Economy - overview:
After Russia, the Ukrainian republic was 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 in August 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. Outside institutions - particularly the IMF –encouraged Ukraine to quicken the pace and scope of reforms to foster economic growth. 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. From 2000 until mid-2008, Ukraine's economy was buoyant despite political turmoil between the prime minister and president.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 and 100% of its nuclear fuel needs. In January 2009, after a two-week dispute that saw gas supplies cutoff to Europe, Ukraine agreed to 10-year gas supply and transit contracts with Russia that brought gas prices to "world" levels. The strict terms of the contracts further hobbled Ukraine's cash-strapped state gas company, Naftohaz. The economy contracted nearly 15% in 2009, among the worst economic performances in the world. In April 2010, Ukraine negotiated a price discount on Russian gas imports in exchange for extending Russia's lease on its naval base in Crimea.Movement toward an Association Agreement with the European Union, which would commit Ukraine to economic and financial reforms in exchange for preferential access to EU markets, was curtailed by a November 2013 decision of President YANUKOVYCH. In response, on 17 December 2013 then President YANUKOVYCH and President PUTIN concluded a financial assistance package containing $15 billion in loans and lower gas prices. However, the end of the YANUKOVYCH government in February 2014 caused Russia to halt further funding. With the formation of an interim government in late February 2014, the international community began efforts to stabilize the Ukrainian economy, including a 27 March 2014 IMF assistance package of $14-18 billion. Russia’s seizure of the Crimean Peninsula created uncertainty as to the annual rate of growth of the Ukrainian economy in 2014.

GDP (purchasing power parity):
$334.2 billion (2015 est.) $375.5 billion (2014 est.) $403 billion (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 50
[see also: GDP country ranks ]

GDP (official exchange rate):
$90.14 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
-11% (2015 est.) -6.8% (2014 est.) 0% (2013 est.)
country comparison to the world: 222
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$8,000 (2015 est.) $8,800 (2014 est.) $9,400 (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 148
[see also: GDP - per capita country ranks ]

Gross national saving:
9.9% of GDP (2015 est.) 10.1% of GDP (2014 est.) 9.3% of GDP (2013 est.)
country comparison to the world: 148
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 69.1%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 22.1%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 9.8%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 60.2%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -61.2% (2015 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 13.3%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 24.4%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 62.7% (2015 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
grain, sugar beets, sunflower seeds, vegetables; beef, milk

Industries:
coal, electric power, ferrous and nonferrous metals, machinery and transport equipment, chemicals, food processing

Industrial production growth rate:
-15% (2015 est.)
country comparison to the world: 199
[see also: Industrial production growth rate country ranks ]

Labor force:
19.59 million (2015 est.)
country comparison to the world: 31
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 5.6%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 26%
[see also: Labor force - by occupation - industry country ranks ]
services: 68.4% (2012)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
10.5% (2015 est.) 9.3% (2014 est.)
note: officially registered; large number of unregistered or underemployed workers
country comparison to the world: 117
[see also: Unemployment rate country ranks ]

Population below poverty line:
24.1% (2010 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 3.8%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 22.5% (2011 est.)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
28.2 (2009) 29 (1999)
country comparison to the world: 127
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $25.43 billion
[see also: Budget revenues country ranks ]
expenditures: $29.36 billion
[see also: Budget expenditures country ranks ]
note: this is the planned, consolidated budget (2015 est.)

Taxes and other revenues:
28.2% of GDP (2015 est.)
country comparison to the world: 95
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-4.4% of GDP (2015 est.)
country comparison to the world: 155
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
94.9% of GDP (2015 est.) 70.3% of GDP (2014 est.)
note: the total public debt of $64.5 billion consists of: domestic public debt ($23.8 billion); external public debt ($26.1 billion); and sovereign guarantees ($14.6 billion)
country comparison to the world: 21
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
49% (2015 est.) 12.1% (2014 est.)
country comparison to the world: 225
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
22% (31 January 2012) 7.5% (31 December 2010)
country comparison to the world: 2
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
19% (31 December 2015 est.) 17.72% (31 December 2014 est.)
country comparison to the world: 16
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$17.16 billion (31 December 2015 est.) $27.62 billion (31 December 2014 est.)
country comparison to the world: 68
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$78.02 billion (31 December 2014 est.) $113.4 billion (31 December 2013 est.)
country comparison to the world: 60
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$55.03 billion (31 December 2015 est.) $95.93 billion (31 December 2014 est.)
country comparison to the world: 60
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$20.71 billion (31 December 2012 est.) $25.56 billion (31 December 2011) $39.46 billion (31 December 2010 est.)
country comparison to the world: 65
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$1.522 billion (2015 est.) -$6.187 billion (2014 est.)
country comparison to the world: 136
[see also: Current account balance country ranks ]

Exports:
$37.61 billion (2015 est.) $53.91 billion (2014 est.)
country comparison to the world: 57
[see also: Exports country ranks ]

Exports - commodities:
ferrous and nonferrous metals, fuel and petroleum products, chemicals, machinery and transport equipment, foodstuffs

Exports - partners:
Russia 18.2%, Turkey 6.6%, Egypt 5.3%, China 5%, Poland 4.9%, Italy 4.6% (2014)

Imports:
$37.15 billion (2015 est.) $54.38 billion (2014 est.)
country comparison to the world: 59
[see also: Imports country ranks ]

Imports - commodities:
energy, machinery and equipment, chemicals

Imports - partners:
Russia 23.3%, China 10%, Germany 9.9%, Belarus 7.3%, Poland 5.6% (2014)

Reserves of foreign exchange and gold:
$13.15 billion (31 December 2015 est.) $7.53 billion (31 December 2014 est.)
country comparison to the world: 72
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$127.5 billion (31 December 2014 est.) $142.1 billion (31 December 2013 est.)
country comparison to the world: 46
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$61.9 billion (31 December 2015 est.) $57.9 billion (31 December 2014 est.)
country comparison to the world: 54
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$7.945 billion (31 December 2015 est.) $7.145 billion (31 December 2014 est.)
country comparison to the world: 63
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
hryvnia (UAH) per US dollar - 22.99 (2015 est.) 11.8867 (2014 est.) 11.8867 (2013 est.) 7.99 (2012 est.) 7.9676 (2011 est.)