Ukraine agricultural and IT powerhouse
Ukraine agricultural and IT powerhouse – General information
The economy of Ukraine is an emerging free market economy. In April 2020, the World Bank reported that the economic growth was solid at 3.2 percent in 2019, led by a good agricultural harvest and sectors dependent on domestic consumption. The population of Ukraine is 41 636 584 people and official language is Ukrainian. The currency is the Hrivna and the country is located in time zone UTC+2
Ukraine agricultural and IT powerhouse – Economy
Services – 71.21%
Industry – 16.87%
Agriculture – 11.92%
The economy of Ukraine was less severely affected by Covid 19 in 2020 than had been originally expected and the economy is now projected to recover in 2021 with GDP growth in the region of 3.8%. This economic growth will be largely down to strong performance of the agricultural sector and the food processing industry. Government policy of switching from total lockdown to adaptive quarantine has also been successful.
The Ukraine economy continues to suffer from the corruption problems of the oligarch system and further economic and judicial reforms are needed to boost growth in future years. A more widespread vaccination system is also required to ensure that the economy and healthcare system are more resistant to the pandemic.
A 2021 budget deficit of a 5.4 is projected. The increase in minimum wages will push the public wage bill to over 11 percent of GDP but will also help to offset the loss in production caused by Covid 19.
You can find a full report on the Ukraine economy from the World Bank on the link below:
Ukraine agricultural and IT powerhouse – Main exports and imports
Ukraine main exports by category:
- Agricultural products
- Gems/precious metals
- Mineral fuels/oil
- Articles of iron and steel
- Railway transportation equipmen
Ukraine main imports by category:
- Electrical machinery
- Machinery including computers
- Optical and medical equipment
- New and used passenger cars
With rich and fertile black soils and an excellent climate Ukraine is a highly developed agricultural economy with the potential to become an agricultural superpower.Ukraine’s crop production is among the most developed in Europe and the country produces grain, potatoes, sugar beats and sunflower oil is large quantities for export. Although the country is generally more orientated to crop production, it still has among the highest levels of livestock output in Europe.
The forest steppe zone of Ukraine especially well known for its production of the crop of sugar beets which are frequently used in industry as well as in food. Wheat production in this region is among the highest in the world. Other crops produced in large quantity for export included; barley (used in animal feed), corn, leguminous grains, oats, rye, millet, buckwheat and rice.
Potatoes are produced in the cooler regions of the north and the Carpathian mountains. It is also possible to import sunflower seeds, castor beans, mustard, rape, flax, hemp, poppy seeds, tomatoes, peppers and melons from Ukraine.
Ukraine also has a very well developed IT sector and Ukrainian IT companies work throughout the world on projects such as website design and development, online security, animation and software development
Ukraine agricultural and IT powerhouse Trade information
Ukraine’s main trade partners are Poland, China, Russia, United States, Germany, Italy, Egypt, Belarus, Turkey.
Ukraine is a member of WTO, EFTA.
Total value of export – $56.8 billion
Total value of imports – $60.4 billion
One of the most successful of the Ukraines new trade deals is the Free Trade Area Agreement with the United Kingdom. In the first 3 months of 2021 trade between the two countries rose by 33% year on year. Trade between the two countries was also well balanced with Ukraine exporting 221 million USD and importing 232 million USD equivalent from the UK. Whilst the numbers are still relatively small in comparative terms this is a trade deal with huge potential for both the UK and Ukraine.
Ukraine agricultural and IT powerhouse – Business development
Ease of doing business ranking –64 in the world
International dialing code – +380
Main business domain – .ua; com.ua
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Ukraine agricultural and IT powerhouse