| Economy | Ukraine |
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Economy - overview:
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After Russia, the Ukrainian republic was far and away 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. 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. 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 Ukrainian Government's lack of progress in implementing reforms has twice delayed the release of IMF assistance funds. The drop in steel prices and Ukraine's exposure to the global financial crisis due to aggressive foreign borrowing lowered growth in 2008 and the economy contracted nearly 15% in 2009, among the worst economic performances in the world; growth resumed in 2010 and 2011, buoyed by exports. |
GDP (purchasing power parity):
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$327.4 billion (2011 est.)
$312.7 billion (2010 est.)
$300.2 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$7,200 (2011 est.)
$6,800 (2010 est.)
$6,500 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$162.9 billion (2011 est.) |
GDP - real growth rate:
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4.7% (2011 est.)
4.2% (2010 est.)
-14.5% (2009 est.) |
GDP - composition by sector:
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agriculture: 9.3%
industry: 34.7%
services: 56.1% (2011 est.) |
Investment (gross fixed):
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19% of GDP (2011 est.) |
Population below poverty line:
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35% (2009) |
Household income or consumption by percentage share:
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lowest 10%: 4.1%
highest 10%: 22.6% (2008) |
Distribution of family income - Gini index:
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27.5 (2008)
29 (1999) |
Inflation rate (consumer prices):
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9% (2011 est.)
9.4% (2010 est.) |
Central bank discount rate:
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11.97% (31 December 2010 est.)
10.25% (31 December 2009 est.) |
Commercial bank prime lending rate:
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15% (31 December 2011 est.)
15.869% (31 December 2010 est.) |
Stock of money:
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$24.7 billion (31 December 2009)
$29.24 billion (31 December 2008) |
Stock of money - per capita:
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548 USD per capita |
Stock of quasi money:
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$41.5 billion (31 December 2009)
$45.3 billion (31 December 2008) |
Stock of quasi money - per capita:
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920 USD per capita |
Stock of domestic credit:
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$123.2 billion (31 December 2011 est.)
$108.1 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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2,730 USD per capita |
Stock of narrow money:
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$43.42 billion (31 December 2011 est.)
$36.41 billion (31 December 2010 est.) |
Stock of broad money:
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$90.27 billion (31 December 2011 est.)
$74.96 billion (31 December 2010 est.) |
Labor force:
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22.09 million (2011 est.) |
Labor force participation rate:
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48.94 % of population |
Labor force - by occupation:
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agriculture: 15.8%
industry: 18.5%
services: 65.7% (2008) |
Unemployment rate:
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7.9% (2011 est.)
8.1% (2010 est.)
note: officially registered; large number of unregistered or underemployed workers |
Unemployment, youth ages 15-24:
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total: 14.9%
male: 15.2%
female: 14.5% (2005) |
Budget:
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revenues: $43.79 billion
expenditures: $50.35 billion
note: this is the planned, consolidated budget (2011 est.) |
Budget revenues per capita:
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971 USD per capita |
Taxes and other revenues:
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26.9% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-4% of GDP (2011 est.) |
Public debt:
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44.8% of GDP (2011 est.)
42.3% of GDP (2010 est.) |
Industries:
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coal, electric power, ferrous and nonferrous metals, machinery and transport equipment, chemicals, food processing |
Industrial production growth rate:
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6.5% (2011 est.) |
Electricity - production:
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172.9 billion kWh (2009 est.) |
Electricity - production per capita:
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3,831 kWh per capita |
Electricity - consumption:
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134.6 billion kWh (2009 est.) |
Electricity - consumption - per capita:
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2,983 kWh per capita |
Electricity - exports:
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4 billion kWh (2009 est.) |
Electricity - imports:
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6.73 billion kWh (2008 est.) |
Oil - production:
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82,000 bbl/day (2010 est.) |
Oil - production per capita:
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1,817 bbl/day per capita |
Oil - consumption:
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296,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
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2.39 bbl/year per capita |
Oil - exports:
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114,000 bbl/day (2009 est.) |
Oil - imports:
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301,900 bbl/day (2009 est.) |
Oil - proved reserves:
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395 million bbl (1 January 2011 est.) |
Natural gas - production:
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20.26 billion cu m (2009 est.) |
Natural gas - production per capita:
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449 cu m per capita |
Natural gas - consumption:
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44.16 billion cu m (2009 est.) |
Natural gas - consumption - per capita:
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979 cu m per capita |
Natural gas - exports:
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2.8 billion cu m (2009 est.) |
Natural gas - imports:
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26.7 billion cu m (2009 est.) |
Natural gas - proved reserves:
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1.104 trillion cu m (1 January 2011 est.) |
Agriculture - products:
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grain, sugar beets, sunflower seeds, vegetables; beef, milk |
Current account balance:
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-$5.695 billion (2011 est.)
-$2.884 billion (2010 est.) |
Current account balance - per capita:
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-126 USD per capita |
Exports:
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$60.67 billion (2011 est.)
$52.19 billion (2010 est.) |
Exports per capita:
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1,345 USD per capita |
Exports - commodities:
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ferrous and nonferrous metals, fuel and petroleum products, chemicals, machinery and transport equipment, food products |
Exports - partners:
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Russia 24.1%, Turkey 5.9%, Italy 4.7% (2010) |
Imports:
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$72.08 billion (2011 est.)
$60.9 billion (2010 est.) |
Imports per capita:
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1,597 USD per capita |
Imports - commodities:
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energy, machinery and equipment, chemicals |
Imports - partners:
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Russia 33.9%, China 8.5%, Germany 8.1%, Poland 5.4%, Belarus 4.1% (2010) |
Reserves of foreign exchange and gold:
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$38.13 billion (31 December 2011 est.)
$34.58 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
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845 USD per capita |
Debt - external:
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$111.7 billion (31 December 2011 est.)
$99.51 billion (31 December 2010 est.) |
Debt - external - per capita:
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2,475 USD per capita |
Stock of direct foreign investment - at home:
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$59.3 billion (31 December 2011 est.)
$53.3 billion (31 December 2010 est.) |
Stock of direct foreign investment - at home - per capita:
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1,314 USD per capita |
Stock of direct foreign investment - abroad:
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$3.203 billion (31 December 2011 est.)
$2.803 billion (31 December 2010 est.) |
Stock of direct foreign investment - abroad - per capita:
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71 USD per capita |
Market value of publicly traded shares:
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$39.46 billion (31 December 2010)
$16.79 billion (31 December 2009)
$24.36 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
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875 USD per capita |
Currency (code):
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hryvnia (UAH) |
Exchange rates:
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hryvnia (UAH) per US dollar -
7.963 (2011 est.)
7.9356 (2010 est.)
7.7912 (2009)
4.9523 (2008)
5.05 (2007) |
Fiscal year:
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calendar year |
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