Imports country ranks ]

Imports - commodities:
energy, machinery and equipment, chemicals

Imports - partners:
Russia 32.4%, China 9.3%, Germany 8%, Belarus 6%, Poland 4.2% (2012)

Reserves of foreign exchange and gold:
$24.55 billion (31 December 2012 est.)
country comparison to the world: 56

$31.79 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$136.5 billion (31 December 2012 est.)
country comparison to the world: 35

$134.5 billion (31 December 2011 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$54.46 billion (31 December 2012 est.)
country comparison to the world: 52

$50.33 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$8.104 billion (31 December 2012 est.)
country comparison to the world: 57

$6.898 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
hryvnia (UAH) per US dollar -

7.991 (2012 est.)
7.9676 (2011 est.)
7.9356 (2010 est.)
7.7912 (2009)
4.9523 (2008)


NOTE: 1) The information regarding Ukraine on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Ukraine Economy 2014 information contained here. All suggestions for corrections of any errors about Ukraine Economy 2014 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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