Economy

Wednesday, September 4

Owning a home is hard to afford even in wealthy countries: Prices are skyrocketing.

Owning a home is hard to afford even in wealthy countries: Prices are skyrocketing. Half of the respondents from the countries of the Organization for Economic Cooperation and Development (OECD), which unites 38 countries with high individual income and a high human development index...

Tuesday, September 3

Russia has overtaken the US in supplying gas to the EU; Turkey will help Russia to regain the European gas market.

Russia has overtaken the US in supplying gas to the EU; Turkey will help Russia to regain the European gas market. As Die Welt reports, based on data from Brussels consulting company Bruegel, for the first time in almost two years EU countries imported more gas from Russia than from the US in a quarter. From April...

Ukrainian gas storage will be useful to European traders as the transit contract between Ukraine and Russia comes to an end.

Ukrainian gas storage will be useful to European traders as the transit contract between Ukraine and Russia comes to an end. According head of Naftogaz Oleksiy Chernyshov, Ukraine already has enough gas to meet its own needs, so storage facilities may be available to the EU, which seeks to preserve its reserves ahead of win...

The war in Ukraine has prompted European funds to increase their investments in defense companies by more than 100%.

The war in Ukraine has prompted European funds to increase their investments in defense companies by more than 100%. Since the Russian invasion of Ukraine, European sustainable development funds’ investments in defense companies have increased by more than 100%, which relates to political demands to strengthen the d...

Ukraine will receive the second tranche of EU aid from the proceeds of Russian Federation assets by March 2025

Ukraine will receive the second tranche of EU aid from the proceeds of Russian Federation assets by March 2025 , promises the head of European diplomacy, Josep Borrell. He also notes that the European Union has already allocated the first €1.4B tranche of revenue from frozen Russin assets through the European ...

The Ukrainian parliament proposes an alternative plan to cover the ₴500B defense deficit.

The Ukrainian parliament proposes an alternative plan to cover the ₴500B defense deficit. The budget committee of the Verkhovna Rada proposed and provided support for its solution to raise funds for the Defense Forces: reducing debt expenditures, placing bonds, and exceeding the tax collec...

Ukraine is working to legalize cryptocurrency to fill its coffers.

Ukraine is working to legalize cryptocurrency to fill its coffers. The legalization of cryptocurrency can become a practical alternative when looking for new sources of tax revenue, according to Deputy Minister of Digital Transformation Oleksandr Bornyakov. At the sa...

Businesses have learned to live without electricity: The enterprise business activity assessment has improved.

Businesses have learned to live without electricity: The enterprise business activity assessment has improved. In August, the index of business activity expectations calculated by the National Bank was 48.4 compared to 44.4 in July. Gradual adaptation to permanent power outages and establishment of alternative...

Ukrainian Velta attracted a grant worth more than €7M from the EU for its innovative titanium mining.

Ukrainian Velta attracted a grant worth more than €7M from the EU for its innovative titanium mining. The Ukrainian company Velta, which mines titanium-bearing ores in the Kirovohrad region, received a four-year, €7.3M grant from the EU as part of the Resilient Value Chains 2024 competition through th...

Seven biomethane projects with an annual capacity of 111 million cubic meters will be launched in Ukraine by the end of the year.

Seven biomethane projects with an annual capacity of 111 million cubic meters will be launched in Ukraine by the end of the year. Heorhiy Heletukha, head of the Bioenergy Association of Ukraine, listed these projects at an online event, Biogas and biomethane: Here are the new opportunities for Ukraine’s energy independence...

The Netherlands provides Ukraine with €200M in aid, and Romania will transfer a Patriot air defense system soon.

The Netherlands provides Ukraine with €200M in aid, and Romania will transfer a Patriot air defense system soon. The Prime Minister of the Netherlands, Dick Schoof, during his visit to Zaporizhzhia, announced a new aid package for Ukraine worth more than €200M, mainly focused on the protection and repair of the ...

Experts name promising agricultural production areas for Ukraine to explore in the African market.

Experts name promising agricultural production areas for Ukraine to explore in the African market. Experts from the state company Ukrainian-African Trade Mission, founded by the Ministry of Agricultural Policy, believe that the strategic measure of Ukrainian growing and processing technologies and ...

