Back اقتصاد أوكرانيا Arabic Economía d'Ucraína AST Ukrayna iqtisadiyyatı Azerbaijani Украина иҡтисады Bashkir Эканоміка Украіны Byelorussian Стопанство на Украйна Bulgarian Economia d'Ucraïna Catalan Ekonomika Ukrajiny Czech Wirtschaft der Ukraine German Οικονομία της Ουκρανίας Greek

Economy of Ukraine

Economy of Ukraine
Kyiv, the financial capital of Ukraine
CurrencyUkrainian hryvnia
calendar year
Trade organizations
GUAM, WTO, CISFTA, DCFTA (EU), BSEC
Country group
Statistics
PopulationIncrease 33,442,000 (2024)[3]
GDP
  • $184 billion (nominal, 2024 est.)[3]
  • $656 billion (PPP, 2024 est.)[3]
GDP rank
GDP growth
  • −28.8% (2022)
  • +5.3% (2023)
  • +3.0% (2024)[3]
GDP per capita
  • $5,505 (nominal, 2024 est.)[3]
  • $19,603 (PPP, 2024 est.)[3]
GDP per capita rank
GDP by sector
5.8% (2024 est.)[3]
Population below poverty line
  • Positive decrease 1.3% (2018)[5]
  • Negative increase 0.4% on less than $3.20/day (2020f)[6]
Positive decrease 25.6 low (2020, World Bank)[7]
Increase 36 out of 100 points (2023, 104th rank)
Labor force
  • Decrease 20,203,893 (2019)[9]
  • Increase 57.1% employment rate (2018)[10]
Labor force by occupation
  • agriculture 5.8%
  • industry 26.5%
  • services 67.8%
  • (2014)[4]
UnemploymentNegative increase 9.8% (2021)[3]
Average gross salary
₴21,809 / €488 / $532 monthly[11]
₴17,449 / €390 / $425 monthly[12][13]
Main industries
coal, electric power, ferrous and nonferrous metals, machinery and transport equipment, chemicals, food processing
External
ExportsIncrease $68.2 billion (2021)[14]
Export goods
ferrous and nonferrous metals, fuel and petroleum products, chemicals, machinery and transport equipment, food products
Main export partners
  • China 11.7%
  • Poland 7.2%
  • Turkey 5.9%
  • Russia 5.2%
  • Italy 4.8%
  • Germany 4.2%
  • India 3.6%
  • Netherlands 2.9%
  • Belgium 2.8%
  • Romania 2.5% (2021)[15]
ImportsDecrease $54.1 billion (2020 est.)[16]
Import goods
energy (mainly natural gas),[17] machinery and equipment, chemicals
Main import partners
  • China 13.9%
  • Russia 10.9%
  • Poland 9.4%
  • Germany 8.5%
  • Belarus 6.3%
  • Turkey 4.03%
  • Hungary 4%
  • United States 3.8%
  • Italy 3.2%
  • Czech Republic 2.3% (2021)[18]
FDI stock
  • Increase $67.22 billion (31 December 2017 est.)[4]
  • Decrease Abroad: $7.59 billion (31 December 2017 est.)[4]
Decrease −$3.752 billion (2018 est.)[4][19][20]
Positive decrease $47.9 billion (Apr 2018)[21]
Public finances
Negative increase 94% of GDP (2024)[22]
Revenues₴1.1 trillion / €37 bil. / $39 bil. (2017)[23]
Expenses₴1.1 tril. / €38 bil. / $41 bil. (2017)[23]
Economic aidrecipient: $0.4 billion (2006); International Monetary Fund Extended Funds Facility: $2.2 billion (1998)
Decrease $40.507 billion (1 Mar 2024 est.)[30]
All values, unless otherwise stated, are in US dollars.


The economy of Ukraine is a developing,[1] upper-middle income, mixed economy. It grew rapidly from 2000 until 2008 when the Great Recession began worldwide and reached Ukraine. The economy recovered in 2010 and continued improving until 2013. The Russian incursion in Ukraine caused a severe economic decline from 2014 to 2015, with the country's gross domestic product in 2015 barely surpassing half of what it was in 2013. In 2016, the economy again started to grow. By 2018, the Ukrainian economy was growing rapidly, and reached almost 80% of its size in 2008.

