National Bank sets new historic low for hryvnia exchange rate
The hryvnia exchange rate on the interbank foreign exchange market surpassed Hr 41 per dollar on the morning of July 12.
Economy
Ukraine's GDP grew by more than 4% in 6 months
"Due to the high adaptability to difficult conditions and experience in responding to such challenges, the Ukrainian economy continued to grow" in June, said Economy Minister Yulia Svyrydenko.
Opinion: How Ukraine's industrial parks are pioneering economic transformation
Attracting investments through industrial parks has driven GDP growth and tripled exports in Turkey, exceeding $350 billion annually. In South Korea, enterprises in industrial parks have accounted for up to 72% of exports and employed 48% of the population. China's industrial and technology parks contribute about 23% of its GDP.
Opinion: Restructuring Ukrainian debt is a step toward democratic victory
Ukraine's victory is the victory of the entire free world over dictators and tyrants. The formula for victory is well known: the strength of the Ukrainian army, the unity of the free world, unwavering long-term military and financial support for Ukraine, and, first and foremost, Ukraine's membership in NATO. One
Russia faces 6th straight month of price growth, Bloomberg reports
The annual inflation rate for June was 8.59%, up from 8.30% the previous month. The figure is significantly higher than that of the U.S., which is expected to be around 3.1% for the month of June.
Ukraine Business Roundup — Businessman leaves Ukraine after SBU raid
The following is the July 9, 2024 edition of our Ukraine Business Roundup weekly newsletter. This version is condensed as the author was out of the office. To get the biggest news in business and tech from Ukraine directly in your inbox, subscribe here. There’s an unpleasant fact about
MP Yaroslav Zhelezniak: Developments in Ukraine’s parliament on economic reforms, international obligations — Issue 63
Editor’s note: This is issue 63 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly “Ukrainian Economy in Brief” newsletter, covering events from July 1-7, 2024. The digest highlights steps taken in the Ukrainian parliament related to business, economics, and international financial programs. The Kyiv Independent is republishing with permission. Benchmarks
Monthly chart: Consumer confidence in Ukraine falls due to power outages, mobilization
The following is a chart based off of data originally published in the Kyiv-based Center of Economic Strategy's "Ukraine War Economy Tracker." The Kyiv Independent is republishing it with permission. Consumer confidence falls due to power outages and increased mobilization Consumer confidence index Current situation index Economic expectations index Source:
Ukraine Business Roundup — Ukrainian startups attract funding
The following is the July 4, 2024 edition of our Ukraine Business Roundup weekly newsletter. This version is condensed as the author was out of the office. To get the biggest news in business and tech from Ukraine directly in your inbox, subscribe here. EU accession talks begin Ukraine and
Labor shortages drive up wages in Ukraine, central bank says
According to the NBU's report, the offered monthly salaries have continuously grown from around Hr 13,500 ($332) in February 2022 to roughly Hr 19,500 ($480) in May 2024.
MP Yaroslav Zhelezniak: Developments in Ukraine’s parliament on economic reforms, international obligations — Issue 62
Editor’s note: This is issue 62 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly “Ukrainian Economy in Brief” newsletter, covering events from June 24–June 30, 2024. The digest highlights steps taken in the Ukrainian parliament related to business, economics, and international financial programs. The Kyiv Independent is republishing with
Russia struggles to control finances as Ukraine invasion spending soars
Since the full-scale invasion of Ukraine began in 2022, the Russian government has focused all of its financial resources on funding the war. As the war is the Kremlin's number one priority, all tools at its disposal have been used: increased taxation, sovereign funds, domestic borrowing, and the printing of
Canada trade minister: Revamped trade deal shows commitment to Ukraine for ‘decades to come’
After a long journey fraught with a global pandemic and all-out invasion, Canada and Ukraine successfully revamped a free trade agreement that comes into play on July 1, expanding the relationship between Canadian and Ukrainian businesses. The Canada Ukraine Free Trade Agreement (CUFTA) was initially introduced in August 2017, abolishing
Forbes Ukraine: Ikea decides to reopen store in Kyiv
Swedish furniture giant Ikea decided in May to make plans to reopen its store in Kyiv, Forbes Ukraine reported on June 27, citing two managers of shopping centers and two commercial real estate consultants.
Ukraine state-owned enterprises weekly — Issue 137
Editor’s Note: This is issue 137 of Ukrainian State-Owned Enterprises Weekly, covering events from June 17-23, 2024. The Kyiv Independent is reposting it with permission. Corporate governance of SOEs Cabinet appoints Energoatom’s supervisory board. Ukraine's Cabinet of Ministers appointed all five members of state-owned nuclear giant Energoatom's supervisory
Statistics service: Ukraine's GDP up 6.5% in first quarter
Preliminary estimates suggest that Ukraine's gross domestic product (GDP) increased by 6.5% in the first quarter of 2024 compared to the first quarter of 2023, Ukraine's State Statistics Service reported on June 25.