How do grants help the Ukrainian military tech industry to grow?

How do grants help the Ukrainian military tech industry to grow? The SkyLab UA company used a Brave1 defense technology cluster grant to implement airless wheels in the Sirko-S1 ground multifunctional robotic complex. The complex can be used for reconnaissance, eva...

Monday, September 2

In August, the Ukrainian budget received $8.4B in external support, and 65% of the funds do not have to be repaid.

In August, the Ukrainian budget received $8.4B in external support, and 65% of the funds do not have to be repaid. In August, the state budget’s general fund received about $8.4B in external financing. As noted by the Ministry of Finance, $5.5B comprised grants (65%), and $2.9B arrived through preferential f...

Why is successful debt restructuring so important for Ukraine?

Why is successful debt restructuring so important for Ukraine? The debt restructuring agreement that was reached with creditors is a very important step that demonstrates the creditors understand Ukraine’s needs, said ex-Minister of Finance of Ukraine Natal...

The US policy on limiting Russia will remain the same before the election.

The US policy on limiting Russia will remain the same before the election. If radical steps are taken, an economic recession in Russia may occur in a year, says Yury Horodnichenko, a University of California, Berkeley professor. For this to take place it is necessary to shut...

Belgium will allocate €150M to rebuild the Kyiv and Chernihiv regions, and Japan is preparing another grant aid project for Ukraine.

Belgium will allocate €150M to rebuild the Kyiv and Chernihiv regions, and Japan is preparing another grant aid project for Ukraine. The Ministry of Infrastructure of Ukraine and the Belgian development agency Enabel signed memorandums of cooperation in the rebuilding of social and energy infrastructure in Kyiv and the Kyiv and Che...

Production of German Vector drones has been launched in Ukraine.

Production of German Vector drones has been launched in Ukraine. German UAV manufacturer Quantum-Systems launched a factory that will produce Vector unmanned systems for the Armed Forces of Ukraine in the spring. Currently, the drones are assembled from components ...

Ukraine will prepare a controlled arms export concept that will generate $2B in a year and a half.

Ukraine will prepare a controlled arms export concept that will generate $2B in a year and a half. A working group of parliament members and defense industry representatives will develop a concept for the controlled export of military products during the war. “Now the issue of scaling up prod...

For the first time, an industrial park will receive ₴150M in grant funds for infrastructure development through state support.

For the first time, an industrial park will receive ₴150M in grant funds for infrastructure development through state support. The Ministry of Economy reports that the first industrial park in Dnipro received funding under a state program to stimulate industrial park development within the framework of the Made in Ukraine ini...

Friday, August 30

The war has stimulated several growth stages in the Ukrainian road transport market.

The war has stimulated several growth stages in the Ukrainian road transport market. Before the war, Ukraine exported raw materials and goods in the cheapest way – by sea. However, the blocking of Ukraine’ seaports forced exporters to switch to road transport. The industry’...

Over 97% of Eurobond holders support Ukraine’s restructuring planthat will save the country $11.4B.

Over 97% of Eurobond holders support Ukraine’s restructuring planthat will save the country $11.4B. The Ministry of Finance of Ukraine said that 97.38% of holders of $20.47B ($24.3B including interest) in Eurobonds support the restructuring agreement, exceeding the required two-thirds threshold. &#...

The State Statistics Service has named the most profitable and unprofitable industries in the first half of 2024.

The State Statistics Service has named the most profitable and unprofitable industries in the first half of 2024. The profits earned by Ukrainian large and medium-sized enterprises increased by 49.7% in the first half of 2024 compared to the corresponding period last year, to ₴619.6B, the State Statistics Service...

Thursday, August 29

Ukraine has invested $7B in its defense sector, and its allies are purchasing domestically produced equipment for the Ukrainian Armed Forces.

Ukraine has invested $7B in its defense sector, and its allies are purchasing domestically produced equipment for the Ukrainian Armed Forces. “Together with the government, the MoD has invested more than $7B in the defense industry. These investments provided us with enormous support when we were not receiving international technical ...

Ukraine has stopped servicing GDP warrants and some other external obligations.

Ukraine has stopped servicing GDP warrants and some other external obligations. The Cabinet of Ministers adopted a resolution suspending the servicing of Ukraine’s obligations to several creditors under loans and Eurobonds and obligations under GDP warrants. In particular, ...