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.[31] This growth was halted by the global financial crisis of 2008. The Ukrainian economy recovered and achieved positive GDP growth in the first quarter of 2010. In the early 2010s, Ukraine was noted as possessing many of the components of a major European economy, such as rich farmlands,[32][33] a well-developed industrial base, highly trained labour, and a good education system.[34] It also has important mineral resources.[35]

In October 2013, the Ukrainian economy lapsed into a recession.[36] The previous summer, Ukrainian exports to Russia substantially declined due to stricter border and customs control by Russia.[37] The early 2014 annexation of Crimea by Russia, and the war in Donbas that started in the spring of 2014 severely damaged Ukraine's economy[38] and two of Ukraine's most industrial regions.[39] In 2013, Ukraine saw zero GDP growth.[39] Ukraine's economy shrank by 6.8% in 2014,[40][41] and this continued with a 12% decline in GDP in 2015.[42] In April 2017, the World Bank stated that Ukraine's economic growth rate was 2.3% in 2016, ending the recession.[43] Despite these improvements, Ukraine remains the poorest country in Europe,[44] which some have attributed to high corruption levels[45] and the slow pace of economic liberalisation and institutional reform.[46][47][48][49] The Russian Invasion of Ukraine in 2022 further deteriorated the country's economy.

  1. ^ a b "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
  3. ^ a b c d e f g h "World Economic Outlook Database, April 2024". IMF.org. International Monetary Fund.
  4. ^ a b c d e Cite error: The named reference CIAWFUP was invoked but never defined (see the help page).
  5. ^ "Poverty headcount ratio at national poverty lines (% of population) – Ukraine". data.worldbank.org. World Bank. Retrieved 24 January 2020.
  6. ^ Europe Central Asia Economic Update, Spring 2020: Fighting COVID-19. Washington, DC: World Bank. 2020. pp. 77–78. ISBN 978-14648-1-564-5.
  7. ^ "GINI index (World Bank estimate) – Ukraine". data.worldbank.org. World Bank. Retrieved 12 August 2021.
  8. ^ a b "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 11 December 2019.
  9. ^ "Labor force, total – Ukraine". data.worldbank.org. World Bank & ILO. Retrieved 7 September 2020.
  10. ^ "Employment to population ratio, 15+, total (%) (national estimate) – Ukraine". data.worldbank.org. World Bank. Retrieved 16 October 2019.
  11. ^ Средняя зарплата в Украине в апреле 2024 составила 21809 грн. [The average salary in Ukraine in April 2024 was UAH 21,809.]. index.minfin.com.ua (in Ukrainian).
  12. ^ Середня зарплата в Україні [Average salary in Ukraine] (in Ukrainian). Work.ua. Retrieved 20 December 2023.
  13. ^ "Ukraine – Individual – Taxes on personal income".
  14. ^ "Cabinet of Ministers of Ukraine – Ministry of Economy: Exports of Ukrainian goods in 2021 have reached a record USD 68.24 billion". www.kmu.gov.ua.
  15. ^ "Export partners of Ukraine". The Observatory of Economic Complexity. Retrieved 6 April 2023.
  16. ^ "State Committee of Commerce and Industry. Foreign economic activity" (PDF).
  17. ^ Cite error: The named reference UkNGOSW15713 was invoked but never defined (see the help page).
  18. ^ "Import partners of Ukraine". The Observatory of Economic Complexity. Retrieved 6 April 2023.
  19. ^ Регіональні обсяги зовнішньої торгівлі товарами у січні–листопаді 2018 року [Regional volumes of foreign trade in goods in January–November 2018]. www.ukrstat.gov.ua (in Ukrainian).