MP Yaroslav Zhelezniak: Developments in Ukraine’s parliament on economic reforms, international obligations — Issue 61
Editor’s note: This is issue 61 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly “Ukrainian Economy in Brief” newsletter, covering events from June 17–June 23, 2024. The digest highlights steps taken in the Ukrainian parliament related to business, economics, and international financial programs. The Kyiv Independent is republishing with
How Ukrainian town scaled up vegetable production, creating jobs for IDPs and locals amid war
Editor’s note: This story was sponsored by U-LEAD (Ukraine – Local Empowerment, Accountability and Development Programme), a partnership of the Ukrainian government and the European Union and its member states Germany, Poland, Denmark, and Slovenia to support the establishment of a multi-level governance that is transparent, accountable and responsive to
Ukraine Business Roundup — Russian assets for Ukraine
The following is the June 19, 2024 edition of our Ukraine Business Roundup weekly newsletter. To get the biggest news in business and tech from Ukraine directly in your inbox, subscribe here. The Group of Seven (G7) leaders confirmed on June 13 a plan to provide Ukraine with a $50
Ukraine state-owned enterprises weekly — Issue 136
Editor’s Note: This is issue 136 of Ukrainian State-Owned Enterprises Weekly, covering events from June 09-16, 2024. The Kyiv Independent is reposting it with permission. Corporate governance of SOEs HACC extends pre-trial restrictions for Kobolyev. On June 11, the High Anti-Corruption Court (HACC) granted the SpecialiZed Anti-Corruption Prosecutor’s
MP Yaroslav Zhelezniak: Developments in Ukraine’s parliament on economic reforms, international obligations — Issue 60
Editor’s note: This is issue 60 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly “Ukrainian Economy in Brief” newsletter, covering events from June 10–June 16, 2024. The digest highlights steps taken in the Ukrainian parliament related to business, economics, and international financial programs. The Kyiv Independent is republishing with
G7 loan from Russian assets not ‘substitute for full confiscation,’ experts say
The new Group of Seven (G7) plan to fund Ukraine using profits from frozen Russian assets is a “breakthrough,” but Ukraine’s goal is still to seize the full worth of the assets, said experts speaking at a panel event in Kyiv discussing Russian asset seizure on June 17. “This
Ukraine Business Roundup — Dispatch from Ukraine Recovery Conference in Berlin
The following is the June 12, 2024 edition of our Ukraine Business Roundup weekly newsletter. To get the biggest news in business and tech from Ukraine directly in your inbox, subscribe here. Ukraine’s annual recovery conference happened this week in Berlin, but instead of talks of grand plans to
MP Yaroslav Zhelezniak: Developments in Ukraine’s parliament on economic reforms, international obligations — Issue 59
Editor’s note: This is issue 59 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly “Ukrainian Economy in Brief” newsletter, covering events from June 3–June 10, 2024. The digest highlights steps taken in the Ukrainian parliament related to business, economics, and international financial programs. The Kyiv Independent is republishing with
Ukraine Business Roundup — Life and War
The following is the June 5, 2024 edition of our Ukraine Business Roundup weekly newsletter. To get the biggest news in business and tech from Ukraine directly in your inbox, subscribe here. After just a day spent in Kyiv, one could be forgiven for thinking Ukraine’s economy is going
Monthly chart: Dollar exceeds 40 hryvnias as Ukraine's budget needs grow
The following is a chart based off of data originally published in the Kyiv-based Center of Economic Strategy's "Ukraine War Economy Tracker." The Kyiv Independent is republishing it with permission. Dollar exceeds 40 hryvnias as budget needs grow Average daily official and market exchange rates UAH/USD Cash rate Official
MP Yaroslav Zhelezniak: Developments in Ukraine’s parliament on economic reforms, international obligations — Issue 58
Editor’s note: This is issue 58 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly “Ukrainian Economy in Brief” newsletter, covering events from May 27–June 2, 2024. The digest highlights steps taken in the Ukrainian parliament related to business, economics, and international financial programs. The Kyiv Independent is republishing with
Zelensky meets with Singapore’s president to discuss bilateral relations
President Volodymyr Zelensky thanked Singapore’s clear stance on the war in Ukraine and discussed prospects of bilateral relations with his Singaporean counterpart, Tharman Shanmugaratnam, the President's Office said.
Ukraine to receive $2.2 billion from IMF's Extended Fund Facility
Ukraine is set to receive $2.2 billion from the IMF's Extended Fund Facility (EFF), Prime Minister Denys Shmyhal announced on social media on May 31.
Russia to increase taxes on companies and wealthy individuals to further fund war against Ukraine
The Russian Finance Ministry has proposed substantial tax increases on corporations and wealthy individuals to generate about 2.6 trillion rubles annually, to address the fiscal deficit following the full-scale invasion in Ukraine.
Ukraine Business Roundup — Making business suffer
Last week, I wrote in this newsletter that the biggest problems business leaders said they were facing in Kharkiv weren’t Russian attacks, but mobilization. And just like that, Russia launched missile attacks at a publishing house and a building materials hypermarket in the city. In the first of the
Ukraine state-owned enterprises weekly — Issue 133
Editor’s Note: This is issue 133 of Ukrainian State-Owned Enterprises Weekly, covering events from May 19-24, 2024. The Kyiv Independent is reposting it with permission. Corporate governance of SOEs Ukreximbank appoints three new top executives. On May 23, Ukreximbank reported that its supervisory board had elected Pavel Haskovec, Maksym
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.
Learn more about Ukraine’s Economy
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