Ukraine sees record high number of small, medium sized businesses registered
In the month of September, 35,587 new small and medium sized businesses were registered in Ukraine, a three-year-high, Opendatabot said on Oct. 11.
Economy
IMF improves forecast for Ukraine's economic growth to 2% in 2023
The International Monetary Fund (IMF) increased its forecast for Ukraine's gross domestic product (GDP) growth this year to 2% as the country successfully grapples with problems caused by Russia’s full-scale invasion.
Inflation in Ukraine falls to 7.1% in September
Consumer prices in Ukraine fell to 7.1% by the end of September, down from 8.6% by the end of August, as inflation cools in the country.
Positive trends reported in Ukraine's key economic sectors
Ukraine’s key sectors grew between January and September this year, Economy Minister Yulia Svyrydenko said on Oct. 9, citing the Ministry's preliminary estimates.
Ukraine records highest number of job vacancies since start of full-scale invasion
The number of job vacancies in Ukraine reached its highest level last month since the start of Russia’s full-scale invasion, Opendatabot said on Oct. 6. There were 105,000 vacancies on the website Work.ua in September.
Ukraine's economy grows year-on-year for first time since start of full-scale invasion
Ukraine’s gross domestic product grew by 19.5% year-on-year in the second quarter of 2023, signaling the economy’s successful adaptation to wartime conditions following last year’s collapse.
Forbes: Ukraine’s wealthiest 20 lose over $20 billion due to Russia’s full-scale invasion
Russia’s all-out invasion slashed the net worth of Ukraine’s wealthiest, destroying plants and factories and shrinking the country’s economy by a third. Altogether, Ukraine’s 20 richest people are worth $22.5 billion, down by over $20 billion from February 2022, Forbes Ukraine reported on Dec. 27.
Russia’s war slashes Ukrainian exports, forces country to increase imports
Before Russia’s full-scale invasion, Ukraine’s exports were a reason to celebrate. Last year, the country hit a 10-year record with $68 billion in exports. As Russia’s invasion enters its seventh month, no one can predict when Ukraine can expect to post these kinds of results again. According
NBU devalues hryvnia against dollar for first time since invasion, by 25%
The National Bank of Ukraine has devalued the hryvnia against the dollar by 25% on July 21. The new official rate is Hr 36.57 per dollar. The previous rate of Hr 29.25, established in February at the start of the invasion, "no longer corresponds to reality and is
Deputy economy minister: Ukraine's GDP hit $200 billion for first time in 30 years
Ukraine’s gross domestic product was $200 billion in 2021, the highest it's ever been since the country became independent in 1991, Deputy Minister of Economy Denys Kudin said on Jan. 28. The country managed to hit this peak in spite of the setbacks from the Covid-19 pandemic and close
New localization law seeks to revive decayed machine building industry
Ukraine’s public procurement relies heavily on imports: nearly 40% of items bought by the state come from abroad. In the European Union that figure is five times lower, and in the U.S. its nearly nine times less, according to the Center for Market Economy Development. The problem is
Bootleg booze costs Ukraine $330 million a year in uncollected taxes
Nearly one-third of the alcohol market in Ukraine is unregulated, according to the World Health Organization. This costs the state big bucks. According to a Jan. 11 report by the Accounting Chamber of Ukraine, bootleg alcohol sales are costing the country's government $330 million (Hr 9 billion) in excise taxes
Annual inflation reaches 10% in Ukraine for first time in 3 years
Ukrainian consumers felt the impact of high inflation in 2021 as prices on basic goods and utilities kept growing. The annual inflation rate last year grew to 10% for the first time since 2018. The growth of consumer prices also accelerated – from 5% in 2020 to 10% in 2021, according
Timothy Ash: What Kazakhstan's protests mean for the global economy
Editor’s Note: The following are the analytical notes that Timothy Ash, senior strategist at Bluebay Asset Management, distributes to his subscribers. The Kyiv Independent is reposting it with permission. It seems that “order” will be restored in Kazakhstan, but only with the help of Russian/CSTO (Collective Security Treaty
Ukraine’s 2022 state budget: Defense among top priorities but still underfunded
On Dec. 10, President Volodymyr Zelensky signed into law the annual state budget for 2022. A 4% spending increase coupled with a deficit cut necessitated by IMF conditions meant that the government had to find nearly $8 billion of extra revenue, creating several new taxes and hiking up existing ones,
Timothy Ash: Ukraine has much stronger macro, better able to endure Russian aggression
Editor's Note: The following are the analytical notes that Timothy Ash, senior strategist at Bluebay Asset Management, distributes to his subscribers. The Kyiv Independent is reposting it with permission. With lots of focus now on the heightened military threat from Russia, I assume there will be concern about how durable
Ukraine’s Economy
Russia’s 10-year war of aggression against Ukraine has caused widespread and long-lasting damage to the country’s economy. Positive growth predictions were squashed following Russia’s annexation of Crimea and invasion of Ukraine’s eastern Donbas region in 2014. Then came Russia’s full-scale invasion in February 2022, wreaking havoc on an economy that had just started to recover following the Covid-19 pandemic. The country’s financial sector and economy have proved resilient throughout Russia’s full-scale invasion, bouncing back in 2023, although the economy is still around a third smaller than its pre-war level.
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