  20. ^ Регіональні обсяги зовнішньої торгівлі послугами1 за 9 місяців 2018 року [Regional volumes of foreign trade in services1 for 9 months of 2018]. www.ukrstat.gov.ua (in Ukrainian).
  21. ^ https://www.bank.gov.ua/control/en/publish/category?cat_id=44466 Archived 18 June 2018 at the Wayback Machine, National Bank of Ukraine Retrieved 18 June 2018.
  22. ^ "General government gross debt". www.imf.org. Retrieved 25 June 2024.
  23. ^ a b "Budget of Ukraine". Archived from the original on 25 November 2015. Retrieved 17 February 2016.
  24. ^ "Rating: Ukraine Credit Rating 2023". countryeconomy.com. Retrieved 12 April 2023.
  25. ^ "S&P cuts Ukraine's foreign currency rating to CCC due to debt restructuring plan". Yahoo! News. 7 April 2023.
  26. ^ "S&P cuts Ukraine's foreign currency rating to CCC due to debt restructuring plan". The New Voice of Ukraine. 7 April 2023.
  27. ^ "Moody's downgrades Ukraine's ratings to Ca with a stable outlook". Moody's. 10 February 2023.
  28. ^ "Fitch Affirms Ukraine at 'CC'". Fitch Ratings. 20 January 2023.
  29. ^ "Scope affirms Ukraine's long-term issuer rating in foreign currency at SD".
  30. ^ "National Bank of Ukraine". Archived from the original on 5 January 2024. Retrieved 5 January 2024.
  31. ^ "Macroeconomic indicators". National Bank of Ukraine. Archived from the original on 25 August 2010.
  32. ^ "Ukraine becomes world's third biggest grain exporter in 2011 – minister" (Press release). Black Sea Grain. 20 January 2012. Archived from the original on 4 March 2014. Retrieved 3 September 2015.
  33. ^ "World Trade Report 2013". World Trade Organisation. Retrieved 26 January 2014.
  34. ^ Cite error: The named reference UE The Underachiever was invoked but never defined (see the help page).
  35. ^ Liventseva, Hanna (17 May 2022). "THE MINERAL RESOURCES OF UKRAINE". Tierra y Tecnología (in Spanish). Retrieved 17 March 2023.
  36. ^ Cite error: The named reference Reuters171013 was invoked but never defined (see the help page).
  37. ^
  38. ^ Cite error: The named reference stnstaue was invoked but never defined (see the help page).
  39. ^ a b "Amid staggering destruction, eastern Ukraine looks to rebuild". Al Jazeera. 28 September 2014.
  40. ^ "Ukraine economy expected to shrink 8%". Yahoo. 2 October 2014.
  41. ^ "Ukraine's Economy Contracted By 6.8 Percent In 2014". RFE/RL. 20 March 2015.
  42. ^ "Ukraine conflict taking heavy toll on economy says IMF". Radio Svoboda. 30 October 2015.
  43. ^ "Ukraine's Economy is Recovering Modestly Despite Significant Headwinds". World Bank. 4 April 2017.
  44. ^ "GDP per capita (Current US$) | Data".
  45. ^ Bullough, Oliver (6 February 2015). "Welcome to Ukraine, the most corrupt nation in Europe". The Guardian. Retrieved 3 March 2021. Since 1991, officials, members of parliament and businessmen have created complex and highly lucrative schemes to plunder the state budget. The theft has crippled Ukraine. The economy was as large as Poland's at independence, now it is a third of the size. Ordinary Ukrainians have seen their living standards stagnate, while a handful of oligarchs have become billionaires.
  46. ^ "Ukraine: Can meaningful reform come out of conflict?". Bruegel | The Brussels-based economic think tank. Retrieved 17 March 2023.
  47. ^ Pikulicka-Wilczewska, Agnieszka (19 July 2017). "Why the reforms in Ukraine are so slow?". New Eastern Europe – A bimonthly news magazine dedicated to Central and Eastern European affairs. Retrieved 17 March 2023.
  48. ^ "The slow-reform trap". Bruegel | The Brussels-based economic think tank. Retrieved 17 March 2023.
  49. ^ "Ukraine Country Assistance Evaluation" (PDF). 8 November 2000.

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