Ukraine is preparing a negotiation plan for joining the EU.

Ukraine is preparing a negotiation plan for joining the EU. The Cabinet of Ministers adopted a resolution that provides for the creation of an Interdepartmental Working Group to ensure a successful negotiation process for Ukraine’s accession to the EU an...

Inflation in Ukraine will begin to grow – prices will rise in the fall.

Inflation in Ukraine will begin to grow – prices will rise in the fall. According to the State Statistics Service, zero inflation growth was recorded in Ukraine in July, but economists believe it will be different in August and the following months. The situation is unbal...

Britain supports Ukraine’s strikes with long-range missiles but is afraid of creating tension with the US.

Britain supports Ukraine’s strikes with long-range missiles but is afraid of creating tension with the US. Britain supports the idea of Ukraine using Storm Shadow missiles to strike targets in the Russian Federation but will not publicly call for this step because of the risk of a conflict with the US. A...

Romania wants to buy a Moldovan port on the border with Ukraine from the EBRD to create a center for post-war reconstruction.

Romania wants to buy a Moldovan port on the border with Ukraine from the EBRD to create a center for post-war reconstruction. The Romanian government will establish a working group to start negotiations with the European Bank for Reconstruction and Development to acquire the International Free Port of Giurgiulesti (PILG) on ...

Energoatom plans to build a new nuclear power plant with four power units in the Cherkasy region.

Energoatom plans to build a new nuclear power plant with four power units in the Cherkasy region. According to the National Nuclear Energy Generating Company Energoatom, the team is actively looking for sites to construct the NPP. The most promising of them is Chigyrinskyi, near the town of Orbita...

Wednesday, August 28

This year, the defense-industrial complex and mechanical engineering goods expect increased production output.

This year, the defense-industrial complex and mechanical engineering goods expect increased production output. Although the Ukrainian foundry industry has lost approximately 50% of its capacity since the beginning of the war, and the existing enterprises are operating at 30-50% capacity, the industry continues...

Ukraine’s agricultural sector generates 19% of the country’s GDP, exports 70% of its products, and can feed 400 million people.

Ukraine’s agricultural sector generates 19% of the country’s GDP, exports 70% of its products, and can feed 400 million people. In 2010-2021, the Ukrainian agricultural sector made a significant leap in development, employing 17% of Ukrainians who produce 19% of GDP, with 70% of its products exported, which is one of the highe...

How has Ukrainians’ material situation changed during the 2.5 years of the war?

How has Ukrainians’ material situation changed during the 2.5 years of the war? According to analysts, in 2021 more than 35% of Ukrainians considered their well-being terrible, 47% rated it as average, and 13.9% called it good. In 2022, 9.6% of citizens were satisfied with their ...

Tuesday, August 27

Researchers have proposed several ways to overcome the personnel crisis in Ukraine.

Researchers have proposed several ways to overcome the personnel crisis in Ukraine. According to an EasyBusiness study, in October last year 55% of employers had a personnel shortage, and in April 2024 the indicator increased to 74%. The reasons for the situation’s deterioratio...

Monday, August 26

A digital trade agreement between Ukraine and the UK enters into force in a week. What does this mean for Ukraine?

A digital trade agreement between Ukraine and the UK enters into force in a week. What does this mean for Ukraine? The Ministry of Economy stated that the agreement is part of another agreement on political cooperation, free trade, and strategic partnership between the countries, concluded on October 8, 2020. The ...

Industrial inflation is gaining momentum in Ukraine.

Industrial inflation is gaining momentum in Ukraine. In July, the industrial product manufacturer’s price index (an indicator of the average level of changes in wholesale prices for raw materials, materials, and intermediate consumption goods) amo...

Ukraine has extended the early consent period deadline for the exchange of Eurobonds.

Ukraine has extended the early consent period deadline for the exchange of Eurobonds. Ukraine announced a four-day extension – until the evening of August 27 – of the deadline for early consent to the exchange of Eurobonds within the framework of their restructuring, which provides the...

Cooperation in the agricultural sector, recovery, and security: Results from the meeting between Zelenskyy and Modi.

