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. 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. Movement toward an Association Agreement with the European Union, which would commit Ukraine to economic and financial reforms in exchange for preferential access to EU markets, was curtailed by the November 2013 decision of President YANUKOVYCH against signing this treaty. In response, on 17 December 2013 President YANUKOVYCH and President PUTIN concluded a financial assistance package containing $15 billion in loans and lower gas prices. However, the end of the YANUKOVYCH government in February 2014 caused Russia to halt further funding. With the formation of an interim government in late February 2014, the international community began efforts to stabilize the Ukrainian economy, including a 27 March 2014 IMF assistance package of $14-18 billion.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): Gross national saving: GDP - composition, by end use:
GDP - composition, by sector of origin:
Agriculture - products: Industries: Industrial production growth rate: Labor force: Labor force - by occupation:
Unemployment rate: Population below poverty line: Household income or consumption by percentage share:
Distribution of family income - Gini index: Budget:
Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Fiscal year: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - at home: Stock of direct foreign investment - abroad: Exchange rates:
$337.4 billion (2013 est.)
country comparison to the world: 42
$336.1 billion (2012 est.)
$335.6 billion (2011 est.)
note:
data are in 2013 US dollars
[see also: GDP country ranks ]
$175.5 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]
0.4% (2013 est.)
country comparison to the world: 189
0.2% (2012 est.)
5.2% (2011 est.)
[see also: GDP - real growth rate country ranks ]
$7,400 (2013 est.)
country comparison to the world: 139
$7,400 (2012 est.)
$7,400 (2011 est.)
note:
data are in 2013 US dollars
[see also: GDP - per capita country ranks ]
10.1% of GDP (2013 est.)
country comparison to the world: 133
10.1% of GDP (2012 est.)
14.5% of GDP (2011 est.)
[see also: Gross national saving country ranks ]
household consumption:
72%
government consumption:
18.6%
investment in fixed capital:
17.8%
investment in inventories:
-1.1%
exports of goods and services:
49.6%
imports of goods and services:
-56.9%
(2013 est.)
agriculture:
9.9%
industry:
29.6%
services:
60.5%
(2013 est.)
grain, sugar beets, sunflower seeds, vegetables; beef, milk
coal, electric power, ferrous and nonferrous metals, machinery and transport equipment, chemicals, food processing
-5% (2013 est.)
country comparison to the world: 190
[see also: Industrial production growth rate country ranks ]
22.17 million (2013 est.)
country comparison to the world: 30
[see also: Labor force country ranks ]
agriculture:
5.6%
industry:
26%
services:
68.4%
(2012)
8% (2013 est.)
country comparison to the world: 88
7.5% (2012 est.)
note:
officially registered; large number of unregistered or underemployed workers
[see also: Unemployment rate country ranks ]
24.1% (2010)
[see also: Population below poverty line country ranks ]
lowest 10%:
3.8%
highest 10%:
22.5% (2011 est.)
28.2 (2009)
country comparison to the world: 124
29 (1999)
[see also: Distribution of family income - Gini index country ranks ]
revenues:
$57.4 billion
expenditures:
$66.5 billion
note:
this is the planned, consolidated budget (2013 est.)
32.7% of GDP (2013 est.)
country comparison to the world: 77
[see also: Taxes and other revenues country ranks ]
-5.2% of GDP (2013 est.)
country comparison to the world: 171
[see also: Budget surplus (+) or deficit (-) country ranks ]
40.6% of GDP (2013 est.)
country comparison to the world: 88
36.6% of GDP (2012 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 ]
calendar year
0.7% (2013 est.)
country comparison to the world: 16
0.6% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]
7.5% (31 January 2012 est.)
country comparison to the world: 20
11.97% (31 December 2010 est.)
[see also: Central bank discount rate country ranks ]
16% (31 December 2013 est.)
country comparison to the world: 22
18.39% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]
$39.94 billion (31 December 2013 est.)
country comparison to the world: 53
$40.44 billion (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]
$100.3 billion (31 December 2013 est.)
country comparison to the world: 52
$96.48 billion (31 December 2012 est.)
[see also: Stock of broad money country ranks ]
$130.6 billion (31 December 2013 est.)
country comparison to the world: 48
$129.6 billion (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]
$NA (31 December 2012 est.)
country comparison to the world: 56
$25.56 billion (31 December 2011)
$39.46 billion (31 December 2010 est.)
[see also: Market value of publicly traded shares country ranks ]
-$11.92 billion (2013 est.)
country comparison to the world: 181
-$14.32 billion (2012 est.)
[see also: Current account balance country ranks ]
$71.14 billion (2013 est.)
country comparison to the world: 48
$70.24 billion (2012 est.)
[see also: Exports country ranks ]
ferrous and nonferrous metals, fuel and petroleum products, chemicals, machinery and transport equipment, food products
Russia 25.6%, Turkey 5.4%, Egypt 4.2% (2012)
$87.21 billion (2013 est.)
country comparison to the world: 38
$89.71 billion (2012 est.)
[see also: Imports country ranks ]
energy, machinery and equipment, chemicals
Russia 32.4%, China 9.3%, Germany 8%, Belarus 6%, Poland 4.2% (2012)
$21.95 billion (31 December 2013 est.)
country comparison to the world: 57
$24.55 billion (31 December 2012 est.)
[see also: Reserves of foreign exchange and gold country ranks ]
$138.3 billion (31 December 2013 est.)
country comparison to the world: 41
$136.5 billion (31 December 2012 est.)
[see also: Debt - external country ranks ]
$61.46 billion (31 December 2013 est.)
country comparison to the world: 52
$54.46 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - at home country ranks ]
$8.604 billion (31 December 2013 est.)
country comparison to the world: 57
$8.104 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]
hryvnia (UAH) per US dollar -
8.195 (2013 est.)
7.991 (2012 est.)
7.9356 (2010 est.)
7.7912 (2009)
4.9523 (2008)