Ukraine Economy

Page views on this Blog have increased significantly in Ukraine. It may be due to US military aid, the Democrat Impeachment hit-job or readers looking to escape the lack of useful information in Ukraine’s media.

Low household incomes and high inflation in Ukraine should have Ukrainians desperate to increase their net pay and get price increases to stop, so they need to increase automation to increase productivity, eliminate their trade deficit and increase exports.

Problems include Russian overreach at the border increasing military expenses, swine flu and trading with relatively poor former USSR neighboring countries who continue to struggle economically.

Ukraine’s exports of coal, chemicals, metals and food are vulnerable to ups and downs. The Nominal GDP of Ukraine has bounced around since 2017 from $21.9 billion to $33.1 billion to $25.8 billion to $37.5 billion.

https://www.ceicdata.com/en/indicator/ukraine/nominal-gdp

Ukraine has increased its Oil and Gas production from $72,700 in 2017 to 97,000 in 2019 (est). Ukraine has oil reserves of 1.104 bm3. This needs to continue.

https://www.export.gov/article?id=Ukraine-Oil-and-Gas

Ukraine's major grains crops are wheat, corn, barley, and rye. Ukraine is the fourth largest exporter of corn and barley, and the sixth largest exporter of wheat. For six consecutive years (2013-2018), Ukraine harvested over 60 million tons of grain annually.

70% speak Ukrainian, 30% speak Russian.  70% are Orthodox Catholic and 30% are Roman Catholic.

Heritage Economic Freedom Index ranks Ukraine 147 in the “mostly unfree” group.

https://www.heritage.org/index/ranking

Ukraine has a population of 42.5 million, Nominal GDP $130 billion and Nominal Per Capita GDP $3,056.

https://www.worldbank.org/en/country/ukraine/overview

Labor Force is 20.04 million. Employment is 57%. Inflation is 11%, Unemployment is 1.2%, Average gross salary is $435/mo. Average net salary is $350/mo.

GDP by Sector agriculture 12.2%, industry 28.6%, services 60%. Labor Force by Occupation agriculture 5.8%, industry 26.5%, services 67.8%.

Main industries are coal, electric power, ferrous and nonferrous metals, machinery, transport equipment, chemicals and food processing. Ease of doing business is 64^th.

Exports in 2018 were $59.2 billion of metals, fuel, petroleum products, chemicals, machinery, transport equipment and food products sold to Poland 15.5%, Netherlands 9.6%, Russia 8.0%, Turkey 5.8%, India 5.2%, China 4.3%, Egypt 4.1%

Imports in 2018 were $63 billion of natural gas, machinery, equipment and chemicals bought from Russia 14.3%, China 12.2%, Belarus 6.6%, US 5.4%, Italy 3.5%,

Government Revenue in 2017 was $39 billion. Spending was $41 billion. Debt to GDP in 2018 was 61%. External Debt in 2018 was $47.9 billion. Foreign Reserves in 2018 were $20.82 billion.

https://en.wikipedia.org/wiki/Economy_of_Ukraine

Comments

I enjoyed my internet search on Ukraine. The data available was not current, but it gave me some idea of conditions in Ukraine. I encourage all Ukrainians to adopt the Trump Agenda for their economy, build middle class jobs and make Ukraine First.

Norb Leahy, Dunwoody GA Tea Party Leader