Cooperation in the agricultural sector, recovery, and security: Results from the meeting between Zelenskyy and Modi. President Zelenskyy, during the talks with the Prime Minister of India, Narendra Modi, discussed issues related to bilateral and multilateral cooperation; the parties agreed on four cooperation agree...

The State Property Fund plans to introduce military insurance for privatization.

The State Property Fund plans to introduce military insurance for privatization. The State Property Fund of Ukraine (SPFU) is actively seeking opportunities to expand export insurance instruments to cover war risks for privatization objects, said the head of SPFU, Vitaliy Koval. &...

What awaits bank depositors through the end of the year?

What awaits bank depositors through the end of the year? Inflation is forecast to be within 5-6% from September to December. Considering current deposit rates, individual depositors can not only protect their funds from depreciation but also receive a 3-4% ...

Moldova aspires to become a central logistics hub between the East and West, and invests €30M in infrastructure.

Moldova aspires to become a central logistics hub between the East and West, and invests €30M in infrastructure. This year, Moldova plans to complete a project feasibility study for the construction of the country’s first multimodal logistics complex at the Beresti train station in Ungeny (5 km from the bo...

Friday, August 23

The first time in 25 years, the trade turnover between Russia and the EU has fallen below €5B.

The first time in 25 years, the trade turnover between Russia and the EU has fallen below €5B. In June, Russian-EU trade turnover amounted to €4.9B, falling by 10%. Eurostat data shows this is the lowest figure since September 1999, when turnover was equal to €4.6B. In June, the supply of Russi...

In July, Ukraine increased its steel production by 18% and maintained its Worldsteel global ranking.

In July, Ukraine increased its steel production by 18% and maintained its Worldsteel global ranking. In July, Ukraine increased steel production by 18% compared to July 2023, reaching 709,000 tons. The country retained 20th place in the Worldsteel rating. However, compared to June, the indicator decr...

A junk bond fund moves significantly ahead of its competitors by absorbing debt from Ukrainian companies.

A junk bond fund moves significantly ahead of its competitors by absorbing debt from Ukrainian companies. As Bloomberg explains, Ukraine is in a state of war for the third straight year and has become the largest recipient of investment from the Arkaim Advisors debt fund. With a return of 12% this year, t...

You reap what you sow: Moscow risks plunging into darkness.

You reap what you sow: Moscow risks plunging into darkness. The capital of Russia may face a shortage of electricity in the coming years, according to a general development scheme for the Russian energy industry until 2042, which was prepared by the country...

Ukraine is strengthening its trade ties with Europe with visa-free transport with Norway and an agreement with Britain on abolishing customs duties until 2029.

Ukraine is strengthening its trade ties with Europe with visa-free transport with Norway and an agreement with Britain on abolishing customs duties until 2029. Ukraine and Norway have extended until June 30, 2025, their agreement on bilateral and freight transit without additional permits. Transport visa-free with Norway will be valid for trucks of Euro-5 st...

Following the Slovenian model, Kyiv plans to build two thermal power plants that will produce electricity and heat from waste.

Following the Slovenian model, Kyiv plans to build two thermal power plants that will produce electricity and heat from waste. Deputy Head of the Kyiv City State Administration Petro Panteleev visited Slovenia and saw how the city of Cele’s thermal power plant converts waste into energy. This Slovenian station can provi...

Thursday, August 22

The IMF sees tax increases in Ukraine as an incentive for continued international support.

The IMF sees tax increases in Ukraine as an incentive for continued international support. Support from international partners, the restructuring of commercial debt, and an increase in taxes should be considered as a single package to eliminate Ukraine’s financing deficit. “Prog...

Ukrainian entrepreneurs can receive up to €20,000 from Germany to restart their business.

Ukrainian entrepreneurs can receive up to €20,000 from Germany to restart their business. Businesses, internally displaced persons, and Ukrainians who have returned home will be able to receive a portion of €20M in support from the Federal Ministry for Economic Cooperation of Germany (BMZ)...

Wednesday, August 21

Solar energy in the EU has overtaken hard coal as a source of electricity for the first time.

Solar energy in the EU has overtaken hard coal as a source of electricity for the first time. According to Eurostat, the share of solar power in the total volume of the EU’s electricity production in 2022 was 210,249 GWh compared to 205,693 GWh for hard coal. Poland and the Czech Republi...

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