Support our Sponsor

. . Flags of the World Maps of All Countries

  • |Main INDEX|
  • 2003 INDEX
  • Country Ranks
  • DEFINITIONS


    . Feedback
  • geographic.org Home PageCountry Index

    Ukraine Economy - 2003
    https://theodora.com/wfb2003/ukraine/ukraine_economy.html
    SOURCE: 2003 CIA WORLD FACTBOOK

      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 late 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. Political uncertainty, centering around President KUCHMA's departure from office, could affect economic results in 2003, with growth now predicted as stable at 4%.


      GDP: purchasing power parity - $218 billion (2002 est.)


      GDP - real growth rate: 4.1% (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: 152.37 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 (January 2002 est.)


      Natural gas - proved reserves: 560.7 billion cu m (January 2002 est.)


      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 21.5%, Turkey 5.9%, Italy 4.9%, Germany 4.2%, US 3.3% (2001)


      Imports: $18 billion (2002 est.)


      Imports - commodities: energy, machinery and equipment, chemicals


      Imports - partners: Russia 34.4%, Turkmenistan 9.8%, Germany 8.2%, Italy 2.4%, Belarus 2.4% (2001)


      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 - 5.3266 (2002), 5.3722 (2001), 5.4402 (2000), 4.1304 (1999), 2.4495 (1998)


      Fiscal year: calendar year


      NOTE: The information regarding Ukraine on this page is re-published from the 2003 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea Geography 2003 information contained here. All suggestions for corrections of any errors about Ukraine Economy 2003 should be addressed to the CIA.

    Support Our Sponsor

    Support Our Sponsor

    Please ADD this page to your FAVORITES - - - - -



    https://theodora.com/wfb2003/ukraine/ukraine_economy.html

    Revised 20-Sep-03
    Copyright © 2003 Photius Coutsoukis (all rights reserved)


    ukraine_economy_2003