Economic Overview of Ukraine
- Territory: 603,550 km2
- Population: 44.1 million
- GDP: USD 137.3 billion
- GDP growth forecast for 2021 + 4.0%
- GDP per capita: USD 3,118.40
- National currency: Ukrainian hryvnia
- Inflation rate: 2.74%
Discover more about Ukraine’s culture, on official website - ukraine.ua
Ukraine’s international rankings
Doing Business
Since 2014 Ukraine has improved 48 positions in the Doing Business rankings. In the 2020 report it occupied 64th position.
Human Capital Index
Ukraine entered the top 50 countries in the World Bank’s Human Capital Index in 2020.
Global Innovation Index
Ukraine is in the top 50 list of most innovative nations (2020: 45th position).
Good Country Index
Ukraine’s Science & Technology Global Contribution was recognised with a highly impressive 1st place out of 153 countries in the 2020 report.
Since the Revolution of Dignity, the Ukrainian Government has undertaken a series of key reforms. These include significant fiscal consolidation, moving to a flexible exchange rate, reforming energy tariffs and social assistance, enhancing the transparency of public procurement, simplifying business regulations, stabilising and restructuring the banking sector, moving forward on health and pension reforms and establishing anti-corruption agencies and business support institutions.
Historically known as the «breadbasket» of Europe, Ukraine is set to become the «food basket» of the world. Ukraine is naturally endowed with 33% of the world’s black soil and favourable climate that enables a broad range of agricultural production, as well as sustainable traditions thereof. Ukraine has long-standing traditions in machinery sector owing to significant reserves of raw materials, a developed metallurgy and an educated labor force.
Ukraine is among top10 countries in conducting IT-friendly reforms. Ukraine has booming creative industries: design, audiovisual art, publishing and advertising, traditional crafts – all ready for cooperation with foreign partners.
The economic impact from the COVID-19 outbreak was less severe than in most European countries – GDP declined by 4%. In May 2020, the Cabinet of Ministers of Ukraine approved the 2020—2022 National Economy Stimulus Plan in an attempt to repair the damage caused by the restrictions imposed to prevent the occurrence and spread of COVID-19. The plan establishes a wide range of mechanisms designed to create new opportunities, stabilise Ukraine’s economy, promote sustainable development and address unemployment by protecting existing jobs and incentivising the creation of new, highly productive jobs with decent working conditions over the period 2020—2022. The full-scale lockdown was replaced by an adaptive quarantine that enabled many services to return to normal functioning.
Export of Ukraine
In 2020 Ukraine exported $59 billion of goods and services.
The TOP Ukraine’s exporting sectors in 2020:
- Food and agriculture – 45.1%
- Iron and steel products – 18.3%
- Machinery – 11%
- Mineral products – 10.8%
- Chemicals – 5.5%
- Wood and paper – 3.7%
- Miscellaneous manufactured articles – 3.4%
- Apparel and footwear – 2.2%
Exports of services in 2020 totalled USD 15.5 billion.
The TOP Ukraine’s exporting services in 2020:
- Transport services – 43.7%
- IT and Telecommunications – 26.1%
- Production services – 12.1%
The TOP-10 Ukraine’s export destination in 2020:
- European Union – 37,1%
- China – 12,3%
- Russia – 9%
- Turkey – 4,4%
- USA – 4%
- India – 3,5%
- Egypt – 2,8%
- Belarus – 2,4%
- Israel – 1,3%
- United Arab Emirates – 1,3%
Location, talented human capital, cost-competitiveness, and availability of free trade agreements with many global markets make it a fast-developing manufacturing platform and provide great sourcing opportunities for foreign buyers. Want to know more? Click here to explore benefits of trading with Ukraine.
Check out export potential of promising Ukrainian sectors here.
Planning a business visit? Check the current rules pf entry connected with Covid-19 restrictions: visitukraine.today
Want to discover more about Ukraine? Visit Ukraine’s official website: ukraine.ua