Ukraine

Europe-Ukraine (orthographic projection; disputed territory)

Ukraine was the 57th largest economy in the world by nominal GDP in 2018. Its GDP per capita was $3,095 USD. It is the second largest European country by land area and eighth largest by population. It was ranked 50th in the World Bank's Human Capital Index and 39th in the Economic Complexity Index in 2017. Services was the largest economic sector in 2018 (51.3 percent of GDP), followed by manufacturing (11.5 percent), and agriculture (10.13 percent). In 2017, the largest export sectors were agriculture (33.9 percent), services (23.1 percent), and metals (17.56 percent). The largest individual exports were ICT services (11.26 percent), transport services (9.66 percent), sunflower seed oil (7.05 percent), and corn (5.01 percent). Its largest export partners were Russia (8.82 percent), Italy (5.63 percent), Poland (5.61 percent), Turkey (5.52 percent), Germany (5.15 percent), and India (5.13 percent). The largest goods imports were petroleum gasses (7.88 percent), refined petroleum (7.66 percent), cars (4.36 percent), and coal (4.14 percent). During the 10th and 11th centuries, Kiev emerged as a key trading post between Constantinople and the Varangians. From there an eastern-Slavic state emerged, the Kievan-Rus, which has left a large cultural legacy to this day. After Mongol invasions, Polish-Lithuanian control, and a brief Cossack state, Russia took control in the 18th century. In the late 19th and early 20th centuries, Russia built railroads in the Ukraine and developed the iron and coal industries. Following the Bolshevik revolution in 1917, Ukraine briefly became independent but was recaptured by the Soviets in 1920. Under Soviet control, Ukraine was further industrialised and was a key source of food. Under the Soviets, the country suffered forced famines in 1921-23 and 1932-33 (8m deaths). WW2 also led to the loss of over 6.5m people. Ukraine gained independence in 1991. Initial economic reforms stalled by the late 1990s and the economy underperformed. The 2000s saw growth but the Global Financial Crisis and the conflict with Russia from 2014 led to sharp contractions in 2009 and 2014-15. Recent reforms, resilience and international assistance has seen growth return from 2016.

Its population in 2018 was 44,009,214 [1]

In 2015, 4.14% of its total energy
consumption was renewable [2]

In 2021, its GDP grew by 3.40% [2]

In 2021 it had a negative Current
Account Balance of US$bn 2.09 [3]

Its unemployment rate in 2021 was 9.78% [3]

Its Expenditure on R&D (as a percentage of
GDP) in 2020 was 0.41% [2]

A Big Mac will set you back the
local equivalent of US$1.94 [4]



What free trade areas or economic unions is it a member of?

Member of the Organization of the Black Sea Economic Cooperation (BSEC) since 05/06/1998

Other members:

Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Republic of Moldova, Romania, Russian Federation, Serbia, Türkiye


What trade deals are there between Organization of the Black Sea Economic Cooperation and other countries and economic unions?

None


What trade deals are there with other countries and economic unions?

Ukraine - Turkmenistan free trade agreement (from 04/11/1995)

Georgia - Ukraine free trade agreement (from 04/06/1996)

Ukraine - North Macedonia free trade agreement (from 01/07/2001)

Common Economic Zone (from 04/05/2004)

Ukraine - Montenegro free trade agreement (from 01/01/2013)

CIS Free Trade Zone Agreement (CISFTA) (from 19/03/2016)

Canada - Ukraine free trade agreement (from 01/08/2017)

UK - Ukraine political, free trade and strategic partnership agreement (from 01/01/2021)

Ukraine - Israel free trade agreement (from 01/01/2021)

IFC: Ukrainian Refugees Access Finance via New Digital Data Corridors

Virtual channels among international financial institutions help refugees verify credit histories and re-establish their careers in

Revolut-ionary Man: CEO Nikolay Storonsky Aims to Become Amazon of Finance

Revolut founder and CEO Nikolay Storonsky has an intimate view on the crisis in Ukraine By
Read more

IMF: Turbulence and the Lessons of History

Opportunities are born of crisis, but the lines that connect them are far from direct Events

Ursula von der Leyen’s Speech to Davos 2022 In Full

This article is part of the World Economic Forum Annual Meeting European Commission President Ursula von der
Read more

The Fog of War: The Tragic Triumph of Hope Over Experience – The Folly of Great Powers

Wars of conquest seldom end well for the would-be conqueror even if waged against a weaker

Unfriending Europe: President Putin Turns the Screw

This is perhaps not the time to tell the Germans ‘told you so’ as the nation
Read more

A Bipolar World? Searching in Vain for a Dollar Alternative

The seizure of Russia’s dollar reserves, part of the first wave of sanctions decreed in response

Markets in Turmoil: President Putin’s ‘Technical Operations’ Upset the Apple Cart

In the early morning of Thursday, Russian missiles rained down on Ukrainian military installations as markets
Read more

Oleksiy Vadaturskyy: A Business Legend of Modern Ukraine

NIBULON’s achievements in the global market and in complex investment projects are results of well-organised work,

UN Reports Potential for Gradual Return to Global Growth, Foresees Risks, Uncertainties

Global economic growth is forecast to continue increasing over the next two years, the United Nations
Read more

Trade with the United Kingdom

Source: UK Office for National Statistics, October 2022.

Contains public sector information licensed under the Open Government Licence v3.0.