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Ukraine: Economy

Economy Ukraine
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. Ukraine depends on imports of energy, especially natural gas, to meet some 85% of its annual energy requirements. Shortly after independence 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. Now in his second term, President KUCHMA has pledged to reduce the number of government agencies, streamline the regulatory process, create a legal environment to encourage entrepreneurs, and enact a comprehensive tax overhaul. 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. GDP in 2000 showed strong export-based growth of 6% - the first growth since independence - and industrial production grew 12.9%. The economy continued to expand in 2001 as real GDP rose 9% and industrial output grew by over 14%. Growth of 4.1% in 2002 was more moderate, in part a reflection of faltering growth in the developed world. In general, growth has been undergirded by strong domestic demand, low inflation, and solid consumer and investor confidence. Growth was a sturdy 6% in 2003 despite a loss of mementum in needed economic reforms.
GDP:
purchasing power parity - $218 billion (2002 est.)
GDP - real growth rate:
4.8% (2002 est.)
GDP - per capita:
purchasing power parity - $4,500 (2002 est.)
GDP - composition by sector:
agriculture: 23%
industry: 42%
services: 35% (2001 est.)
Population below poverty line:
29% (2001 est.)
Household income or consumption by percentage share:
lowest 10%: 3.7%
highest 10%: 23.2% (1999)
Distribution of family income - Gini index:
29 (1999)
Inflation rate (consumer prices):
-1.2% (2002 est.)
Labor force:
22.8 million (yearend 1997)
Labor force - by occupation:
industry 32%, agriculture 24%, services 44% (1996)
Unemployment rate:
3.8% officially registered; large number of unregistered or underemployed workers (2002)
Budget:
revenues: $10.2 billion
expenditures: $11.1 billion, including capital expenditures of $NA (2002 est.)
Industries:
coal, electric power, ferrous and nonferrous metals, machinery and transport equipment, chemicals, food processing (especially sugar)
Industrial production growth rate:
6% (2002 est.)
Electricity - production:
164.7 billion kWh (2001)
Electricity - production by source:
fossil fuel: 48.6%
hydro: 7.9%
other: 0% (2001)
nuclear: 43.5%
Electricity - consumption:
152.4 billion kWh (2001)
Electricity - exports:
800 million kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
86,490 bbl/day (2001 est.)
Oil - consumption:
290,000 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Oil - proved reserves:
197.5 million bbl (37257)
Natural gas - production:
18.2 billion cu m (2001 est.)
Natural gas - consumption:
74.1 billion cu m (2001 est.)
Natural gas - exports:
0 cu m (2001 est.)
Natural gas - imports:
55.9 billion cu m (2001 est.)
Natural gas - proved reserves:
560.7 billion cu m (37257)
Agriculture - products:
grain, sugar beets, sunflower seeds, vegetables; beef, milk
Exports:
$18.1 billion (2002 est.)
Exports - commodities:
ferrous and nonferrous metals, fuel and petroleum products, chemicals, machinery and transport equipment, food products
Exports - partners:
Russia 18.6%, Italy 7.4%, Turkey 5.6%, Germany 4.1%, China 4.1% (2002)
Imports:
$18 billion (2002 est.)
Imports - commodities:
energy, machinery and equipment, chemicals
Imports - partners:
Russia 32.3%, Germany 11.7%, Turkmenistan 7.4%, Poland 6%, Italy 4% (2002)
Debt - external:
$14.2 billion (2002)
Economic aid - recipient:
$637.7 million (1995); IMF Extended Funds Facility $2.2 billion (1998)
Currency:
hryvnia (UAH)
Currency code:
UAH
Exchange rates:
hryvnia per US dollar - 5.33 (2002), 5.37 (2001), 5.44 (2000), 4.13 (1999), 2.45 (1998)
Fiscal year:
calendar year

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Source: The CIA World Fact Book 2003

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