Before independence, the economy of the Ukrainian SSR was playing a significant role in the economy of the USSR. Among the former republics of the USSR, Ukraine inherited one of the best sets of initial resources. By 2018, the Ukrainian eco… Mountains of empty ore in the Donetsk region, contact us by email, if you have any proposals. In 2016, about 16 million Ukrainians were officially employed. Ukraine belongs to the countries with developed industrial potential. After former President YANUKOVYCH fled the country during the Revolution of Dignity, Ukraine’s economy fell into crisis because of Russia’s annexation of Crimea, military conflict in the eastern part of the country, … The sown area of agricultural crops in farms of all categories for the harvest of 2015 was 26.7 million hectares, which is 540 thousand ha less than in 2014. The economy of Ukraine is an emerging free market economy. Favorable climatic conditions and soils of Ukraine provide relatively high yields. Ukraine has a rich tourism potential: the Carpathian Mountains, historical monuments of old Ukrainian cities, rural (green) tourism, and nature reserves. Ukraine is ranked 45th among 45 countries in the Europe region, and its overall score is well below the regional and world averages. Like other post-Soviet states, its gross domestic product fell sharply for 10 years following the collapse the Soviet Union in 1991. From 2014 to 2015 the Ukrainian economy suffered a downturn, with the GDP in 2015 being slightly above half of its value in 2013. There are international airports in Kyiv, Kharkiv, Dnipro, Zaporozhye, Lviv, and Odessa. All rights reserved. The main massifs of forests are concentrated in the Carpathians and Polesie - about 90% of all logging operations of the Ukrainian timber industry are carried out there. In 2014, Ukraine, excluding the Crimea, harvested 63.8 million tons of grain and legumes, which became a record since independence.

In the spring of 2013, Ukraine ranked fourth in the world in terms of the number of certified IT specialists after the United States, India, and Russia. The Dnieper and Danube rivers are important ways of transporting international cargo. The most economically developed regions of Ukraine are Donbass (the Donetsk and Luhansk regions), the Dnieper River area (the Dnipropetrovsk and Zaporozhye regions), as well as the cities of Kyiv, Kharkiv, Odessa, Lviv. There are several UNESCO World Heritage Sites in the country: St. Sophia Cathedral and Kyiv-Pechersk Lavra in Kyiv, the historic center of Lviv, virgin beech forests of the Carpathians, the residence of the Bukovinian metropolitans in Chernivtsi. The economy of Ukraine is an emerging free market. The total length of paved roads in Ukraine is about 115,000 km, railways - about 23,000 km; the total length of the river shipping routes - 4,500 km. It accounts for about 80% of freight turnover (excluding pipelines) and almost 40% of passenger turnover. Ukraine has significant reserves of hard coal (the Donetsk and Volyn basins) and brown coal (the Dnieper basin); small oil and natural gas deposits are located in the Carpathian region and in the north-east of the country. In recent years, Ukraine is actively developing alternative energy. In 2016, the economy again started to grow.

In 2015, the main export goods were the products of agriculture (31.1%), metallurgy (24.8%), machine building (12.1%), raw minerals (8.1%), food products (6.5%), chemical products (5.6%), timber and wood products (2.9%). Ukraine occupies the 8th place in the export of agricultural products to the European Union. Phosphorites, potassium salts and table salt are used for the production of mineral fertilizers, sulfur - for the production of sulfuric acid. Oil and natural gas - both local and imported - are used to produce synthetic rubber and synthetic fibers. There is a cascade of hydroelectric power stations built on the Dnieper River. In 2015, Ukraine, excluding the Crimea, Sevastopol and parts of the Donetsk and Luhansk regions, collected 60.1 million tons of grain and legumes, sugar beet - 10.3 million tons, potatoes - 20.8 million tons, sunflower seeds - 11.2 million tons. From 1990 to 2008, the share of machine building in the structure of Ukraine’s industrial production changed from 31 to 14%, ferrous metallurgy - from 11 to 27%. The economy of the country is based on a multi-sectoral industry, agriculture, and services. Ukraine is an exporter of electricity. Western | Central | Southern | Eastern. In 2017, the average monthly salary was at the level of about $ 300 per month. Ukraine’s oligarch-dominated economy grew slowly from 2010 to 2013 but remained behind peers in the region and among Europe’s poorest. Also there are several large seaports and an extensive network of pipelines used to transport natural gas, oil, oil products, and ammonia. In 2016, according to The International Monetary Fund, the economy of Ukraine was on the 50th place in the world in terms of GDP (Gross Domestic Product) at PPP (Purchasing Power Parity) - $ 353 billion. The main partners of Ukraine in the EU are Poland, Italy, Germany, Spain, the Netherlands, and Hungary.