The economy of Ukraine is an emerging, lower-middle income, mixed economy located in Eastern Europe. It grew rapidly from 2000 until 2008 when the Great Recession began worldwide and reached Ukraine. The economy recovered in 2010 and continued improving until 2013. From 2014 to 2015, the Ukrainian economy suffered a severe downturn, with GDP in 2015 being slightly above half of its value in 2013. In 2016, the economy again started to grow. By 2018, the Ukrainian economy was growing rapidly, and reached almost 80% of its size in 2008.The Ukrainian economy recovered and achieved positive GDP growth in the first quarter of 2010. In the early 2010s, Ukraine was noted as possessing many of the components of a major European economy, such as rich farmlands,a well-developed industrial base, highly trained labour, and a good education system.It also has important mineral resources. Ukraine is home to companies operating in around 20 major industries, namely power generation, fuel, ferrous and non-ferrous metallurgy, chemical and petrochemical and gas, machine building and metal-working, forest, wood-working and wood pulp and paper, construction materials, light, food, and others.Industry accounted for 26% of GDP in 2012. Ukraine has a massive high-tech industrial base, including electronics, armaments, and space programme.
Top Sectors in Ukraine
Mining in Ukraine
Ukraine is one of the world's most important mineral producing countries,in terms of both the range and size of its reserves. There are nearly 8,000 separate deposits, harboring some 90 different minerals, of which about 20 are economically significant.About half of all the known deposits are under exploitation. Coal reserves in Ukraine amount to 47.1 billion tons. The annual domestic demand for coal as fuel is about 100 million tons, of which 85 percent can be satisfied by domestic production.
Chemical in Ukraine
Another important branch was the country's chemical industry which included the production of coke, mineral fertilizers, and sulfuric acid. Production of coke dropped tremendously due to the Russo-Ukrainian war.
Defense in Ukraine
Ukraine's defence industry is organised around Ukroboronprom, a state owned conglomerate of over 130 companies. These companies include Soviet era giants such as Ivchenko-Progress aircraft design bureau that was opened in 1945, to newer companies such as RPC Fort which came into existence in the 1990s. Ukraine is among the top 10 arms exporters in the world.
Fuel industry in Ukraine
Ukraine remains heavily reliant on oil product and gas imports.Russia ranks as Ukraine's principal supplier of oil, and Russian firms own and/or operate the majority of Ukraine's refining capacity. Natural gas imports come from Russia - which delivers its own gas, as well as the gas from Turkmenistan
Automotive in Ukraine
Ukraine automobile manufacturers produces diesel locomotives, tractors, trucks, buses, trolleybuses, own-designed cars and trams. There are 12 automobile manufacturers in Ukraine, including ZAZ, LuAZ, Bogdan, KrAZ, Eurocar, Electron, and LAZ.
Agriculture in Ukraine
Although typically known as the industrial base of the Soviet Union, agriculture is a large part of Ukraine's economy. Ukraine is one of the world's largest agricultural producers and exporters and is known as the breadbasket of Europe.
Tourism in Ukraine
Ukraine was the 8th most popular tourism destination in Europe with 23 million visitors.The country's tourism industry is generally considered to be underdeveloped, but it does provide crucial support for Ukraine's economy. In 2012, the contribution of tourism to the GDP amounted to 28.8 billion â‚´, or 2.2% of GDP and directly supported 351,500 jobs
17 Dec 2024
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