NationMaster - Ukrainian Economy statistics

Agriculture > products grain, sugar beets, sunflower seeds, vegetables; beef, milk
Budget > Expenditures	$35,600,000,000.00		[47th of 221]
Currency	hryvnia
Debt > External	$48,870,000,000.00		[42nd of 198]
Distribution of family income > Gini index	31		[98th of 122]
Economic freedom	1.35		[133rd of 156]
Economy > Overview After Russia, the Ukrainian republic was far and away the most important economic component of the former Soviet Union, producing about four times the output of the next-ranking republic. Its fertile black soil generated more than one-fourth of Soviet agricultural output, and its farms provided substantial quantities of meat, milk, grain, and vegetables to other republics. Likewise, its diversified heavy industry supplied the unique equipment (for example, large diameter pipes) and raw materials to industrial and mining sites (vertical drilling apparatus) in other regions of the former USSR. Shortly after independence was ratified in December 1991, the Ukrainian Government liberalized most prices and erected a legal framework for privatization, but widespread resistance to reform within the government and the legislature soon stalled reform efforts and led to some backtracking. Output by 1999 had fallen to less than 40% of the 1991 level. Loose monetary policies pushed inflation to hyperinflationary levels in late 1993. Ukraine's dependence on Russia for energy supplies and the lack of significant structural reform have made the Ukrainian economy vulnerable to external shocks. Ukraine depends on imports to meet about three-fourths of its annual oil and natural gas requirements. A dispute with Russia over pricing in late 2005 and early 2006 led to a temporary gas cut-off; Ukraine concluded a deal with Russia in January 2006 that almost doubled the price Ukraine pays for Russian gas, and could cost the Ukrainian economy $1.4-2.2 billion. Ukrainian Government officials eliminated most tax and customs privileges in a March 2005 budget law, bringing more economic activity out of Ukraine's large shadow economy, but more improvements are needed, including fighting corruption, developing capital markets, and improving the legislative framework for businesses. Reforms in the more politically sensitive areas of structural reform and land privatization are still lagging. Outside institutions - particularly the IMF - have encouraged Ukraine to quicken the pace and scope of reforms. In its efforts to accede to the World Trade Organization (WTO), Ukraine passed more than 20 laws in 2006 to bring its trading regime into consistency with WTO standards. GDP growth was 7% in 2006, up from 2.4% in 2005 thanks to rising steel prices worldwide and growing consumption domestically. Although the economy is likely to expand in 2007, long-term growth could be threatened by the government's plans to reinstate tax, trade, and customs privileges and to maintain restrictive grain export quotas.
Exports	$38,880,000,000.00		[51st of 221]
GDP	82,876,290,000	...	[52nd of 188]
GDP > PPP	$303,280,000,000.00		[29th of 163]
GDP > Real growth rate	7.1 %		[46th of 211]
Gross National Income	$35,185,000,000.00		[51st of 0]
Human Development Index	0.766		[78th of 0]
Income distribution > Richest 10%	23.2%		[100th of 114]
Inflation rate (consumer prices)	11.6 %		[26th of 219]
Population below poverty line	29 %		[81st of 141]
World Trade > Imports > Mech transmission equipment	27,983		[50th of 137]
World Trade > Imports > Mechanical handling equipment	66,201		[48th of 146]
World Trade > Imports > Special industrial machines nes	182,610		[45th of 144]
World Trade > Imports > Special transactions nes	225,217		[32nd of 118]

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SOURCES: CIA World Factbook, 28 July 2005; CIA World Factbook, 14 June, 2007 ; The Heritage Foundation; World Development Indicators database; World Bank. 2005. World Development Indicators 2005.; ; Human Development Report 2006, United Nations Development Programme; World Bank. 2002. World Development Indicators 2002. CD-ROM. Washington, DC; International Trade Centre UNCTAD/WTO; International Trade Centre UNCTAD/WTO; International Trade Centre UNCTAD/WTO; International Trade Centre UNCTAD/WTO

ALTERNATIVE NAMES: Ukraine, Ukrayina

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COMMENTARY

sgodin@bellsouth.net
3rd May 2005

I am a ninth grade student and my assignment in economics is to research Ukraine for current economic problems and recommend changes that would improve the economy and the standard of living for the citizens. I can find info on the current year's economic statistics. What I need to know is the following: What is it like to live in Ukraine today? How is life different today from life during the communist years? What changes have occurred? What are the most important economic issues being discussed? If the country is approaching a national election(or has recently had one), what were the economic issues discussed then? What stage of the business cycle is the country in? Has the standard of living become better or worse since the fall of communism? I would appreciate any info relative to these questions.

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