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Economy of Ukraine

The economy of Ukraine is an emerging free market. Like other post-Soviet states, its gross domestic product fell sharply for 10 years following the collapse the Soviet Union in 1991. However, it grew rapidly from 2000 until 2008 when the Great Recession began worldwide and reached Ukraine as the 2008-2009 Ukrainian financial crisis. The economy recovered in 2010, but since 2013 the Ukrainian economy has been suffering from a severe downturn.

GDP growth was recorded for the first time in 2000, and continued for eight years. This growth was halted by the global financial crisis of 2008, but the Ukrainian economy recovered and achieved positive GDP growth in the first quarter of 2010. By October 2013, the Ukrainian economy lapsed into another recession. The previous summer Ukrainian export to Russia was substantially worsened due to stricter border and customs control by Russia. The early 2014 annexation of Crimea by Russia, and the War in Donbass that started in the spring of 2014 severely damaged Ukraine's economy and severely damaged two of the more industrial oblasts. In 2013, Ukraine saw zero growth in GDP. Ukraine's economy shrank by 6.8% in 2014, and this continued with a 12% decline in GDP in 2015. In December 2015, Ukraine declared a moratorium on debt payments to Russia and entered a de facto state of default. As of 11 January 2016, the World Bank states that despite entering default, Ukraine will experience an economic growth rate of 1% in 2016, which if true will end the recession.

Sectors

Industries

In Ukraine covering about 20 major industries, namely power generating, fuel, ferrous and non-ferrous metallurgy, chemical and petrochemical and gas, machine-building and metal-working, forest, wood-working and wood pulp and paper, construction materials, light, food and others. Industry accounted for 26% of GDP in 2012. The country possesses a massive high-tech industrial base, including electronics, arms industry and space program.

Mining and production

Ukraine is one of the world's most important mineral producing countries, in terms of both the range and size of its reserves. There are nearly 8,000 separate deposits, harboring some 90 different minerals, of which about 20 are economically significant.

Iron and steel

Ukraine is rich in mineral deposits, including iron ore (of which it once produced 50 percent of the entire Soviet output), manganese ore (of which it produced 40 percent of world output during the Soviet era), mercury, titanium, and nickel. Ukraine is the world's tenth largest steel produce (according to World Steel Association).

Chemical industry

Another important branch is the country's chemical industry which includes the production of coke, mineral fertilizers and sulfuric acid.

Strategic and defence complex

Ukraine is also among the top 10 arms exporters in the world. The signing of recent large contracts may put Ukraine into 6th place among biggest arms traders, after the United States, Russian Federation, France, Germany andIsrael. The output of Ukrainian defence plants grew 58% in 2009, with largest growth reported by aircraft builders (77%) and ship builders (71%).

Fuel industry

Ukraine imports 90% of its oil and most of its natural gas. Russia ranks as Ukraine's principal supplier of oil, and Russian firms own and/or operate the majority of Ukraine's refining capacity. Natural gas imports come from Russia - which delivers its own gas, as well as the gas from Turkmenistan.

Automotive industry

Ukraine automobile manufacturers produces diesel locomotives , tractors, trucks, buses, trolleybuses, own-designed cars and trams. There are 12 automobile manufacturers in Ukraine includes ZAZ, LuAZ, Bogdan, KrAZ, Eurocar, Electron, LAZ.

Aircraft and aerospace industry

Ukraine is one of nine countries with a full cycle of aerospace hardware engineering and production. Besides to design and production of passenger and transportation aircraft, Ukraine also boasts a network of aircraft repair enterprises, including companies involved in recovery of military planes and helicopters.

Shipbuilding

The USSR's collapse put Ukraine's shipbuilding into a long-term decline. The new engineering developments and high potential of Ukrainian designers give ability to build high quality vessels with competitive prices. There are 49 shipbuilding companies registered in Ukraine. They are able to build a wide range of vessel types: powerboats, barges, bulk carriers (dry cargo ship), tankers, liquefied gas carriers, etc. Ukraine is one of the 10 largest shipbuilding countries in Europe.

Agriculture

Although typically known as the industrial base of the Soviet Union agriculture is a large part of Ukraine's economy. In 2008 the sector accounted for 8.29% of the country's GDP and by 2012 has grown to 10.43% of the GDP. Ukraine is the world's largest producer of sunflower oil, a major global producer of grain and sugar, and future global player on meat and dairy markets. It is also one of the largest producers of nuts. Ukraine also produces more natural honey than any other European country and is one of the world's largest honey producers, an estimated 1.5% of its population is involved in honey production, therefore Ukraine has the highest honey per capita production rate in the world.

Information technology

In 2011 the number of IT specialists working in the industry reached 25,000 people with 20% growth. The volume of the Ukrainian IT market in 2013 was estimated to be up to 3.6 billion US dollars.

Tourism

Ukraine is the 8th most popular tourism destination iEurope with 23 million visitors in 2012. The country's tourism industry is generally considered to be underdeveloped, but it does provide crucial support for Ukraine's economy. In 2012, the contribution of tourism to the GDP amounted to 28.8 billion ?, or 2.2% of GDP and directly supported 351,500 jobs (1.7% of total employment).

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Economy Of Ukraine"

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