An Overview of the Economy
Ukraine has a stable economy but has struggled in past years
especially after political problems within the country. Viktor
Yushchenko came into power as the country's president in 2005 and
set out many new reforms to rebuild the economy from which the
country has shown continuous positive growth over a number of
years. The fastest growing sector in the economy is currently the
real estate market. The country's top export of steel has also
helped increase the real GDP growth which reached 7% in the period
2006-7. The government is strongly encouraging more foreign trade
although reforms need to be put in place in order for this to
occur.
| statistics |
|
| GDP (PPP) (IMF) (US$Billions) |
320.1 |
| GDP (PPP) (CIA) (US$Billions) |
320.1 |
| GDP Growth (IMF) (%) |
7.3% |
| GDP Growth (CIA) (%) |
7.3% |
| GDP Per Capita (PPP) (IMF) (US$) |
6,941 |
| GDP Per Capita (PPP) (CIA) (US$) |
6,900 |
| GDP by Sector (%) |
Agriculture: 9.1%
Services: 58.7%
Industries: 32.3% |
| Inflation (%) |
12.8% |
| Population Below the Poverty Line (%) |
37.7% |
| Labour Force (Millions) |
21.58 |
| Labour Force by Occupation (%) |
Agriculture: 25%
Services: 55%
Industry: 20% |
| Unemployment (%) |
2.3% |
| Main Industries |
Coal, electric power, ferrous and nonferrous metals,
machinery and transport equipment, chemicals,
food processing (particularly sugar). |
Source: CIA World Factbook, IMF
GDP
| economic indicators |
2003 |
2004 |
2005 |
2006 |
2007 |
| GDP (US$Billions) |
50.1 |
64.9 |
86.1 |
106.5 |
140.5 |
| GDP Growth (%) |
9.6% |
12.1% |
2.7% |
7.1% |
7.3% |
| GDP Per Capita (US$) |
1,057 |
1,378 |
1,843 |
2,291 |
3,046 |
| GDP Per Capita (PPP) (US$) |
4,555 |
5,282 |
5,626 |
6,253 |
6,941 |
| Inflation (%) |
5.2% |
9.0% |
13.4% |
9.0% |
12.8% |
| Unemployment (%) |
3.8% |
3.7% |
3.5% |
3.1% |
2.3% |
| Mobile Phone Users |
236,000 |
4,200,000 |
4,200,000 |
17,214,000 |
- |
| Internet Users |
750,000 |
900,000 |
3,800,000 |
5,278,100 |
5,545,000 |
Source: IMF, CIA World Factbook
Major Exports & Imports
Ukraine's main industries include, coal, electric and metal
production, machinery, transport equipment, chemicals and food
processing. Ukraine carries out a majority of its trade with former
members of the Soviet Union, particularly Russia on whom it relies
to supply it with oil and natural gas. Ukraine imports almost 90%
of oil.
Major Exports 2007
Ferrous and non-ferrous metals, fuel and petroleum products,
chemicals, machinery and transport equipment, food products.
Major Imports 2007
Chemicals, energy, machinery and equipment.
| Export partners 2007 |
% of total |
| Russia |
21.4% |
| Turkey |
7.1% |
| Italy |
6.3% |
| US |
4.1% |
| import partners 2007 |
% of total |
| Russia |
28.3% |
| Germany |
11.7% |
| Poland |
7.6% |
| China |
7% |
| Turkmenstian |
5.7% |
Source: CIA World Factbook
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